The District REALTOR®

The

District REALTOR

In This Issue Letter from the President Page 2 Power of Social Innovation Webinar Series Page 3 NAR Live Town Hall Event Page 3 RPAC Contributors Page 3 WDCAR Speaker Series Page 3 Nationwide Open House Page 4 3rd Annual DC Housing Expo & Foreclosure Clinic Page 4 DC Lunch & Learn Sessions Page 4 Public Policy Update Pages 5 - 6 The District Daresay Pages 7 Chamber of Commerce Policy Forum Pages 7 REALTOR® Fest Page 7 Heart & Homes Page 8 Rebuilding Together® Pages 9 2011 GRI Graduates Page 10 Board of Directors Page 11 Housing Market Update Back Cover

®

The Official Newsletter of the Washington, DC Association of Realtors® May 2011, Volume 2, Issue 2

Federal Legislative Issues Key Focus at NAR Midyear Every May, literally thousands of REALTORS® from across the country descend upon Washington, DC for the annual Midyear Meetings of the National Association of REALTORS®. Even though these national meetings are held right on our own stomping grounds, many DC REALTORS® President-Elect Ed Downs, 2011 WDCAR President Suzanne Des Marais, Immediate may not be aware of what transpires Past President Brenda Small during this intense week. In addition to the large trade expo, which many area agents attend, the meetings are an opportunity for national committees and the Board of Directors to convene in person, for state and local association leadership to share challenges and successes, and, in the case of the May meetings, for REALTORS® to visit their political representatives on Capitol Hill and convey the practitioners’ perspective of how legislative decisions could affect the real estate industry.

The National Association of REALTORS® (NAR) annual Midyear Meetings and Tradeshow took place from May 9 – May 14 in Washington, DC. The Washington, DC Association of REALTORS® (WDCAR) is your state association and WDCAR leadership fully participates in the national meetings. In the small state sub-forum, WDCAR state president, Suzanne Des Marais reminded REALTORS® association presidents from across the United States that Washington, DC Realtors® pay federal taxes and remain without a vote in Congress. There were several presidents from other associations for jurisdictions that also lack voting rights, such as Puerto Rico and the U.S. Virgin Islands. State presidents who were heading to Capitol Hill to communicate REALTOR® concerns were asked to remember the interests of their colleagues without voting representation.

It is clear from the numerous issues forums, committee meetings, and legislative activities that NAR is fighting on a number of legislative fronts on Capitol Hill for Realtors® and their clients. Here are just a few of the issues: Expiration of Current Conforming Loan Limits The current Government-Sponsored Enterprise (GSE) loan limits, which are so important to our area, expire on September 30, 2011. Although NAR continues to advocate for higher conforming loan limits for areas such as ours, it does not appear Congressional representatives from lower priced markets will go along. (continued on page 10)

LETTER FROM THE PRESIDENT: Greetings WDCAR Members: As the economy continues to recover, those of us who practice the profession of real estate in the District of Columbia are extremely fortunate. The spring market has been moving at a steady clip. We are consistently seeing positive press regarding the strength of our local real estate market, particularly in relation to market areas around the country. It is important, however, to remember that we Suzanne Des Marais narrowly escaped what surely could have been a devastating blow to consumer confidence if the federal government had shut down at the budget deadline. We must not forget that the District of Columbia government would have been shut down at the same time.

Unfortunately, the Federal Budget debate reminds us that the District of Columbia continues to lack autonomy with regard to our own budget, while, as citizens, we continue to pay federal income taxes.

As REALTORS®, we have tremendous strength through the National Association of REALTORS® (NAR), which lobbies Congress on behalf of our industry. Did you know that NAR recognizes WDCAR as a state association and is one of only a few national associations that publicly support the right of District of Columbia citizens to have voting representation in Congress?

Overall, it is a pivotal time for the real estate industry in the legislative and regulatory arena. NAR recently introduced and passed The REALTOR® Party Political Survival Initiative, a key focus of the 2011 Midyear meetings. Please see the Federal Issues cover story to learn more about what is at stake regarding the Mortgage Interest Tax Deduction, often referred to as MID, loan limits for conforming loans, and Fannie Mae and Freddie Mac reform.

Your REALTOR® Associations at the local (GCAAR and GWCAR), state (WDCAR), and national (NAR) levels provide individual REALTORS® the opportunity to become involved in these very important conversations. Considering that those of us who live in the District do not have our own voting representation, it’s especially important that we do have a powerful voice through the REALTOR® Party. Here are a few ways you can get involved: participate in committees at the local, state, and/ or national levels; become an RPAC donor; pay attention to the Calls for Action that you receive by e-mail and respond to them; join us at WDCAR for the “Who You Should Know” Speaker Series, which features a key figure in DC’s political scene each month; and make sure you are connected to the Facebook pages for WDCAR, GCAAR, GWCAR, and The REALTOR® Action Center.

The future of your business depends on what happens now. I hope that you will join us.

Sincerely, Suzanne Des Marais, GRI 2011 President 2011president@wdcar.org

2

Harvard’s Power of Social Innovation Webinar Series The Harvard Kennedy School’s Ash Center for Democratic Governance and Innovation has launched a 2011 webinar series on the Power of Social Innovation, a practitioner-led webinar series on timely education reform and economic development. The April 19 series: “Social Innovation as Economic Development: Incubate and Grow Social Enterprises in Your Community” was moderated by Anthony Williams, former two-term Mayor of the District of Columbia, featuring GCAAR Board Member and DC Public Policy Committee Chair, Obiora “Bo” Menkiti, Founder and CEO of The Menkiti Group and Keller Williams Capital Properties, and Chris Gergen, Founder of Bull City Forward. The topic explored the potential impact of, and laid out some key strategies for, supporting local social enterprises as a practical and effective means of encouraging business development, job growth, and wealth creation. The panel discussed how social innovation can impact economic development in our nation’s cities.

Bo Menkiti

Visit www.wdcar.org for Bo’s presentation and listen to past webinar events.

2011 WDCAR President Participates in NAR’s Live Town Hall Event On Wednesday, April 13, WDCAR President Suzanne Des Marais and fellow WDCAR Board members and REALTORS® participated in the GCAAR-hosted NAR Live Town Hall event on the Political Survival Initiative that took place at NAR’s headquarters in Washington, DC.

2011 WDCAR RPAC Contributors* STERLING “R”

CAPITAL CLUB

($1,000 – $4,999)

($250 - $999)

Catherine Czuba Suzanne Des Marais Edward Downs Lynn Hackney Adrian Hunnings Fred Kendrick Dana Landry Judith Levin Bo Menkiti Susan Pepper Frank Pietranton, Jr. Frank Snodgrass Mark Sullivan Christopher Suranna Holly Worthington

Elizabeth Blakeslee Liz Brent Bonnie Roberts-Burke Melissa Chen Christopher Darby James Downing Andrea Evers Carlos Garcia Sally Hamidi Ed Krauze Kymber Lovett-Menkiti Kevin McDuffie Michael Moran Brenda Small Rachel Valentino *As of May 25, 2011

• WDCAR Speaker Series • On April 21, Council Chairman Kwame Brown addressed REALTORS® as part of WDCAR’s Speaker Series. Chairman Brown discussed his new position as Council Chair, the upcoming Fiscal Year 2012 Budget, as well as other important legislative issues. He was able to personally address questions from REALTORS® including concerns regarding proposed revenue enhancements and spending cuts in Mayor Gray’s budget proposal.

Chairman Brown’s presentation was a valuable opportunity for REALTORS® to learn the latest news on issues directly related to their business. WDCAR will be hosting future Speaker Series events with other “The Faces and Voices of the DC REALTOR®: To Be important District officials. Stay tuned to your e-mails for additional details.

Seen and Heard in Support of Those We Serve”

3

Take Part in 2011 REALTOR® Nationwide Open House The 2011 REALTOR® Nationwide Open House will be held the weekend of June 4-5, 2011. This event, which began on a local level a few years ago, is a weekend when REALTORS® across the country—and across the globe—are invited to hold open houses in their area. It is designed to drive buyers’ attention and interest to homes for sale and offers opportunities to educate the public about the benefits of home ownership.

Go to www.wdcar.org for more information how to take part in this year’s REALTOR® Nationwide Open House.

Reprinted with permission by the National Association of REALTORS®

3rd Annual DC Housing Expo & Foreclosure Clinic The Greater Washington Urban League will host its 3rd Annual DC Housing Expo and Foreclosure Clinic on Saturday, June 4 at the Washington Convention Center in DC. This event is free and open to the public. The Expo will provide: • Free credit reports • Free home retention counseling • Workshops on homeownership, home repair, financial literacy, and more • Sessions on green living and urban gardening • Government agencies, nonprofit community organizations, lenders, and REALTORS® onsite For more information on this event, please go to www.gwul.org. Look for the WDCAR table.

Free!

DC Lunch & Learn Sessions

Free! Lunch and Learn sessions with Counselors Title continue weekly the first three Thursdays of each month from 1-2 p.m. at the WDCAR office.

Go to http://store.gcaar.com to sign up!

4

Public Policy Update District Budget On April 1, Mayor Vincent C. Gray released his Fiscal Year 2012 Proposed Budget, featuring a combination of spending cuts and revenue enhancements that will cover the $322.1 million deficit between expected income and expenses for the fiscal year that begins October 1, 2011.

On May 25, the Council will vote on the Mayor’s Budget. It is unclear how much of the Mayor’s Budget will remain intact after the Council has reviewed, reshaped, and ultimately passes the budget. Enclosed below are some bullet points about Mayor Gray’s initial proposal.

Revenue Increases/“Enhancements” • $22.6 million – Combined reporting for multi-state corporations • $20.4 million – new income tax bracket: $200,000 and above – rate increased from 8.5% to 8.9% • $15 million – limit itemized deductions for residents whose AGI is greater than $200,000 • $18.2 million – increase parking garage tax from 12% to 18% • $12 million – increase minimum franchise tax from $100 to $250; all firms with gross receipts greater than $1 million will pay a $1,000 franchise tax • $7.2 million – double weighted sales tax for business tax apportionment • $5.3 million – increase off premise alcohol tax from 9%–10% & extend sales to Midnight • $3 million – streamlined bank attachments/expedited tax lien collection • $3 million – Dept. of Motor Vehicle fee increases • $2.3 million – expand sales tax to include live theatre • $1.1 million – change cigarette sales tax from retail to wholesale to prevent “leakage” • $1.1 million – Circulator Fare increase of $1 dollar • Maintaining 6% Sales Tax – “sunset clause” eliminated • Elimination of calculated rate for Class 2 commercial properties and fixing the tax rate on the assessed value of up to $3 million dollars to $1.65 per $100 of assessed value • Money from Community Benefits Fund for the DC Ballpark tax increment financing (TIF) to go to General Fund Changes to Withholding Calculation to Address Short-term Revenue Needs • $41 million – excluding the standard deduction from withholding calculation • $15 million – raising withholding from 100% to 110% of prior year to avoid tax penalty • $9 million – withholding taxes from pension and retirement lump sums Expenditure Cuts • $113 million (-7.4%) – Health and Human Services • $22 million (-18.9%) – Economic Development and Regulation • $14.6 million (-2.9%) – Government Direction and Support • $9.2 million (-2.3%) – Public Works • $18 million (-1.9%) – Public Safety and Justice • $18.2 million (-1.2%) – Public Education System Home Purchase Assistance Program (HPAP) • The overall budget proposal keeps HPAP funding at the current level, thanks to the one-time use of Neighborhood Stabilization Program (NSP) funding. However, the open ended nature of HPAP home buying is limited. Federal funding for particular NSP – designated areas receive greater subsidies.

Other Notable Development Actions • $64 million for the St. Elizabeth’s East Campus • $48.9 million for the McMillan sand filtration plant • $5 million for the Skyland Shopping Center • Creation of Department of General Services – to better manage capital improvements and District real estate • Exemptions and Abatements Information Act – to better track tax exemptions and abatements granted by the District. (continued on next page)

5

Public Policy Update

continued

District Legislation Already more than 300 pieces of legislation and 240 resolutions were introduced since Council Period 19 began in January 2011. Here are some of the real estate relevant pieces of legislation: B19-17, “Human Rights for Ex-Offender Amendment Act of 2011” – Hearing held March 11, 2011 To prohibit employment, housing, and educational discrimination based upon arrest record, or conviction record, with certain exceptions. This legislation would create a protected class under the DC Human Rights Act for “ex-offenders.”

This is similar to past legislation put forth by Councilmember Barry that WDCAR has testified in OPPOSITION to in the past. WDCAR testified along with members of Apartment and Office Building Association (AOBA), the Consortium of Universities, the DC Chamber of Commerce, and others.

B19-23, “NoMa Public Parks Act of 2011” – Hearing held March 16, 2011 Create NoMa Reinvestment Fund to facilitate the development of public parks within NoMa. B19-136, “Uniform Code Revision Act of 2011” – Hearing scheduled for Monday, June 6, 2011 To amend the Uniform Commercial Code, by revising Article 1 (general provisions), amending Article 3 (negotiable instruments, amending Article 4 (bank deposits and collections), repealing Article 6 (bulk sales), revising Article 7 (documents of title), and making conforming amendments to other articles. This is another effort by the Uniform Code’s office to make DC regulations compliant with other Uniform Codes.

B19-163, “Vendor Sales Tax and Collection and Remittance Act of 2011” – Hearing held April 13, 2011 Legislation to that would apply the District’s 10% restaurant tax to food truck purchases. Currently, food trucks are required to pay a one-time $1,500 fee, but are subject to “ice-cream truck” regulations that do not allow these food trucks to park in one place for an extended period of time.

B19-208, “Vault Tax Clarification Act of 2011” – Hearing held May 19, 2011 To clarify exemption of any vault that in whole or in part, includes real property exempt from taxation.

B19-222, “Uniform Commercial Code Article 9 Amendments Act of 2011” – Hearing scheduled for Thursday, June 9 To amend Article 9 of the Uniform Commercial Code.

B19-188, “Combined Condominium Real Property Act of 2011” To provide for the ability to combine abutting condominium units that form a single-dwelling unit into one tax lot for real property assessment and taxation purposes.

B19-190, “Tenant Security Deposits Clarification Amendment Act of 2011” To amend the Housing Regulations to clarify that the Office of Administrative Hearings may adjudicate complaints for the non-return of tenant security deposits as well as the nonpayment of interest on tenant security deposits; and to clarify that any housing provider who in bad faith fails to return a security deposit rightfully owed to a tenant, or fails to pay the interest on the security deposit, is liable to the tenant for treble damages.

B19-217, “Residential Parking Protection Act of 2011” To ensure that full-time students who reside within the boundaries of the District of Columbia shall not be issued or use a reciprocity parking sticker for out-of-state vehicles.

B19-250, “Visitability Requirements Act of 2012” To require all newly constructed, District financial-assisted, single-family homes and townhomes to meet minimum standards of visitability for persons with disabilities.

Bill 19-257, “Real Estate Broker Licensure Exemption Act of 2011” To amend Chapter 28 of Title 47 of the District of Columbia Office Code to exempt from real estate broker licensure principals, officers and staff members of an entity that perform leasing activities to the extent that such person’s services are limited to leasing, renting or collection of rents involving real property owned in whole or in part by such entity and/or its affiliates.

6

The District Daresay April 26 Special Election On April 26, Vincent Orange (D) became the District’s newest At-Large Councilmember. He won a race to fill the remainder of Kwame Brown’s (D) term until 2012 (Brown gave up the position last year when he was elected Council Chairman). Councilmember-elect Orange, an accountant and lawyer, campaigned as an experienced lawmaker who would help the council balance the budget.

Councilmember-elect Orange drew more than 28% of the DC electorate. Republican Patrick Mara gathered 26% of the vote. Other notable Democratic candidates included incumbent Sekou Biddle who garnered 20% of the vote, Bryan Weaver 13%, and Josh Lopez 7%. (The WDCAR RPAC Trustees did not endorse in this race, but gave contribution to the 3 candidates who were ultimately the top 3 vote-getters Orange, Mara, and Biddle.)

Chamber of Commerce Policy Forum On March 18, the DC Chamber of Commerce assembled a Policy Forum and Legislative Reception, which embodied the theme “Making Washington a Healthy Place to Do Business.” Held at the Ronald Reagan Building on Pennsylvania Avenue, NW, the panel discussion was moderated by the DC Mayor, Vincent Gray. District of Columbia REALTORS® were represented by WDCAR 2011 President Suzanne Des Marais. Other members of the panel included leadership from Carefirst BlueCross BlueShield, Coca-Cola, Enlightened, Inc., The George Washington University School of Business, Howard University College of Pharmacy, M&T Bank, and Medstar Health.

Mayor Gray opened the discussion by asking for input from the panel participants on how they propose to attract and keep business dollars in the District of Columbia. Suzanne pointed out that supporting sustainable home ownership is part of the equation. She noted that in addition to contributing significantly to the tax base, every home owned in DC means dollars spent in grocery stores, home improvement stores, and jobs for title attorneys, appraisers, surveyors, and others directly employed by the real estate industry, as well tradespeople and retail employees.

Mayor Gray made it clear that he is very concerned about improving the quality of life for residents east of the Anacostia River, which prompted spirited discussion. Suzanne contributed that REALTORS® often work where they live and stimulate grassroots change by being involved at the neighborhood level. She specifically cited the work of Anacostia River Realty’s broker and WDCAR Board member Darrin Davis, who has promoted the Anacostia neighborhood on HGTV and encourages others with his enthusiasm for the area. Her message is that REALTORS® work to improve Washington, DC neighborhood by neighborhood.

July 11 is REALTOR® Fest REALTORS®, register now for GCAAR’s largest annual education event of the year – REALTOR® Fest! On Monday, July 11, REALTOR® Fest will take place at the Bethesda North Marriott Hotel & Conference Center. A full 9-hour day is planned with CE credits for DC and Maryland classes and much more!

Register at www.Realtorfest.com 7

Heart & Homes

The Heart of Urban Pace in Homeward Trails

When Lynn Hackney, President of Urban Pace, LLC, and partner of Homeward Trails, an animal rescue organization, goes home after a long workday, she is greeted not only by her human family members, but also by a very happy dog and three well-fed cats. Lynn says she founded Urban Pace (formerly EYA Urban) in 2001, and that she’s “always been a supporter of animal rescue organizations.”

For many years, Urban Pace has been sending weekly e-mail blasts titled “First Look Thursday;” its listserv has grown to tens of thousands recipients. The recipients include past clients, people who have registered for information about the new construction projects that Urban Pace markets, as well as other REALTORS®. In addition to information about upcoming open houses and new listings, First Look Thursday also features two animals currently available for adoption through the animal rescue organization, Homeward Trails. Urban Pace offers to pay the cost of the adoption for anyone who responds to their animal listing. Over the years, nearly one hundred people have been reimbursed by Urban Pace for adopting through Homeward Trails. “We don’t even know how many people see the Homeward Trails information, and it starts them in the process of adopting, unless they come forward for the reimbursement. We hope that even more animals have found homes from ‘First Look’ than we even are aware of.”

Dan Metcalf, a REALTOR® with Long and Foster, and his wife, Kathy Peacock, recently adopted a dog after seeing the Homeward Trails information on the e-mail blast. Dan shares their story: I saw an ad at the bottom of Urban Pace’s weekly e-mailer featuring a boxer named Bluebell around the holidays. Our first dog, a pitbull/bassett mix named Chunk, whom we adopted from the Washington Animal Rescue League (WARL), had been a little down and we thought he could use a companion. In addition, our adoption experience with WARL and with him had been so positive that we were open to the possibility of growing our pack.

At the time we were also just out of the first trimester of pregnancy, so after consulting with our few sets of friends that each have two dogs in addition to children, we decided to go ahead. We took Chunk to where Bluebell was housed with a few other boxers at Little Rascals doggy day care in Rockville. While Chunk and Bluebell didn’t entirely hit it off, we interviewed the others as well and Daisy, who was still quite lean at the time, immediately connected with all three of us. We understand that she had been found tied up in a backyard for the first couple of years of her life, and most recently had been in a foster care in South Carolina.

We filed an application to adopt her that evening and crossed our fingers. About a week later we went back to have another look, just to see how she was doing and to confirm our initial feelings one more time. A few days after that, Lisa from Homeward Trails came to our home with Daisy to conduct a site visit and ultimately dropped her off. Things have been great since. Chunk has better energy levels due to his playmate, and Daisy, who was a nervy girl when we first met her, has gradually put on some healthy weight and settled down a bit. Our thanks go out to Urban Pace and Homeward Trails for helping our family grow and providing us the opportunity to care for a beautiful dog like Daisy.

In addition to promoting animal adoption through Homeward Trails, Urban Pace also regularly supports Food and Friends, which delivers food to people living with HIV/AIDS and other life-challenging illnesses in the Washington, DC metropolitan community.

For more information on Homeward Trails or animal rescue, please go to www.homewardtrails.org.

Have you or your office participated in a community service event? If so, we’d like to know about it. Send an e-mail to communications@gcaar.com and place “Heart and Homes” in the subject line, and we may feature your story in the next issue of The District REALTOR®.

8

WDCAR and GCAAR Cares Rebuild Together in Washington, DC For seven consecutive years, WDCAR members have volunteered with GCAAR Cares for Rebuilding Together®. Rebuilding Together® is the nation’s leading nonprofit working to preserve affordable home ownership and revitalize communities. This year, a record number of 33 volunteers participated in the Washington, DC project – with a total number of 68 volunteers for both projects in DC and Montgomery County, MD. Joining us this year was 2011 WDCAR President Suzanne Des Marais, who stated this was a “great experience.” Tina, the homeowner’s granddaughter, was grateful and overwhelmed by all of the unselfish efforts on Saturday, Sunday, and throughout the following week to ensure all the work was done and completed to perfection. The DC team did an amazing job repairing this DC home! Thank you ALL for coming out to support GCAAR Cares in Rebuilding Together®.

T hank you DC Rebuilding Together® team:

Lyn Alexander, House Captain

Kim Jones, Co-Captain Kymber Lovett-Menkiti, Ambassador pecial Thank You to our Food Sponsors: S

Counselors Title

eTitle Keller Williams® Capital Properties

Monarch Title

Prosperity Mortgage pecial Round of Applause to our Contractors: S

Lamont Green

William Collins

9

Federal Legislative Issues Key Focus at NAR Midyear

(continued from cover)

Proposed Qualified Residential Mortgage (QRM) Regulations Proposed rules issued by six federal regulators would require families to make a 20% down payment and meet other stringent requirements to obtain a Qualified Residential Mortgage (QRM). The QRM definition is extraordinarily important because it will determine the types of mortgages that will be generally be available for borrowers for the foreseeable future. NAR is working with the Center for Responsible Lending, the Consumer Federation of America, and the National Association of Home Builders to not to impose a high down payment requirement that impedes the economic recovery or unnecessarily burdens homebuyers.

Limitations on the Mortgage Interest Deduction (MID) In December 2010, the Deficit Commission issued a report identifying tax and spending changes designed to significantly reduce the deficit over the next decade. That Commission recommended: Eliminating the MID for second homes and reduce the amount of allowable mortgage debt from $1 million to $500,000; Converting the deduction to a 12% tax credit. Needless to say NAR is vigorously fighting any such legislative initiatives that limit MID. Fannie, Freddie and GSE Reform Legislators have introduced legislation that effectively shuts down the GSEs, Fannie Mae and Freddie Mac, without offering any replacement for their secondary market mission. Elimination of the GSEs, without a viable replacement for their secondary mortgage market mission, will mean severely restricted mortgage capital and higher costs for qualified, creditworthy borrowers. The reduction in mortgage liquidity will exacerbate downward pressure on home prices, ultimately reducing the home values for existing home owners.

Proposed Short Sale Legislation NAR is advocating for legislation that would streamline short sales to reduce the amount of time it takes to sell the property, improve the likelihood the transaction will close, and reduce the number of foreclosures.

For more information on these issues, please visit www.wdcar.org

Congratulations

2011

GRI Graduates!

GRI students and graduates. Back row: David Newcome, Brent Roberts, David Jordan, Topher Cushman, Instructor Tom Lynch, Charles Wilde, Michael Abii Middle row: Andrew Adler, Kimberly Fallin, Ronald Wilson, Leslie Dembinski, Mary Saltzman, Elizabeth Dangio, Brenda Moreno Front row: Leroy Battle, Jennifer Myers, Sergio Herrera, Jessica Wilkie GRI graduates and future brokers. Back row: Topher Cushman, Instructor Tom Lynch, Charles Wilde, Michael Abii Middle row: David Jordan, Ronald Wilson, Leslie Dembinski Front row: David Newcome, Elizabeth Dangio, Sergio Herrera, Jessica Wilkie

10

On May 12, graduating students from WDCAR’s GRI Program were presented with their pins, certificates, and designation as Graduate, REALTOR® Institute (GRI)! REALTORS® who earn the GRI designation stand out to prospective home buyers and sellers as a real estate practitioner who has gained in-depth knowledge on technical subjects, as well as the fundamentals of real estate.

To learn more or sign up for the GRI series, go to www.gcaar.com.

2011 Board of Directors

President Suzanne Des Marais, GRI

President-elect Edward Downs, GRI

Treasurer Frank Pietranton, CRB

Immediate Past President Brenda Small, ABR, CBR, GRI

Secretary & CEO Michael Moran

2011 Directors

Elizabeth Blakeslee, GRI

Bonnie Roberts-Burke, CRS

Presidential Appointees

Darrin Davis

Judith Levin

Marcus Jaffe

Dianah Shaw, GRI

Mark Sullivan

Emiliana Lobos-Kirker, GRI

Ed Wood, CBR, GRI

Association Presidents

Adrian Hunnings, GRI GCAAR

Gary Cook GWCAR

11

PRESORTED STD U.S. POSTAGE

PAID

DULLES, VA PERMIT 272

500 New Jersey Ave NW Suite 310 Washington, DC 20001

DC Residential Housing Market Update - 1st Quarter 2011 Prices and Sales Up, Inventory Decreasing in Washington, DC The Washington, DC residential housing market is showing signs of slow-but-steady improvement heading into the spring market. Strong fundamentals, including increases in sales prices and units sold, and decreasing inventory, pointed to a first-quarter market that was “normal� compared to the previous three years. Keep in mind that during the spring of 2010, there was a Federal tax credit acting as a stimulus to the market, making it more remarkable that this spring is holding steady.

District of Columbia

1st Quarter 2011

1st Quarter 2010

Change

Median Sales Price

$379,950

$355,000

7.0%

Total Units Sold

1306

1245

4.9%

Inventory

2306

2483

-7.1%

Absorption Rate

4.0

5.3

-24.5%

Average Days on Market

85

79

7.6%