The Evers & Co. November 2014 Real Estate Report

DC marketAs the temperature cools off each year and we move into winter, so does the real estate market. Numbers for November were flat or down, year-over-year, except in the close-in markets. The District of Columbia and Arlington showed the only increase in dollar volume of sales, with the District at a 6.8% rise over November of last year and Arlington at a surprising 18% rise. Meanwhile, while most areas showed a 40% increase in “days on the market”- that is, the amount it time before a new listing goes under contract, the District actually had a 2.5% decrease in the time it takes for properties to sell. In short, the urban “walkable” neighborhoods continue to lead the hit parade in sales, as they have for most of this year.

*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 Northern Virginia.

The Evers & Co. August 2014 Real Estate Report

The US Capitol in Washington DC. vector illustration In August 2014, the Northern Virginia suburbs fared the best price-wise with a 5.2% increase in price, with the rest of the numbers for August level with last year or slightly below. Since we have been seeing flat numbers for a few months running, it is useful to take a look at the whole year-to-date and see what has transpired.

In the close-in Metro area, Washington, D.C. is the star so far this year, with a 6.3% rise in average price over the first eight months of last year. In addition, while Montgomery County, Fairfax County, Arlington and Alexandria had only 90-95% dollar volume of sales in 2014 compared to 2013, the District of Columbia did 10% better in 2014 over 2013! This may well be due to the city’s growing popularity as a place to live, but it is also a reflection of homebuyers’ increasing concerns about having to spend too much time driving to work, schools and stores, so that Metro access and walkability have become a top goal for buyers.

*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 Northern Virginia.

The Evers & Co. June 2014 Real Estate Report

American pieThe statistics for June look a lot like May 2014, with numbers down in close-in Northern Virginia and in Montgomery County, but with the District of Columbia once again gaining in both dollar volume of sales and price. The dollar volume of sales was up 13% over last June, and the average price was up 6% in DC. One of the reasons is that the District offers “walkability”, and since gridlock has become a major issue for our Metro area, getting around easily and being able to walk to Metro, stores, work and entertainment is very desirable for people buying homes in our area. In addition, the Metro area is a good job market, and the young people filling these jobs are particularly interested in an urban lifestyle.

Because of the resilience, success and stability of Washington, D.C. foreign investment will probably increase and we will be tracking what we believe will be increasing interest, especially from the two biggest foreign investors in U.S. real estate, Canada and China.

*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.

The Evers & Co. December 2013 Real Estate Report

market is heading upWhen we look at the December 2013 numbers and compare them to the previous December, we come up with a report which is very much like what we have been seeing each month of this year. But when we look at the whole year as compared with 2012, we can see a more dramatic change, with prices up 10.4% and dollar volume of sales up 20% over 2012. To illustrate the point, if you bought a property in January 2013 for $650,000, that same property in December 2013 would cost you $717,600.

All market conditions point to a strong market again this year, with the same or even higher increases in prices, due to greater buyer demand and relatively low inventory. And, because price increases occur mainly in the first half of the year, if you purchase property in January of this year you will probably get a much better buy than you will in June.

*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.

The Evers & Co. November 2013 Real Estate Report

bigstock-Capitol-in-Washington-8090999It looks like the October federal government furloughs had a negative effect on the November dollar volume of sales, which went down for the first time in well over a year. While October sales were up 28.4%, November was down 7.7%, and this was probably due to complications resulting from sales that were pending and not able to close because of the sequester and furloughs.

However, this was a brief interruption and didn’t seem to have a big impact on overall consumer confidence. With the existing shortage of listings, we can expect to see continued upward pressure on price. In the close-in Metro marketplace, the average price in November was up 6.75%, and days on the market were down 24% from last year at this time.

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

The Evers & Co. May 2013 Real Estate Report

bigstock-Stand-Out-From-The-Crowd-258978The May housing market saw steady growth and continuing strength in the close-in Metro area during this traditionally busy month. Dollar volume of sales was up 23.8% over last May, the average sales price was up 4.8%, and the number of days on the market was down 28.6 %.

With very low inventory and increasing buyer demand, housing prices continue to rise each month. The “shadow inventory” of distressed and foreclosed properties that many forecasters predicted would hit the market last year and this year never occurred, and it will take some time for new construction to feed more product into the marketplace. If interest rates remain relatively low, we can expect these current market conditions to continue for the foreseeable future.

*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.

The April 2013 Evers & Co. Real Estate Report

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 Evers & Co. January 2013 Real Estate Report

bigstock-Capitol-building-illustration-6335853The 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.

The Evers & Co. October 2012 Real Estate Report

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.

The Evers & Co. August 2012 Real Estate Report

National CathedralThe market in the close-in Metro market stayed strong through out the summer, with August home sales up 6.4% and days on the market down 20%, compared to the same time last year. While August sales contracts rose to their highest levels in three years, they were still down 57% from the peak of the housing market in 2005, which underlines the current market’s very low inventory of listings. This tremendous shortage of inventory pushes prices upward and creates an increasingly competitive market with many instances of multiple bids, especially for the properties between $300,000 and $900,000 that show well and are correctly priced.

Buyers are entering the market in ever-increasing numbers, spurred on by record low mortgage interest rates. Since most home purchases are made with at least 80% of borrowed funds, the cost of money greatly impacts the total cost of the purchase. These trends of low inventory, increasing buyer demand, rising prices and low interest rates are likely to continue through the fall season.

* 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.