Archive for the 'State of the Market' Category
Bethesda 20814 Market Report, August 2010
In August of 2010 there were 16 homes that closed within the month for 20814 Bethesda, Maryland. This was a decrease of 22 units, as there were 38 homes that closed in August of 2009.
The average list price for homes that closed in August 2009 was $782,461
The average list price for homes that closed in August 2010 was $704,418
The average sale price for the homes that closed in August 2009 was $701,735
The average sale price for the homes that closed in August 2010 was Read the rest of this entry »
Housing Trends Report- 2Q 2010
If you really want to get the low down on DC area real estate, read the newly released MRIS Q2 2010 Trends in Housing Report. In it you will find all sorts of graphs and data outlining the relative health of the DC/VA/Baltimore region as compared to the rest of the nation. It’s not as depressing as the recent doom and gloom in the papers.
Absorption Rates in and @ DC
Sometimes when I talk about real estate, you might hear me say “we have a 4.5 month of supply of homes”, which might leave you scratching your head. Simply put, I’m referring to the absorption rate, or the calculation of how long it will take for all the homes currently on the market to sell at the present rate of sales. It is not an exact science. But it does help to predict market trends. For all of you math geeks, here’s how it’s done. Find the number of listings currently on the market. Determine how many listings sold last month. Multiply that number by 12 (months). Divide that number by the current number of listings, and that’ll give you the number of units that would sell each week. Then divide the number of units that should sell each week by the current inventory… and voila: You’ve found your absorption rate.
There are a bunch of zip codes that I track on a regular basis. The following absorption rates were calculated on August 19, 2010:
20814 (downtown Bethesda) 2.2 months (20814 July Market Trends)
20815 (Chevy Chase, MD) Read the rest of this entry »
The Evers & Co. July 2010 Real Estate Report
While the average price in our area was at or above the previous year’s level for the past 8 months, the dollar volume of sales was down for the first time in 14 months. Lawrence Yun, the chief economist for the National Association of Realtors said NAR indicators predicted that a slowdown in sales was expected after the surge created by the April 30th deadline for the First Time Homebuyers Tax Credit. It is a little unusual for our area to wait until July to experience such a slowdown, but the record heat may also have been a factor. Also, the slower sales of more expensive properties- possibly due to the stock market gyrations and ensuing lack of consumer confidence- was undoubtedly influential in reducing the total sales volume.
Meanwhile, prices in the area were up 10.6% over last July, and the inventory was only slightly higher at a 4.8 months supply. With interest rates at their lowest point in over 40 years, and prices still at relatively low numbers, sales this fall should exceed last years numbers.
*Statistics are taken from the Metropolitan Regional Information System for three areas: Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.
AU Park/Tenley, DC 20016 Market Report, July 2010
In July of 2010 there were 45 homes that closed within the month for zip code 20016 in the District of Columbia (AU Park/Tenley/ Palisades). This was a decrease of 8 units, as there were 53 homes that closed in July of 2009.
The average list price for homes that closed in July 2009 was $843,263
The average list price for homes that closed in July 2010 was $882,463
The average sale price for the homes that closed in July 2009 was $791,103
The average sale price for the homes that closed in July 2010 was Read the rest of this entry »
Chevy Chase, DC 20015 Market Report, July 2010
In July of 2010 there were 22 homes that closed within the month for 20015 Chevy Chase, DC. This was an increase of 6 units, as there were 16 homes that closed in July of 2009.
The average list price for homes that closed in July of 2009 was $824,806
The average list price for homes that closed in July of 2010 was $901,386
The average sale price for the homes that closed in July 2009 was $796,718
The average sale price for the homes that closed in July 2010 was Read the rest of this entry »
Bethesda 20817 Market Report, July 2010
In July of 2010 there were 41 homes that closed within the month for 20817 Bethesda, Maryland. This was a decrease of 11 units, as there were 52 homes that closed in July of 2009.
The average list price for homes that closed in July of 2009 was $890,610
The average list price for homes that closed in July of 2010 was $1,016,658
The average sale price for the homes that closed in July 2009 was $828,440
The average sale price for the homes that closed in July 2010 was Read the rest of this entry »
Bethesda 20816 Market Report, July 2010
In July of 2010 there were 20 homes that closed within the month for 20816 Bethesda, Maryland. This was a decrease of 1 unit, as there were 21 homes that closed in July of 2009.
The average list price for homes that closed in July of 2009 was $760,476
The average list price for homes that closed in July of 2010 was $898,345
The average sale price for the homes that closed in July 2009 was $703,952
The average sale price for the homes that closed in July 2010 was Read the rest of this entry »
Is July the new August?
August has arrived. And while I’m not complaining about the lack of traffic, the abundance of parking and the ease with which one can waltz into a restaurant unannounced, August is no longer seen as that forbidden territory when it comes to listing houses. We were talking about real estate in the office today, focusing in on the fact that July was not as busy as June or even May. And someone blurted out “July is the new August.” And they are right. DC schools are starting 3 weeks earlier this year (August 23). It seems like more people are clearing out of town in July than in August.
Conventional wisdom used to be that one would never list a house in August. The reasons were many, but mostly because the yards are dry and ugly and the city is empty. That said, inventory has been so low during the past few years that now there isn’t the same stigma associated with August listings. One is no longer viewed as being “desperate.” In fact, why be part of the crowd in September when you can stand out in August? The buyers are still there. I just held a first open house on August 1 where at least 30 groups came by for a look. And they were all salivating over the house (which, unfortunately for them, was already under contract).
So, sellers, take heed. Buyers, too.
And never, ever list your house in December. Heh heh.
Chevy Chase 20815 Market Report, July 2010
In July of 2010 there were 37 homes that closed within the month for 20815 Chevy Chase, Maryland. This was an increase of 3 units, as there were 34 homes that closed in July of 2009.
The average list price for homes that closed in July of 2009 was $$1,085,132
The average list price for homes that closed in July of 2010 was $1,099,754
The average sale price for the homes that closed in July 2009 was $995,705
The average sale price for the homes that closed in July 2010 was Read the rest of this entry »
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