Home Sale Statistics in Northern Virginia – May 2020

This pretty much sums up the current state of the market…

Prices are up.  New listings are down due to COVID-19.  Home sales are down because inventory is low.  Buyer demand is extremely high.  Interest rates remain historically low.  It is a Sellers market in most areas.  

Check out the details below…

Northern Virginia Region

• 3766 homes went under contract in the region. This is down (17.2%) from the same time period in 2019.

• 60% of the homes that went to settlement in May 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $574,102 (up 3.4% from the same time period in 2019).

• 3930 homes came on the market. That’s down 33.4% from April 2019.

• Homes that sold (closed) averaged 17 days on market, 1 day faster than in May of 2019.

• There is currently a 1.1 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 Northern Virginia – and 3,521 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  The number of homes that went under contract and that came on the market is again significantly lower year-over-year…expected given the current Coronavirus environment.    And, the homes that are listed continue to sell quickly and inventory across the area remains low.

If you need to sell your home, contact us NOW at 703-242-3975 or Info@TheBeltTeam.com or Click Here to help get your home ready and to make sure you DON’T MISS OUT on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true! 

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

Vienna: May 2020 Home Sales

Oakton: May 2020 Home Sales 

McLean: May 2020 Home Sales 

Great Falls: May 2020 Home Sales 

Reston: May 2020 Home Sales 

Falls Church: May 2020 Home Sales 

Arlington: May 2020 Home Sales 

Alexandria: May 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Update! Real Estate Property Tax to Remain Unchanged in Fairfax County

On May 12th, the Fairfax County Board of Supervisors approved the Fiscal Year 2021 budget.   They chose to keep spending levels the same as the FY 2020 budget because of the impact of the coronavirus pandemic. 

In April, a revised budget was proposed from the original presented in February (which included a 3% increase in Real Estate Tax rate) which took into consideration the effects of COVID-19 on the economy.  The FY 2021 budget approved this month has a Real Property Tax Rate of $1.15 per $100 of assessed value…the same rate in the FY 2020 Budget.  So, the current tax rate will also not change through the rest of this calendar year.

Click here to read the full FY 2021 Adopted Budget Package.

Current market conditions during COVID-19 are very similar to PRE-COVID-19…it still pays to be a seller, and buyers in many cases are still competing with multiple offer situations for homes priced correctly. But there remains opportunities for sellers AND purchasers given the historically low interest rates.

The Belt Team has been successfully and safely navigating the COVID-19 market for our buyer and seller clients this spring. So, if you need to sell your home, contact us NOW (703-242-3975) to help get your home ready and to make sure you don’t miss out on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true! 

Click here for an INSTANT online estimate of your home’s market value. Then give us a call at 703-242-3975 for a detailed, personalized review. We’re happy to assist will ALL of your real estate needs!

Home Sale Statistics in Our Area – April 2020

The housing market in Northern Virginia remains very healthy, but different.  The volume of the market has temporarily shrunk because many sellers have postponed putting their home on the market because of COVID-19. Inventory of new homes on the market significantly decreased in April by between 25-50 plus percent in all sub markets where we work. 

The market needs more inventory and if we had that there would be more sales because of continued high demand.  The current situation is resulting in positive pricing pressure with values increasing in many sub markets and in the more affordable price ranges below $1,000,000. 

Current market conditions during COVID-19 are very similar to PRE-COVID-19…it still pays to be a seller, and buyers in many cases are still competing with multiple offer situations for homes priced correctly.  There remains opportunities for sellers AND purchasers given the historically low interest rates.

Northern Virginia Region

• 2,960 homes went under contract in the region. This is down (35.2%) from the same time period in 2019.

• 75% of the homes that went to settlement in April 2020, sold in 10 days or less from when they hit the market.

• Average sold price was $598,511 (up 7.6% from the same time period in 2019).

• 3,755 homes came on the market. That’s down 33.8% from April 2019.

• Homes that sold (closed) averaged 14 days on market, 6 days faster than in April of 2019.

• There is currently a 1.2 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 3,843 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  The number of homes that went under contract and that came on the market decreased significantly year-over-year…expected given the current Coronavirus environment.    However, the homes that are listed are selling quickly and inventory across the area remains low.

The Belt Team has been successfully and safely navigating the COVID-19 market for our buyer and seller clients. So, if you need to sell your home, contact us NOW (703-242-3975) to help get your home ready and to make sure you don’t miss out on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true! 

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

Vienna: April 2020 Home Sales

Oakton: April 2020 Home Sales 

McLean: April 2020 Home Sales 

Great Falls: April 2020 Home Sales 

Reston: April 2020 Home Sales 

Falls Church: April 2020 Home Sales 

Arlington: April 2020 Home Sales 

Alexandria: April 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Welcome Krissy O’Malley!

The Belt Team is thrilled to announce a new addition to our team!  Krissy O’Malley has joined us as our Social Media/Digital Marketing Intern.  Krissy will be developing and distributing social media content for the team, as well as supporting our marketing efforts. 

Krissy is a rising sophomore at Liberty University.  She played volleyball at Flint Hill High School and has carried that over to college volleyball and is entering her 2^nd season as a collegiate athlete. While she has spent most of her free time playing volleyball, she has developed a passion for pursuing a career in real estate.  She has grown up knowing many members of the Belt Team.  Terry Belt played baseball with Krissy’s father when they were growing up in Northern Virginia.  Sarina Belt has known the O’Malley family since she and Krissy’s mother were in elementary school together at Spring Hill Elementary.  In addition, Krissy has literally grown up in the house that The Belts built!  Gail Belt sold her personal home to Krissy’s family when Krissy was 4 years old and they have lived there in Vienna ever since.  Krissy is very acquainted with the Vienna, Oakton and McLean/Tyson’s area and seeks to learn more about the real estate business in her home town.

And watch the video below to learn even more about her!

Welcome Krissy…we are so excited to have you!

Share KW Red Day 2020

SHARE KW RED DAY 2020: Since 2010, the Keller Williams McLean/Great Falls annual RED Day food drive has consistently generated one of Share’s single largest annual contributions. (The photo above is a glimpse of our efforts from RED Day 2019.) In a typical year, Share helps nearly 1,500 households in-need in McLean, Great Falls, and nearby communities. This year is anything but typical, and the need is more critical than ever before.

Because the limitations of social distancing and stay-at-home orders have made a physical food drive impossible, we are going digital. We are coming directly to you, our neighbors, our friends, our clients, our business partners, and our community, asking you to help us help Share with a financial contribution through this Go Fund Me campaign.

Please consider a gift of any amount to help Share meet the greatest needs in our area. KW Cares McLean/Great Falls will MATCH the first $2500 donated. 

Share, Inc. is a 501(c)(3) nonprofit corporation providing emergency assistance since 1969 to our neighbors in need in McLean and nearby areas of Northern Virginia.

KW Cares McLean/Great Falls is a 501(c)(3) nonprofit corporation, established to facilitate charitable giving by our agents, and is a natural extension of our commitment to generously give back to the community in which we live and work. Last week, $2000 was donated to LINK and Arlington Food Center, two local food banks who are also meeting urgent needs at this time. An additional $3000 has been earmarked for medical supplies at Fairfax Hospital and Arlington Hospital.

RED Day is observed on the second Thursday of May, by Keller Williams associates all over the world and is celebrated as our annual day of service. This year RED Day is May 14. We are opening the campaign now in order to give us the best opportunity to exceed our goal of raising at least $4000.

Home Sale Statistics in Our Area – March 2020

The March numbers are in and they show a very strong and healthy housing market in our area even with COVID-19.   Buyer demand continues to outstrip housing supply and homes are selling extremely quickly and in many cases with multiple offers above asking prices. 

The story going forward farther into the Spring we believe will be continued purchaser demand and a decrease or flattening in supply of available homes as Sellers are delaying plans to put their home on the market pending the ongoing COVID-19 situation.  (Historically at this time of year we experience a spike in supply.) This will favor active Sellers because of less competition and buyers will continue to need to be pre approved for financing and be ready to act quickly.

Many people still need and want to buy and sell and our industry continues to adjust how we do business to safely and successfully serve the needs of all.  Real estate continues to be a bright spot in our local economy.

Mid-Atlantic Region

• 25,436 homes went under contract in the region. This is down (8.1%) from the same time period in 2019.

• 40% of the homes that went to settlement in March 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $367,571 (up 8.8% from the same time period in 2019).

• 32,161 homes came on the market. That’s down 12% from March 2019.

• Homes that sold (closed) averaged 49 days on market, 6 days faster than in March of 2019.

• There is currently a 2.0 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 47,249 homes for sale (townhouse, condo and single-family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  As expected given the current Coronavirus pandemic, the number of homes that went under contract and came on the market were down 8.1% and 12% respectively from the same time period last year. 

So, if you need to sell your home, contact us NOW (703-242-3975) to help get your home ready and to make sure you don’t miss out on this market!  If you need to buy a new home, it is very important to work with an experienced agent to help you navigate this type of market and make your home buying dreams come true! 

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

Vienna: March 2020 Home Sales

Oakton: March 2020 Home Sales 

McLean: March 2020 Home Sales 

Great Falls: March 2020 Home Sales 

Reston: March 2020 Home Sales 

Falls Church: March 2020 Home Sales 

Arlington: March 2020 Home Sales 

Alexandria: March 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

The Belt Team is Here to Help!

Dear Belt Team Clients, Friends and Family, 

During this uncertain time, the world is definitely changing but the real estate market in our area is still active and moving. And…The Belt Team is still open for business! After being in business for over 50 years, we have been through challenging and unpredictable times before and we have learned the real estate market never drops to “zero”. Why? Because we work with people in the “traditional” market, meaning they have to buy and sell because of life changes. Even during this difficult time, that is not going to change. Housing is an essential need and we are here to help.  

We are well positioned to make the necessary modifications to accommodate the needs of our clients and business partners because of our extensive use of technology in our business as well as our years of experience. Along with implementing recommended sanitizing measures for in-person meetings, open houses, and showings, we are excited to be able to continue to offer virtual options for our services which we have been doing for certain people even before the Coronavirus arrived. We can conduct virtual buyer and seller consultations, virtual tours/open houses for our seller clients, virtual showings for our buyer clients, etc. As for our partners in the industry, mortgage and title companies, home inspectors, appraisers, contractors, photographers, etc.. .they are still operating and business is creatively being done. These companies are also taking all necessary precautions and adjusting as needed for their clients. We have great relationships with our lenders and title companies and are in touch with them daily to ensure that our clients are able to complete their transactions. 

Our local markets are still very healthy. The inventory of homes before now was so historically low and real demand for housing so high that we have not yet seen a negative impact on the housing market. Aggregate showing activity has decreased as those that are not buying now are not browsing as much; however, the real buyers who need housing now continue unabated and we continue to see a homes go under contract quickly. Bottom line, if you are needing/wanting to buy and/or sell we recommend acting NOW before things possibly change that affect available housing, access to housing, interest rates and loan qualifying criteria, and the unpredictable.  

We know there are going to be people that need to buy or sell because of life circumstances and these people have been the lifeblood of our business. So, if you or anyone you know fits this category, we would love to connect, share our market knowledge and create a customized strategy to make your real estate needs and dreams come true. You can reach us at Info@TheBeltTeam.com or 703-242-3975. 

And, of course, if there is anything non real estate related that we can do to help you through this time, please DO NOT hesitate to reach out.  

Please stay safe and healthy as we all look forward to the better times ahead!   

Terry, Gail, Beth, Patty and Sarina

The Belt Team

Coronavirus and the Real Estate Market

How is the coronavirus affecting the real estate market? Terry Belt shares what we are seeing in Northern Virginia. Give him a call at 703-242-3975 to discuss your goals and create a strategy during this challenging time for everyone.

Home Sale Statistics in Our Area – February 2020

Record low supply of homes and strong buyer demand continues to drive the sellers’ market!  So, if you are thinking of selling, contact us NOW (703-242-3975)to take advantage of this market!  If you are thinking of buying a home, it is very important to work with an experienced agent to help you navigate this type of market and make your home buying dreams come true!  Use the links at the end to see the details by submarket.

Mid-Atlantic Region

• 25,547 homes went under contract in the region. This is up (26.6%) from the same time period in 2019.

• 31% of the homes that went to settlement in February 2020, sold in 10 days or less from when they hit the market.  

• Average sold price was $348,114 (up 8% from the same time period in 2019).

• 28,706 homes came on the market. That’s up 8.8% from February 2019.

• Homes that sold (closed) averaged 55 days on market, 6 days faster than in February of 2019.9.

• There is currently a 2.0 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 47,701 homes for sale (townhouse, condo and single-family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  Activity picked up again in February…the number of homes that came on the market and that went under contract increased across the region.  Inventory continues to be low with the months supply of homes remaining the same. 

Buyers and Sellers…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.

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

Vienna: February 2020 Home Sales

Oakton: February 2020 Home Sales 

McLean: February 2020 Home Sales 

Great Falls: February 2020 Home Sales 

Reston: February 2020 Home Sales 

Falls Church: February 2020 Home Sales 

Arlington: February 2020 Home Sales 

Alexandria: February 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Fairfax County Real Estate Tax Assessments Have Been Mailed!

Those of you who live in Fairfax County should be receiving your real estate tax assessment shortly.

For a large number of you (78.8%!), the assessment went up. And, well, that will likely mean higher taxes this year. On average, residential real estate assessments are up an average of 2.65%.

Note: the Board of Supervisors has not yet adopted the 2020 tax rate and will do so later this spring. On February 25th the 2021 Budget was presented to the Board and it included a 3% increase in Real Estate Tax Rate. So it is possible that what you pay will increase because of an increased tax rate AND because your assessment increased.

Assessments increased more from the previous year in part because values increased more. While 2018 saw a 3.03% increase in median sold price in Fairfax County, 2019 was higher at 4.90%.

(If you have not received your notice yet, you can check your Fairfax County assessment value online)

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Here are some overall stats from Fairfax County:

Of the 355,404 taxable parcels in Fairfax County:

• 303,680 have an assessment change
• 51,724 have no assessment change

Here’s the breakdown of average home property assessment by property type (averages are not necessarily indicative of individual properties or neighborhoods):

• Single family-detached homes – $692,409, up 2.36%
• Townhouse/duplex properties – $437,346, up 3.43%
• Condominiums – $288,246, up 4.36%

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Now. Truth be told – the assessments in Fairfax County are oftentimes LOWER than actual “market value” (meaning what a “willing Seller” and “willing Buyer” agree a property is worth by ratifying a contract to sell/buy that property.)

If you are thinking of buying a home in Fairfax County, don’t be deceived into thinking you will be able to buy a home for about what the County has assessed as the value of the property. We are often asked how a Seller could justify an asking price above the Fairfax County tax assessment.

Assessed value is just ONE factor to look at when buying or selling. A better place to start is with a FREE INSTANT online estimate. Then schedule an appointment with The Belt Team for a custom estimate.

If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to May 1st. More info here.

Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.

If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!