Archive for the 'State of the Market' Category
The real estate market in the close-in Metro area continues to move at a robust pace with dollar volume of sales up 21% over last April and average sales price up 6%. The number of days on the market was down a significant 35% compared to last April as more buyers enter this very competitive DC area marketplace.
The biggest news to come out this month in the greater Metro market is the incredibly low 1.9 months supply of inventory! To get some perspective, a 6-month supply is considered normal in many parts of the country. This acute shortage is likely to continue throughout 2013, because even though more sellers are entering the market, they are greatly outnumbered by enthusiastic buyers, who have renewed confidence in the housing market and who want to take advantage of the record low interest rates and the variety of favorable mortgages available.
* Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C., Montgomery Country, Maryland; and Fairfax County, Arlington and Alexandria in Virginia.
The big news for March in the close-in Metro marketplace was the surge in dollar volume of sales to 21% over March 2012, and 46% over what it was last month! This is good news because we have been experiencing a great increase in buyer demand and not nearly enough supply to satisfy that demand. The reality of a strong real estate market has finally influenced homeowners to make their move now, and renovators and builders who have recently re-entered the market will soon be adding to the supply of homes for sale.
The other encouraging data that will spur would-be sellers to act is this past month’s 8.5% rise in price over last March. However, even with the increase in listings and sales, the inventory has been so historically low that we will still be experiencing a relatively tight supply for the next several months.
* Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, DC; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Virginia.
The Commerce Department just reported on Tuesday 2/26/13 that home prices are up. January sales of new homes reached its highest level in 4+ years. New home sales increased almost 16% from December to January, representing the largest month-to-month gain in the past 20 year period.
As home sales pick up, inventory continues to suffer. At the current pace, it would take just 4.1 months to exhaust the current crop of homes for sale… the lowest in eight years according to the Commerce Department.
Home prices in the DC region increased by 5.8% between December 2011 and December 2012, according to a recent Case-Shiller report. Nationally, prices rose 7.3% year-over-year, the biggest jump since 2006.
If you’re thinking that it might be time to sell your house… you’re right! Sellers are at Read the rest of this entry »
The data from January 2013 indicates that the spring market is already in full swing. The dollar volume of sales for the close-in DC Metro area is up 9.74% over last January, and the average price is up 5% from last year at this time. The days-on-the-market is down 21.77% from last January.
This means that more property is selling faster and at higher prices than last January, which is no surprise to real estate agents who are currently working with buyers and sellers. Increasingly, buyers are faced with a highly competitive marketplace, where reasonably-priced properties have more than one bidder. And, sellers are in a position to be selective and require higher prices and cleaner contracts with fewer contingencies.
As we mentioned last month, with the combination of the current low inventory and strong buyer demand due to historic low interest rates and increasing consumer confidence, the spring market will continue to grow in favor of sellers.
*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.
In Maryland, properties are reassessed by the Maryland Department of Assessments and Taxation every three years. This is so that property owners pay only their fair share of local property taxes. If your property was reassessed this year, you would have received a notice from SDAT around January 1.
The 678,763 reassessments conducted this year reflect another decrease in real estate values for residential properties in Maryland. Statewide, residential values fell by 6.9% while 76.8% of properties decreased in value since their last assessment in 2010.
However, in Montgomery County, residential values rose by 1.7 % while 45.2% of properties decreased in value.
Statewide, residential and commercial values combined fell by 3.6%. These values rose in only two counties – Montgomery and Howard, at 4.1% and 2.5% respectively.
2012 Wrap up
The table below details real estate activity for 2008-2012 in the Bethesda/Chevy Chase/DC markets. Read below the table for detailed analysis on what it all means…
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 Read the rest of this entry »
December numbers were strong, with dollar volume of sales 15.6% higher and average price 12% higher than December 2011. Tracking the market from it’s highest point in 2005 to its low point in 2008 and then comparing it to 2012, we can see that prices in the close-in Metro market are within 3% of what they were at the peak of the market, but dollar volume of sales, which fell in 2008 to 55% of the market’s peak, is still only 61% of the volume reached in 2005.
The combination of low supply, high demand and record-low mortgage interest rates have made prices climb rapidly in the past few years. This means that the spring market will be very competitive for buyers, and many listings will draw multiple offers. This year we can expect to see a noticeable rise in prices even between January and June, so buyers will do well to get into this market as early in the spring as possible. Sellers will do best by preparing their properties to show well and pricing them competitively.
*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.
If you live in Maryland and you haven’t already, you should apply for the Maryland Homestead Tax Credit which gives you a break on your property taxes when new property assessments are made. You have until the end of the year to apply, but when I checked it out last week, the website said that you had only until November 30 to apply electronically to receive the form. It’s all very confusing, so don’t delay.
The main thing is to visit the following website and read the details. You can check there to see whether you are already receiving the credit:
The Washington Metro area marketplace remains strong this fall, with a 28% increase in dollar volume of sales over October 2011. The area market also saw a 6% increase in the average home price and the average “days on the market” dropped by 30% compared to last October. This is a clean sweep of good numbers for the three major indictors we watch and report on each month.
Consumer confidence is also much stronger, evidenced by a genuine surge in the number of builders and renovators searching for lots and houses to renovate. The search for lots and tear-downs is running strong in both Montgomery County and Fairfax County, and contractors are combing through D.C. neighborhoods to find viable projects where they can buy townhouses to renovate and sell, or buy small rental buildings to renovate and convert to condominiums. This aspect of the market is expected to grow as we move into spring 2013.
*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.
We are looking at a continuation of a genuine recovery, with some of the strongest numbers we’ve seen all year, led by a 14% increase in dollar volume of sales over September 2011, in the close-in Metro area. Average price was up a full 5% and days on the market down 18.5%. Contrary to earlier fears about a shadow inventory as a result of foreclosures emerging and slowing the market, the Washington Metro marketplace continues to see just the opposite- low inventory which is pushing prices up.
Across the country, the shadow inventory dropped 10% in July 2012, compared to July 2011. For the 11th month in a row, Fannie Mae surveys show that Americans are positive about the housing market and expect prices to go up.
*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.
Cell 301.758.4894 Office 202.364.1700
Evers & Company Real Estate, Inc. 4400 Jenifer St. NW Chevy Chase, DC 20015
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