Home Sale Statistics in Our Area – May 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!

Below you will find the numbers for May. Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

31,155 homes went under contract in the region. This is up (10.02%) from the same time period in 2018.

31% of the homes that went to settlement in May 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $368,854 (up 4.35% from the same time period in 2018).

41,647 homes came on the market. That’s up 1.42% from May 2018.

• Homes that sold (closed) averaged 59 days on market, 3 days slower than in May of 2018.

There is currently a 3.0 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 67,332 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. We saw a slight increase in the average sales price from last month and the number of new listings that came on the market decreased by over 21,000.

We’ve said it before….the trend continues to be the difference between inventory and demand in the upper-end price points (“luxury”) vs the more affordable segments (“starter & trade-up market”).

So, if you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price! So, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly.

Let’s take a deeper dive into the numbers of our local market areas, and see where this trend continues…

To see what the conditions are like in your community, click on the link to your desired city below! 

Home Sale Statistics in Our Area – April 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for April.

Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  However, the trend continues to be the difference between inventory and demand in the upper-end price points (“luxury”) vs the more affordable segments (“starter & trade-up market”).

  • Inventory continues to rise in the luxury and premium home markets which is causing prices to cool. ‘
  • Demand continues to rise with lower-than-normal inventory levels in the starter and trade-up home markets, causing prices to rise on a year-over-year basis.

If you are thinking of selling, now may be the time! Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price!  So, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly.

Let’s take a deeper dive into the numbers of our local market areas, and see where this trend continues…

To see what the conditions are like in your community, click on the link to your desired city below! 

Home Sale Statistics in Our Area – March 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for March.

Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

Mid-Atlantic Region March 2019 home sales:

11,647 homes went under contract in the region. This is up significantly (30.59%) from the same time period in 2018!

26% of the homes that went to settlement in March 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $404,518 (up 2.6% from the same time period in 2018 when it was $394,114)

20,338 homes came on the market. That’s down 1.4% from March 2018.

• Homes that sold (closed) averaged 70 days on market, 11 days faster than in March of 2018.

• There is currently a 2.5 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 28,094 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The inventory continues to be low favoring sellers.

Let’s take a deeper dive into the numbers of our local market areas, and see if there continues to be segments that are experiencing a somewhat different market.  The upper-end price points in some areas have been experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points have less inventory and homes are selling much faster.  

To see what the conditions are like in your community, click on the link to your desired city below! 

Remember…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

Home Sale Statistics in Our Area – February 2019

Welcome to our monthly post of home sale statistics for our region and some hyper-local markets! Below you will find the numbers for February.

Please call The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

11,840 homes went under contract in the region. This is down 1.94% from the same time period in 2018.

19% of the homes that went to settlement in February 2019, sold in 10 days or less from when they hit the market. 

14,043 homes came on the market. That’s down 3.07% from February 2018.

Homes that sold (closed) averaged 78 days on market, 9 days slower than in February of 2018.

There is currently a 2.4 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 26,637 homes for sale (townhouse, condo, and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The inventory continues to be low favoring sellers.

However, as you dig deeper into the numbers of our local market areas, you will find segments that are experiencing somewhat different market conditions.  The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are less inventory and homes are selling much faster. 

To see what the conditions are like in your community, click on the link to your desired city below! 

And…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings. Or Text BELT to 59559 for a FREE home valuation!

3 Reasons Why We Are Not Heading Toward Another Housing Crash

3 Reasons Why We Are Not Heading Toward Another Housing Crash | MyKCM

With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of twelve years ago.

The Belt Team, CEO, Terry Belt says, A difference now compared to the last cycle is that the economy is bustling at levels not seen since the mid/late 1980s and jobs are being created and consumer confidence and real wages are increasing.  The last cycle all of these factors were all trending negative and also amidst a higher mortgage/interest rate environment.

Here are three key metrics that will explain why:

  1. Home Prices
  2. Mortgage Standards
  3. Foreclosure Rates

HOME PRICES

A decade ago, home prices depreciated dramatically, losing about 29% of their value over a four-year period (2008-2011). Today, prices are not depreciating. The level of appreciation is just decelerating.

Home values are no longer appreciating annually at a rate of 6-7%. However, they have still increased by more than 4% over the last year. Of the 100 experts reached for the latest Home Price Expectation Survey94 said home values would continue to appreciate through 2019. It will just occur at a lower rate.

MORTGAGE STANDARDS

Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today’s standards are nowhere near as lenient as they were leading up to the crash.

The Urban Institute’s Housing Finance Policy Center issues a quarterly index which,

“…measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.”

Last month, their January Housing Credit Availability Index revealed:

“Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.”

FORECLOSURE INVENTORY

Within the last decade, distressed properties (foreclosures and short sales) made up 35% of all home sales. The Mortgage Bankers’ Association revealed just last week that:

“The percentage of loans in the foreclosure process at the end of the fourth quarter was 0.95 percent…This was the lowest foreclosure inventory rate since the first quarter of 1996.”

Bottom Line

After using these three key housing metrics to compare today’s market to that of the last decade, we can see that the two markets are nothing alike.

It is always a good time to buy or sell, and we are here to help! Let’s chat. Give us a call at 703-242-3975 or send us an email at info@thebeltteam.com .

Check out the latest listings

Home Sale Statistics in Our Area – January 2019

On The Belt Team, we take pride in being your local real estate “experts”!  Part of that involves staying on top of market stats & trends.  In this post, and on a monthly basis, we will share with you some of the home sale statistics we watch in our region and in our own backyard.  

10,689 homes went under contract in the region. This is down 1.54% from the same time period in 2018. 

16% of the homes that went to settlement in January 2019, sold in 10 days or less from when they hit the market.

Average sold price was $396,337 (up 6.69% from the same time period in 2018 when it was $371,497)

12,625 homes came on the market. That’s up 3.14% from January 2018.

Homes that sold (closed) averaged 78 days on market, 12 days slower than in January of 2018.

There is currently a 2.3 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 26,560 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region is still in a Seller’s Market.  The inventory remains low…advantage Sellers!

However, as you dig deeper into the numbers of our local market areas, you will find segments that are experiencing somewhat different market conditions.  The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are seeing appreciation, there is less inventory and homes are selling much faster.  

To see what the conditions are like in your community, click on the link to your desired city below! 

And…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings.

Median Days on Market – How Fast Are Homes Selling?

Days on Market State by State March to May 2015

If you’re wondering how fast homes are selling around the United States, here’s a great infographic from Keeping Current Matters.

Whether you’re a Buyer or a Seller, it’s important to know how quickly homes are selling in your neighborhood and/or the neighborhood you want to live in.

Why?

 

 

EXPECTATIONS:

Buyers – Knowing how quickly homes are selling tells you how quickly you need to react when you see a home you love. In some markets, homes are languishing for months. While in others, they are snapped up the day they hit the market. Taking a look at median number of days on market will help set your expectations so you don’t feel pressured.

Sellers – If you’re selling a home, the median days on market will give you an idea of how long you’ll need to keep your home in “showing condition”. It’s not easy to keep your house looking like a showroom. Knowing what the median time frame is helps with expectations of how long it will take your home to sell. (And note – if you are aiming to “push” pricing past what recent comps show – you’ll likely need to add time onto this estimate, and be aware that you may actually sell for less than if you had priced to where the market is.)

PRICING:

Buyers – You can use days on market as part of the criteria for determining what price to offer. If you see a property that has been on the market for a LONG time – it’s fair to assume you may want to offer something below list price – the longer the days on market, the lower the price. But if you’re making a lowball offer on a home that just hit the market – it’s unlikely the owner will accept your offer.

Sellers – Median days on market is one criteria you should consider in your pricing strategy. If you home has been on the market longer than the median number of days – you most likely need a price adjustment. (You may need to take other action – such as repairs or staging, but it’s highly likely a price adjustment is in order as well.)

Here are some of the local stats for days on market. How fast are homes selling in:

Median days on market is just ONE of many criteria Buyers and Sellers should consider. For a personalized consultation including ALL the criteria – contact Terry Belt & The Belt Team at (703) 242-3975. We’ll help you make the RIGHT move!

Homebuyers Are On Borrowed Time, Sellers Take Note

Buyers Market or Sellers Market

If you’re thinking of buying a home in 2015, you may want to do it sooner rather than later. Why is that? Well, according to Gary Keller, Chairman of the Board of the world’s largest real estate company, “Home buyers are on borrowed time.” Keller made this comment back in February at Keller Williams Realty’s annual gathering of top associates from around the world as part of his economic update.

In case you’re thinking the comment made by Keller may have been self-serving just to encourage urgency among potential homebuyers, you might be interested to know that the Federal Reserve’s moves last week seem to corroborate Keller’s statement. From The Washington Post on March 19th: “The Federal Reserve cleared the way Wednesday for raising interest rates for the first time since the financial crisis.” The Fed was clear that a rate hike is not immediate or even imminent, but they definitely opened the door for that to happen this year. And as we see the economy improve, we also believe this will happen.

CEO The Belt TeamTerry Belt, CEO of The Belt Team says he is “advising our serious buyers that NOW is the time to buy. Rising interest rates, combined with rising home values mean that buying later will equal lower affordability and much less house. It is for this reason that we are also advising Sellers to sell sooner rather than later. If and when interest rates rise, some home buyers will be priced out of the market. And while home values are projected to rise in 2015, the projected rise is very moderate – about 3%, as compared to the 11% rise we saw in some areas over the past few years.”

Today, we spoke with Christine Todd, CEO of the Northern VA Association of Realtors (the 11th largest association in the U.S.). She told us that housing inventory in Northern VA is at a five year low and that throughout Northern VA, inventory is at 2 months. Two months of inventory translates to a Seller’s Market. That puts Sellers in the driver’s seat – making now a fabulous time to sell. It also means that Buyers have less options and it make take more time to find your dream home. And unlike the Rolling Stones song “Time Is On My Side”, it may only be a matter of time before rates rise. Another reason why waiting may not be to your benefit.

Whether you’re buying or selling, there are challenges on both ends. Buyers seek guidance on getting through credit hurdles, loan approvals and financing options. They need advocates who can advise on how to best compete, what their options are and how to find homes not already on the market. They want the RIGHT home. And while it sounds good to be a Seller during a Seller’s market (and it is!) – you still want to make sure you don’t leave money on the table and that once you are under contract, your sale actually goes to closing. THIS is where a top notch Realtor makes a difference and why the number of people selling by owner has gone down year after year.

The Belt Team has navigated the Northern Virginia real estate market since 1973. We have serious, long-term, committed Realtors on our team who are here to educate, navigate and advocate for you. When you read our online reviews, we think you’ll soon see why it’s in your best interests to work with what we think is the best real estate team in Northern VA. Our mission statement is “Changing Lives For The Better”. If it’s time to change yours, give Terry Belt & The Belt Team a call at (703) 242-3975. It would be a pleasure for our family to help your family make the right move. And that right move just might be NOW!

Best Real Estate Agents in Northern Virginia

National Real Estate Update

Interest rates are on the rise. Find out what else is happening in the national real estate market in a quick minute!

Now that you know what’s happening in the macromarket, let’s take a look at the  hyperlocal markets. For stats on Northern Virginia communities – check The Belt Team’s community pages:

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a FREE Buyer or Seller Consultation.

Falls Church Virginia: Buyer’s Market or Seller’s Market? How Long To Sell Your Home and Are Prices Rising?

If you’re looking to buy or sell real estate in Falls Church, VA in 2015, you may be wondering how long homes are on the market, whether prices are up or down and whether it’s a Buyer’s Market or Seller’s Market.

First, let’s look at what happened in 2014:

  • Average Days on Market: 40 days (up from 33 days in 2013)
  • Average Sold Price: $514,575 (up from $504,680 in 2013)
  • Average Sold Price as % of List Price: 97.7% (down from 98.3% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 42%

Now, to get an even better sense of what’s happening in the real estate market, go to our web site for up-to-date Falls Church VA housing stats on the most recent month as compared to the five year average. This will indicate what the current trends are.

(Special Info For Sellers of Million Dollar Homes)

Call Terry Belt & The Belt Team at (703) 242-3975 if you would like to buy or sell in Falls Church, VA.