The Evers & Co. May 2017 Real Estate Report

The month of May showed a robust increase in sales, a moderate increase in price and a marked decrease in days on the market. The District and Fairfax County both showed an increase of 13.3% in dollar volume of sales over last year, and Arlington hit it out of the park with an increase of 31%. While Montgomery County and Alexandria lagged behind with slightly negative sales numbers, all the jurisdictions showed a decrease in days on the market. Arlington led in lowest days on the market with 24% lower and also showed the highest average price of +8.4%.

These numbers are strong, but don’t seem to indicate a “bubble” market, since the steady moderate increase in price is largely due to the tremendous shortage of product, especially in the close-in areas where demand is the highest. Right now, there seems to be nothing happening which would increase the number of properties for sale on the market, so we can anticipate similar numbers in June.

*Statistics are taken from the Metropolitan Regional Information System for the following areas: the District of Columbia, Montgomery County, Maryland and Fairfax County, Arlington and Alexandria in Northern Virginia.

The Evers & Co. April 2017 Real Estate Report

The Evers & Co. April 2017 Real Estate Report

The month of April showed much lower numbers from last month, with the average dollar volume of sales flat compared to last year at this time, the average price at only 2.9% higher than last year, but with the “days on market” down 17% from last April. These numbers indicate that the properties that do hit the market sell fast. It also indicates that the shortage of homes for sale in our close-in Metro marketplace is at a critically low point, as it is across the entire country.

Baby boomers who would generally be moving and supplying move-up houses for younger buyers are largely staying in place, even as they become “empty nesters”. This causes an accordion effect of shortage of homes all the way through the marketplace. Interest rates have stayed low in spite of constant talk of significant rate hikes, and there is a very good array of mortgage products to satisfy the younger buyers, so they perceive this as a good time to buy. But until we have much more product in the marketplace, sales volume will not match the level of enthusiasm buyers have, and “bidding wars” will remain a fixture of our marketplace.

*Statistics are taken from the Metropolitan Regional Information System for the following areas: the District of Columbia; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Northern Virginia.

 

The Evers & Co. March 2017 Real Estate Report

The month of March proved to be one of the strongest early spring months in years in all three jurisdictions. The area-wide dollar volume of sales was up a booming 26.4% ! Average price for the area was up 7.2% over last year and “days on the market” was down 18%. Montgomery County and the District show the highest rise in dollar volume of sales, with 29.8% and 29.7% respectively, and the highest gain in average price over March of last year was the District , with an 8% increase. What was unusual was that all the jurisdictions showed a big drop of 18.2% in “days on the market”; in other words, properties are selling faster everywhere in the close-in Metro area.

While this uptick in sales and prices may be due to the impending rise in interest rates, the unusually strong wave of sales and consumer confidence is noteworthy and very likely to continue into summer.

*Statistics are taken from the Metropolitan Regional Information System for the following areas: the District of Columbia, Montgomery County, Maryland and Fairfax County, Arlington and Alexandria in Northern Virginia.

 

 

The Evers & Co. February 2017 Real Estate Report

The February numbers for the close-in Metro area were bullish in every way. First of all, the dollar volume of sales was up an astonishing 20% over February of last year. Second, the average price was up 3.6% and finally the days-on-market was down 13.7%. So more properties are selling briskly and at higher prices than last year at this time.

Once again, the leader of the pack was the District of Columbia, with dollar volume of sales up an astounding 32% and average price up 14%. The phenomenon of overall inventory being low and prices getting bid up because of this shortage is continuing and there is really no let up in sight, as we move into the peak of the spring market. Sellers would do well to get their properties on the market between now and June, and buyers should understand that they are in the middle of a highly competitive market situation.

*Statistics are taken from the Metropolitan Regional Information System for the following areas: the District of Columbia, Montgomery County, Maryland, and Fairfax County, Arlington and Alexandria in Northern Virginia.

Metro Area Market Trends: Who Would Have Thought…?

The trend in the Metro area real estate market from the peak of the boom market in 2005 to this past year of 2016, shows a pattern of behavior that was simply never anticipated. When the market crashed in 2007 with an overload of foreclosures, the pundits forecasted a glut of housing on the market that would go on for years and drive prices down nationwide. Instead, the opposite has happened; there is a shortage of houses for sale throughout the country with prices nearly all the way back to what they were in 2005 and in some cases higher!

Here’s the scoop on our close-in Metro marketplace. The biggest decrease in sales from 2005 to 2016 occurred in Fairfax County, which saw a 31.4% decrease in dollar volume of sales.  Next in line, Montgomery County showed a 24% decrease in sales. These two areas also had less than 1% increase in average price since 2005. On the other hand, the District of Columbia showed a 14.5% increase in dollar volume of sales and a 22.3% increase in price.

This is a trend we have been witnessing since the beginning of the recovery: the city is hot and the suburbs are not.

Supply is scarce in all the areas, but especially in the city, where there appears to be an endless supply of eager buyers for the short supply of properties that trickle onto the market each month.

Will this trend continue? The desire of so many people to live in the District, with all of its amenities, proximity to Metro, entertainment and cultural attractions, and continuing low inventory will very likely keep this trend going for at least the next couple of years.

*Statistics are taken from the Metropolitan Regional Information System for the District of Columbia, Montgomery County, Maryland and Fairfax County, Virginia.

East Bethesda 2016 Real Estate Report

 

 

 

 

Hot off the presses- the East Bethesda 2016 Real Estate Report is out! Learn about activity in the neighborhood and analysis of what’s to come in 2017.  And, as always, check back often to keep up to speed on real estate happenings in our very special neighborhood.

Click here:  East Bethesda 2016 Real Estate Report

The Evers & Co. October 2016 Real Estate Report

The close-in Metro area market broke its recent recurring pattern in October. While the District has often led the pack with sales and price increases over the past several months, Montgomery County was the leader this past month with a 13.4% increase in dollar volume of sales over last year, a 5.8 % increase in average price and a 14 % decrease in days on the market. At the same time, sales and price increases in the District and Northern Virginia were moderate.

Buyers should be in the market now, because we anticipate continued rise in interest rates. The bond market has already caused an increase in rates, and the Federal Reserve is signaling that they are ready to promote a rate rise. While buyers are usually focused on the price of each property, the price of borrowed money often has a greater impact on the total cost of their purchase, so this is an excellent time to buy before the anticipated spring rate increase and the more competitive spring market.

*Statistics are taken from the Metropolitan Regional Information System ( MRIS) for three areas: Washington, D.C; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Northern Virginia.

The Evers & Co. September 2016 Real Estate Report

Goodbye FallIn September, the District was strong, showing an 11.4 % increase in dollar volume of sales over last September and the average price also increased by 2.4%. However, Montgomery County saw a 14.1 decrease in dollar volume of sales and close-in Northern Virginia saw a 6.8 increase. Both saw decreases in average price.

It’s no secret why the District has steadily gained popularity. The area continues to nurture its culture with arts, sciences and technology. Back in 2011, Donna Evers, president and broker of Evers & Co. Real Estate, wrote an article for Washington Life Magazine titled “Get Ready, It’s the New Washington” in which she highlighted the evolving landscape.

She says, ”The fact of the matter is that the ‘new’ Washington is here. The District has embraced emerging local talent, employed culture producers and invested in trendsetting neighborhoods. The real estate market has been seeing high demand and low supply for months because we’re in a hot ticket area that will continue to strengthen.”

*Statistics are taken from the Metropolitan Regional Information System (MRIS) for three areas: Washington, DC; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Virginia.

The Evers & Co. August 2016 Real Estate Report

Lincoln Memorial at night, Washington DC USAWhile the numbers for July were negative across the board, August is a completely different story, with the exception of Alexandria which was negative in sales and prices.  Once again the District had the most positive showing with the dollar volume of sales up 14% over last August and the average price up 11.3%.  Both Montgomery and Fairfax counties had a better than 16% increase in dollar volume of sales, although each showed little increase in average sale price.

A strong August usually means good fall sales.  In addition, interest rates are very low, and the variety of loan products available means that buying will be much easier this fall season than it was last autumn. However, we still have the problem of low inventory in desirable areas. In fact, the more desirable the area, the lower the inventory.  When a well-priced, good looking property comes on the market this fall, in a close-in “hot” area in the price range up to one million dollars, you can be pretty sure there will be competitive offers.

*Statistics are taken from the Metropolitan Regional Information System ( MRIS) for three areas: Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Virginia.

 

 

Property Tax Info for Seniors

New Legislation Provides Incentives for Seniors

 Eligible seniors are reminded of a new legislation to make it easier for older adults to stay in their homes by deferring property tax increases at a zero cost.

The new statue, Expedited Bill 10-16, took effect on July 1. The legislation provides another option for seniors on a fixed income to remain in the County by easing their tax burden. The bill provides a residential real property tax deferral for residents at least 65 years old with a gross income of $80,000 or less. The change modified the County’s previous property tax deferral program to allow eligible seniors to defer the annual increase in their residential real property taxes at 0% interest. Under the income threshold of $80,000 — which is the senior median income in the County — the eligibility criteria are approximately half of senior households in the County.

In addition to this assistance, the County has several other programs to assist seniors, people with disabilities and other residents of limited means to remain in the County and provide tax relief. The Supplemental Homeowners Property Tax Credit, the Senior· Property Tax Credit, Renters Property Tax Relief, and Design for Life tax credit for livable and visit-able residential improvements.

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