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!

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.

Northern VA Housing Market – Post Election Update

Credit: Keeping Current Matters
Credit: Keeping Current Matters

Election years in Northern Virginia are usually a time when the real estate market takes a deep breath and pauses to see what will happen. “I’m putting my home search on hold until we see how the election shakes out”  and “I’m gonna wait and see what happens to interest rates after the election” are comments we’ve heard frequently over the past twelve elections.

Let’s look at the market stats for some of our Northern Virginia areas and see whether that rang true this year. The charts below show the number of home sales year-to-date year-over-year for 2014, 2015 & 2016. And there seems to be a pretty consistent pattern.

Northern VA Real Estate Market

Northern VA Real Estate MarketNorthern VA Real Estate MarketNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate StatsNorthern VA Real Estate Stats

 

 

 

 

 

 

 

 

Other than in Ashburn, sales rose significantly in 2015 over 2014. And instead of the market pausing to digest the election, home sales continued to rise in 2016. This was true in Alexandria, Arlington, Great Falls, Herndon, McLean, Oakton, Reston & Vienna – as well as in a number of other areas.

Stay tuned for our CEO Terry Belt’s 2017 Crystal Ball Predictions! (You can read his 2016 Predictions here).

Call Terry Belt & The Belt Team at (703) 242-3975 if you’d like a market analysis for your home or neighborhood. Statistics vary wildly between cities, school districts and price ranges. And if you’re thinking of selling in 2016, NOW is the time to prepare. Did you know that in many areas of Northern VA last year, Sellers who sold in January-February sold their homes for more than those who waited for the “Spring Market”?!

FREE INSTANT Estimate of Your Home’s Value

Search Home Values in YOUR Neighborhood or City on our STATE-OF-THE-ART WEB SITE

Great Falls 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 Great Falls, VA in 2016, 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 2015:

  • Average Days on Market: 126 days (almost the same as 2014 and up from 99 days in 2013)
  • Average Sold Price: $1,228,845(down 1.4% from 2014 and up .6% from 2013)
  • Average Sold Price as % of List Price: 93.1% (about the same as 2014 and down from 94.8% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 17 (down from 23% in 2014)

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 Great Falls VA housing stats on the most recent month as compared to the five year average. This will indicate what the current trends are.

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

Crystal Ball Forecast for The 2016 Northern VA Real Estate Market

Northern VA Real Estate Forecast 2016

But we’re going to do it anyway!

At this time of year, our phone starts ringing off the hook looking for our CEO, Terry Belt, asking for his forecast of what this year in real estate will hold. And while his crystal ball may be as imperfect as everyone else’s, he has weathered 28 years in the Northern VA real estate market and done it uber successfully. This brings with it a good look in the rear view window, but at the same time an ability to spot & react to trends quickly.

Realtor The Belt Team     Real Estate Predictions

Here are Terry Belt’s Top Predictions For The 2016 Northern VA Real Estate Market

  • Over all, we’ll see a good year in Northern VA. The national and local press are all telling “feel good” real estate stories and this is great as it resonates positively for consumer confidence, which is a huge factor in the market.
  • The first half of the year will bring a very healthy market. I predict the second half of the year will soften as inventory grows.
  • We will see slower appreciation than we have seen the past 5 years. Statistics for the past five years for various Northern VA markets are on our web site:

(FREE – How Much Is My Home Worth)

Wild Cards – Things To Watch: 

  • Interest rates (already up once and likely to continue rising)
  • Stock market
  • Job creation, especially locally where we are trailing the nation
  • Inventory

(Our FREE state-of-the-art buyer search site)

My Advice To 2016 Buyers & Sellers:

If you’re thinking about buying or selling a home in 2016, the absolute most important thing you can do is to make sure you have the best Realtor representing & advocating for you. There’s a lot to navigate along the way – appraisals, surveys, legal disclosures, when to sell, how to price, how to stage, what to disclose, what not to disclose, mortgage financing, how to compete and more. Every market has its own ins & outs & idiosyncrasies.

According to NAR, 90% of homes are sold by 10% of the Realtors. So my advice to clients, whether they are buying here in Northern VA or across the country in California or even across the ocean in Europe – is to make sure you work with the best. You know they’re the best when they’re in that top echelon of performers. The more transactions a team does, the more prepared they are to be your advocate and help you navigate successfully.

Buying or selling a home is often one of the biggest, if not THE biggest, financial transactions of your lifetime – not to mention the emotional importance of your home and family. Do it right!

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.

Great Falls 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 Great Falls, 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:123 days (up from 99 days in 2013)
  • Average Sold Price: $1.246,067 (up from $1,221,751 in 2013)
  • Average Sold Price as % of List Price: 93.2% (down from 94.8% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 23%

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 Great Falls 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 Great Falls, VA.