Home Sale Statistics in Our Area – September 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 September 2019.

With inventory remaining low…it’s still a great time to sell! If you are thinking of making a move, contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market and can provide you with all the information you need.

• 24,430 homes went under contract in the region. This is up (22%) from the same time period in 2018.

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

• Average sold price was $344,333 (up 5.4% from the same time period in 2018).

• 32,291 homes came on the market. That’s up 6.6% from September 2018.

• Homes that sold (closed) averaged 45 days on market, 12 days faster than in September of 2018.

• There is currently a 2.9 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 67,882 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. The overall market conditions in the region did not change significantly in September but some things to note… compared to the same time period last year, there was a 22% increase in the number of homes that went under contract and the average days on market is down 23%. Now, let’s take a look at some of our local markets and see what their numbers look like.

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

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

Home Sale Statistics in Our Area – August 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 August 2019.

• 26,051 homes went under contract in the region. This is up (16%) from the same time period in 2018.

• 30% of the homes that went to settlement in August 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $360,467 (up 4% from the same time period in 2018).

• 31,687 homes came on the market. That’s down just under 3% from August 2018.

• Homes that sold (closed) averaged 55 days on market, 1 day longer than in August of 2018.

• There is currently a 2.9 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 65,258 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. The overall market conditions in the region did not change significantly in August but let’s take a look at some of our local markets and see what their numbers look like.

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

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

Home Sale Statistics in Our Area – July 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 July 2019.

It is still a great time to sell! 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 …we’d love to help you realize your real estate dreams!

• 27,439 homes went under contract in the region. This is up (12.8%) from the same time period in 2018.

• 28% of the homes that went to settlement in July 2019, sold in 10 days or less from when they hit the market.

• Average sold price was $368,571 (up 4.91% from the same time period in 2018).

• 33,104 homes came on the market. That’s down 0.1%from July 2018.

• Homes that sold (closed) averaged 57 days on market, 7 days longer than in July 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 66,513 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market. Again, the overall market conditions in the region did not change significantly in July but let’s take a look at some of our local markets and see what their numbers look like.

Buyers & Sellers who are successful in today’s market look at the data and act accordingly…and so do our agents! Contact The Belt Team NOW (703-242-3975) to make sure you are working with an agent that is on top of the market you are targeting and can provide you with all the information you need.

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

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

Home Sale Statistics in Our Area – June 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 June 2019.

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!

• 28,484 homes went under contract in the region. This is up (8.23%) from the same time period in 2018.

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

• Average sold price was $374,501 (up 4.91% from the same time period in 2018).

• 35,305 homes came on the market. That’s down 4.16% from June 2018.

• Homes that sold (closed) averaged 55 days on market, 4 days longer than in June 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 67,494 homes for sale (townhouse, condo and single family).

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

The overall market conditions in the region did not change significantly in June but let’s take a look at some of our local markets and see what their numbers look like…some areas have seen their market slowing a bit. The number of homes hitting the market decreased from last month and the average days on market is increasing.

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 – 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!

Fairfax County Real Estate Tax Assessments Have Been Mailed!

Those of you who live in Fairfax County should have recently received your real estate tax assessment.

For a large number of you (76%!), the assessment went up. And, well, that will likely mean higher taxes this year (the Board of Supervisors will set the 2019 tax rate later this spring, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased). On average, assessments are up 3.6%.

However, the assessments did not rise as much as the previous year in part because values did not rise as much. While 2017 saw a 4.21% increase in median sold price in Fairfax County, 2018 was slightly lower at 3.03%.

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

Here are some overall stats from Fairfax County:

Of the 354,695 taxable parcels in Fairfax County:

294,520 have an assessment change
60,175 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 – $673,407, up 2.17%
Townhouse/duplex properties – $422,490, up 3.12%
Condominiums – $272,914, up 2.98%

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 April 3rd. 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!

Happy Valentine’s Day! How to Know if You’ve Found the Real Estate Agent of Your Dreams!

Whether you are buying your first home, or selling your house to move up to the home of your dreams, finding the right agent to help you on your journey should be your first step! Look for someone who guides you with the ‘heart of a teacher’ and keeps your goals top of mind. Let’s get together to chat about all the ways we can make your dreams come true!

The Belt Team specializes in creating real estate success stories, and we would love to be a part of yours! If you, a friend, or family member are looking to buy or sell we would love to connect.

Thinking about selling? Visit www.TheBeltTeam.com

Thinking about buying? Visit www.BeltTeamRealEstate.com

Or give us a call at 703-242-3975

10 Things I Wish I Knew When I Was New in Real Estate

Are you thinking of getting into real estate?

Are you a newly licensed Realtor?

Maybe you’re not new and still finding your way?

You’re invited to join our CEO Terry Belt for a round table gathering where he’ll share the ten things he wishes he had been told when he was a new real estate agent. (Bring your lunch. It’s casual!) Terry is a seasoned real estate veteran who is recognized nationally. More importantly, he’s a down-to-earth, good guy, passionate about leading others to success.

“10 Things I Wish I Knew When I Was New”

January 24th, 12-1pm

“Your life does not get better by CHANCE, it gets better by CHANGE” Jim Rohn

#thebeltteam #changinglivesforthebetter

How’s the Housing Market?

The number one question Terry & Tom are getting at the holiday parties this season is “How’s the housing market?”.

That is an extremely broad question in our opinion. We know you want a straight forward and direct answer, but bottom line is that it depends. It’s kind of like the stock market. That may be a bad subject for people over the last few weeks (sorry!), but it’s very similar in the way someone would answer the question “How’s the stock market?”.

If you’re talking about the stock market, just like the housing market, there’s never a bad time to buy, generally speaking. There are always highs and lows. But we need to dig a bit deeper to discuss the market as it pertains to the person asking specifically. So, our question to them would be, “What’s your situation? Are you needing to sell, wanting to sell? Are you needing to buy, wanting to buy? These all play a role in how the market is doing in regards to their specific situation.

If you are currently in the market to buy a home you may have seen national headlines about how strong the market is right now. What market are those headlines referring to? Be sure to check out our latest video to hear about different buyer/seller scenarios and what a healthy market looks like.

Thinking of buying or selling or knows someone who is? We want to help anyway we can! Feel free to drop your questions in the comments or reach out to us.

Give us a call at 703-242-3975 or Email: info@thebeltteam.com

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