Archive for the 'State of the Market' Category
The Evers & Co. April 2012 Real Estate Report
The brisk spring market heated up in April in the close-in Metro area. The dollar volume of sales increased 13% over the previous year, and the average price went up 5% over April 2011. The area showing the biggest increase was Arlington with a huge 38% increase in dollar volume of sales and an 18% increase in price over the previous year.
Of the hot real estate market areas, Arlington offers many walkable neighborhoods with good Metro access, at slightly (for now) lower prices than NW Washington and lower Montgomery County. It also has many neighborhoods with smaller houses that serve as perfect first time homes for young people moving up from their first condo or rental apartment.
Numbers show most of the greater Metro-area marketplace doing better than last year, and with the existing strong momentum, this should continue into summer.
*Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C., Montgomery County, Maryland; and Fairfax County, Arlington, and Alexandria in Virginia.
The Evers & Co. January 2012 Real Estate Report
The January average sales statistics for the close-in Metro area were almost flat compared with last January, but a closer look shows that the numbers were lower in Montgomery County and suburban Northern Virginia and much higher in the District. While dollar volume of sales was down 9% in Montgomery County and 4% in Fairfax, Alexandria and Arlington, it was up 8.5% in the District. For the average price of a home, Montgomery County was down 4.7%, close-in Virginia was up 1.3% and the District was up over 10%.
The District has often led the other jurisdictions in sales since the slowdown in 2006, and the subsequent recovery of the past three years. In addition to having the reputation for job stability and prosperity, Washington, D.C. has enjoyed good press about the growth of the downtown commercial and residential real estate markets.
* Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Virginia.
Homeowner Help on the Horizon?
President Obama proposed during his recent State of the Union address a national refinance plan that would help those who are underwater on their mortgage or owe more than their house is worth. The key word in the previous sentence is PROPOSED. It has to make it through the Senate and the House before taking effect, and we know how well everybody gets along these days. The program is intended to stimulate the housing market, and it should be said that it’s directed toward “responsible” borrowers.
The current proposal offers up the following:
- Candidates have to be current on their mortgage payments for the last 6 months (with only one missed payment in the 6 months prior to that)
- Minimum credit score of 580
- Owner occupied properties only
- 30-year conforming loans that fall between $271,050 – $729,250
- Those that are horribly underwater might Read the rest of this entry »
2011 Real Estate Statistics- Bethesda/Chevy Chase & DC
2011 Wrap up
On Wednesday of this week I had an opportunity to share some local real estate statistics on the new Washington Post’s “Where We Live“ blog. While it didn’t exactly launch into a vibrant on-line discussion (come on… it’s statistics), it was fun having it out there.
The table below breaks down real estate activity for 2008-2011 in the Bethesda/Chevy Chase/DC markets. Read below the graph for detailed analysis on what it all means…
I’ve been selling real estate for 12+ years. I’m always getting asked how the market is doing. The simple answer is that it’s a whole lot better than the rest of the country. But those in the market always want more detail, and that’s complicated. It’s easier to talk about real estate when there is a distinct swing in the market. I’ve been tracking real estate trends in Bethesda/Chevy Chase/Northwest DC for many years (specifically zip codes 20814, 20815, 20816, 20817, 20015 and 20016) and in 2011 we’ve got a hodge-podge of plusses and minuses, ending the year on a bit of a dull plateau. Still, given the turmoil in other parts of the US, this is a fine predicament.
- In 2007 2,153 homes sold with an average price of $918,074
- In 2008 1,796 homes sold with an average price of $870,833
- In 2009 1,951 homes sold with an average price of $819,145
- In 2010 1,978 homes sold with an average price of Read the rest of this entry »
East Bethesda Real Estate Report for 2011
Happy holidays, East Bethesda. It’s time for the annual wrap up. 2011 numbers have held steady from 2010, inching up a modest 0.6%. This isn’t a bad thing. Prices rose by 6.3% in 2010 – the first increase in 3 years. Given the continuing turmoil in the rest of the country, the plateau is a welcome relief.
The 2011 average sales price in East Bethesda was $903,951, with a total of 44 transactions. That’s a 7% increase in volume over 2010 when we had 41 sales averaging $898,224.
Mortgage rates are hovering just under 4% for a 30-year fixed rate (up to $729K). How low can they go? Now is the time to buy or refinance.
Inventory is low. There are currently 5 active listings in the neighborhood ranging from $575,000 – $1,865,000 (3 listings are over $1-million & 2 under). Now is a good time to sell. Three of my four East Bethesda listings this last year received multiple bids and sold for more than the asking price. Price it right, spiff it up, and it should sell quickly.
The graph below is full of statistics about the East Bethesda market place. If you would like to learn more about the individual properties that sold, please contact me and I’ll happily send you some detailed information.
If a move is in your future, I would be very happy to help you learn more about our local market and/or provide you with a complementary home evaluation and price analysis. I’ve lived in East Bethesda for over 15 years. Give me a call!
To read more about East Bethesda: Top 10 Reasons to Live in East Bethesda or East Bethesda School Guide
Evers & Co. November 2011 Real Estate Report
November was the second month in a row where the average price in the close-in Metro area market was down slightly, after 16 consecutive months of the price being up over the same month of the previous year. So, while our numbers are significantly better than the rest of the country and we can chart the bottom of our local housing recession as having occurred late 2008 and early 2009, we are still moving uphill slowly.
What does this mean for buyers and sellers?
Buyers can see that we are well past the bottom of the market, and interest rates continue to be at record lows, so now would be the best time to buy before prices go up. While buyers may need a 20% down payment for the conventional market, FHA loans can still be had up Read the rest of this entry »
To List, or Not to List
Every year around Thanksgiving the same old question comes up. Should I list my house now, or wait until after the holidays? And, if your house is already on the market, you might be wondering if it makes sense to temporarily withdraw it and try again in the more robust spring market? The holiday housing market is always a puzzle.
I did a little sleuthing and discovered some interesting information. I cast a fairly wide net for my research (specifically, I looked at zips 20814, 20815, 20816, 20817, 20818, 20895, 20910, 20901, 20015, 20016 and 20008, or Bethesda, Chevy Chase, Friendship Heights, Somerset, Kensington, close-in Silver Spring, Chevy Chase DC, AU Park, and Cleveland Park). As it turns out, the week before Thanksgiving and all the way through the end of November, prime holiday and travel time, a healthy Read the rest of this entry »
Wanna Buy A House? Get Married.
The National Association of Realtors (NAR) ju
st published it’s findings on buyer and seller trends in the real estate market regarding transactions taking place between July 2010 and June 2011. One of the more interesting findings is that 64% of the buyers during this period were married couples, compared to 58% last year. So, what’s the catch? The growth suggests that buyers with double incomes (married couples) are in a better position to qualify for a mortgage in this challenging credit environment. Ouch.
Other interesting tidbits:
- First time homebuyers fell to a 37% market share this past year, compared to a record high of 50% in 2010. Much of this is credited to the first time home buyer tax credit during the 2010 buying cycle (which ironically is not as large as the gain to many buyers as a result of lowered interest rates).
- 94% of entry-level buyers chose a fixed-rate mortgage (no surprise here). 54% of first-time buyers chose Read the rest of this entry »
The October 2011 Evers & Co. Real Estate Report
While the Washington Metro marketplace remains one of the top real estate markets in the country, for the first time in 17 months the close-in Metro area marketplace failed to show an increase in price over the same month in the previous year, and it is being attributed to the slide in the stock market and concerns over the European debt, which have shaken buyer confidence across the board. The National Home Builders Association also tracked declines in consumer confidence to the same concerns over the global economic situation.
The bright spot for the third quarter was in loans for commercial real estate, which climbed up 98% over lending in the same period in 2010, and this is the kind of increase the marketplace has been waiting for.
The real estate market is traditionally quieter in November and December, and it looks like that the degree to which we can match or exceed last year’s numbers will depend on a wide range of economic factors.
* Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery Country, Maryland; and Fairfax County, Arlington and Alexandria in Virginia.
AU Park/Tenley 20016 Market Report 3Q 2011
In July, August & September of 2011 there were 113 homes that closed within the 3rd Quarter for 20016 AU Park/Tenley, DC. This was an increase of 2 units, as there were 111 homes that closed in 3Q 2010.
The average original list price for homes that closed in 3Q 2010 was $880,191
The average original list price for homes that closed in 3Q 2011 was $828,104
The average list price at time of sale for homes that closed in 3Q 2010 was $857,255
The average list price at time of sale for homes that closed in 3Q 2011 was $803,906
The average sale price for the homes that closed in 3Q 2010 was $840,721
The average sale price for the homes that closed in 3Q 2011 was Read the rest of this entry »
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