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Monday, April 8th, 2013 at 11:18pm. 131 Views, 0 Comments.
Year to date, the metropolitan Washington D.C. market is steaming ahead of 2012 by nearly 12 percent. So far this year, 13,982 homes have gone under contract, which is nearly 1,500 units ahead of last year at this time. (Data Source:www.MRIS.com).
Meanwhile, though inventory has edged up a smidgen, buyers are still facing a tight market and many times will find themselves up against other buyers to compete for the home of their choice.
There’s currently a 1.31 months’ supply of homes, which means there’s roughly a 6-week supply of homes and that if no other houses come on the market, the inventory will be depleted in 6 weeks. That’s a tight market, but one that the savvy buyer can learn to win with the right strategy and guidance.
Sunday, March 10th, 2013 at 6:34am. 108 Views, 0 Comments.
Just in case you’re wanting to finally get into the real estate market with all the low interest rates and price appreciation you may be hearing about – just wanted to let you know, there are only 9 foreclosures on the market as of today, in the Northern Virginia area.
That includes Arlington county, Alexandria city, and Fairfax County. Yep – just 9 – that’s roughly 0.4% of the available inventory. There are also another 79 short sales (4.9% of the inventory) for those who want to go after that sort of purchase. Distressed properties are no longer a major part of the D.C.-area market.
Sellers are now having an easier time of selling houses in this market. The buyers are squaring off to bid houses up and forego some traditional negotiation strategies to…
Sunday, February 24th, 2013 at 10:08pm. 289 Views, 0 Comments.
Sellers – it is time. It is time to get off the fence with a full jump into Sellers Market Meadow!
Prices are starting to really pick up in the suburbs of Washington, D.C. and the inventory continues to tighten a bit with absorption rates dipping below 1 months’ supply in various price levels.
This means sellers can now make up the losses from the past, sell their home for a good price and then move up, down, laterally or out of the area with continued historic low interest rates. Freddie Mac has this week’s interest rates below 3.60% (http://www.freddiemac.com/pmms).
The table below demonstrates the absorption rates for the varying price ranges in Northern Virginia according to data from MRIS.com, the regional multiple listing service. A one-month…
Sunday, February 10th, 2013 at 11:26pm. 100 Views, 0 Comments.
One of the best ways to see how a market is going to perform in the future is to look at the building permits applied for by builders. The Metro Washington, D.C. area is moving up with strength.
Permit applications are up 18 percent across the board for single-family, multi-family and total permits, at 22,350 for 2012, according to http://www.HousingEconomics.com, a web site operated by the National Association of Home Builders (http://www.NAHB.org).
And if anyone was wondering what 2013 will be like in real estate nationally, just look at the numbers – building permits for single family dwellings are up 24% and multi-family building permits are up a whopping 53%. The total number of permits issued topped out at more than 815,000 (beating out 2011 by…
Wednesday, February 6th, 2013 at 11:37am. 108 Views, 0 Comments.
The D.C. housing market has been a shining light in an otherwise tepid economic picture for the region. Home sales prices are set to finish up for 2012 over 2011 — which will be the fourth year in a row that the region has enjoyed value appreciation.
The chart below is for Northern Virginia home prices, which had a high average price of more than $525,000 for the summer and finished December out with more than $518,000. (The average home price includes all housing types – condo, townhouse and single-family).
The December price is only 8.1% below the highest December price on record, which was set in 2005. The tortoise-speed appreciation over the years is actually a very healthy road to recovery, rather than the sky-rocketing fashioned appreciation of…
Wednesday, January 23rd, 2013 at 5:02pm. 96 Views, 0 Comments.
Home buyers are out in force in Northern Virginia. So far this month, there’s been a 17.4% increase in the number of contracts written compared to the same period January 2012. Nearly 1,000 buyers have put homes under contract in the counties of Fairfax and Arlington, and cities of Alexandria, Fairfax and Falls Church (theclose-in burbs of Washington, D.C., for out-of-town readers).
The D.C. market has continued it’s bullish temperament, since Congress came up with its agreement to avoid the fiscal cliff (at least for now).
Nevertheless, the absorption rate is at spring-like levels, tracking at…
Tuesday, January 22nd, 2013 at 3:01pm. 66 Views, 0 Comments.
You got to love when the media finally catches up to the state of the market -Washington Examiner reported today (January 17, 2013) that foreclosures in the D.C. area have “plunged over 2 years.”
Over two years? Forget that! They’ve plunged in the last year. Data gathered from the local multiple listing system (Metropolitan Regional Information Systems) shows that foreclosures and short sale listings are down 64.5% in January 2013 compared to the same type listings entering the market in 2012 at this time.
The Washington D.C. market has led the country throughout the recovery period and Northern Virginia has led D.C. While there are still many homes that are “under water,” the region has nearly recovered in the last few years its lost values. December…
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