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.

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! 

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! 

U.S. Housing Inventory Hits a New Low – That’s GREAT! (If You’re Selling!)

Here’s the latest from our colleagues at Keeping Current Matters.
For info about YOUR neighborhood (or the neighborhood you want to live in), give The Belt Team a call at (703) 242-3975. We can provide you with detailed facts PLUS the “boots on the ground” data that will help you make the RIGHT move! Because what’s happening in Vienna may be different than in Arlington. Even more important is price range – because we are seeing a slowing in the upper ranges, while other price ranges remain HOT!
U.S. Housing Inventory Hits a New Low… List Your House TODAY! | MyKCM

Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.

Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.

Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago.

Here is a chart showing the decrease in inventory levels by category:

U.S. Housing Inventory Hits a New Low… List Your House TODAY! | MyKCM

Bottom Line

Demand for your home is very strong right now while your competition (other homes for sale) is at a historically low level. If you are thinking of selling in 2017, now may be the perfect time.

FREE INSTANT ONLINE HOME VALUATION

Search Homes For Sale on our State-of-the-Art Search Site (It’s updated faster and more often than other sites!)

Top Realtor Vienna VA

Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early!

Luxury Homes For Sale 22181

Here’s what our colleagues at Keeping Current Matters had to say about whether this year is the year to move up to your dream home:

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If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:

Freddie Mac

While full employment and rising inflation are signs of a strong economy, they also have the potential to push mortgage rates and house prices up. The higher rates and higher prices create significant affordability concerns, which may continue to characterize the housing market for the rest of 2017.”

Lynn Fisher, Vice President of Research & Economics for the Mortgage Bankers Association

By the time we get to the fourth quarter of this year, we will still be under 5 percent – we are thinking 4.7 percent…Something north of 5 percent by the time we get to 2018, and by the time we get to 2019, we show fourth-quarter rates hitting 5.5 percent.”

Mark Fleming, First American’s Chief Economist

Despite some regional disparities, title agents and real estate professionals do not expect increasing mortgage rates to have a significant impact on the housing market this spring. Continued good economic news, increasing Millennial demand and confidence that buyers will remain in the market even if rates exceed 5 percent bode well for 2017 real estate.

Len Kiefer, Deputy Chief Economist for Freddie Mac

We will probably see rates higher at the end of year, around 4.5%.”

Bottom Line

If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense.

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Call The Belt Team at (703) 242-3975. We are happy to walk you through the pros and cons of moving up now and help you make the BEST move!

Real Estate Market Shift Spells “Opportunity” for Some, “Reality” For Others

Opportunity or Reality

The real estate market in Northern Virginia is continuing to experience a subtle shift. While we’re still seeing competitive situations and multiple offers on some homes in some areas, other areas are seeing average time on market as high as 6 months and housing inventory of more than a year. If you’re thinking of buying or selling your home, you will definitely want to take a look at these numbers – because numbers tell a story!

City # Homes On Market Avg Days on Market # Under Contract Past 30 days #Months Housing Supply
Vienna 242 102 73 3.3
Sterling 281 50 109 2.6
Springfield 257 52 113 2.3
Reston 283 54 97 2.9
Oakton 104 112 28 3.8
McLean 321 108 66 4.9
Herndon 237 65 77 3.1
Great Falls 224 179 15 14.9
Falls Church 296 58 117 2.5
Fairfax 445 55 182 2.5
Dunn Loring 7 49 1 7.0
Chantilly 53 51 14 3.8
Centreville 243 61 80 3.0
Burke 105 48 53 2.0
Ashburn 558 93 143 3.9
Arlington 610 75 246 2.5
Alexandria 1181 79 440 2.7

The area and price range you’re looking in will vastly affect what strategy you employ.

If you’re looking to buy in Great Falls for example, then you have a HUGE amount of leverage when making an offer. Currently, there are 224 homes for sale and the average time those homes have been on the market is SIX MONTHS. There is also a FIFTEEN MONTH supply of housing right now. That means if homes sell at the rate they have over the past 30 days, then it would take 15 months to sell all of the homes currently on the market. That spells OPPORTUNITY for buyers. And it spells REALITY for Sellers. It’s no longer the time to price aggressively to “see what the market will bear.”

(Search Homes For Sale in Great Falls)

On the other hand, if you’re looking in Burke, you’ll find the complete opposite. Average days on market for active listings is less than two months. And there is only a 2 month supply of housing. Less than 3 months housing supply means that Burke is still experiencing a Seller’s Market. What does this mean? Sellers may still be able to push the envelope; and Buyers will likely find themselves competing for homes. This means Buyers need to adjust their contract strategy accordingly – being prepared to offer more, use an escalation clause, drop contingencies, offer a free rentback or a number of other strategies.

(Search Homes For Sale in Burke)

When you look at the chart above – what you’ll see is that in general, the higher price areas (like Great Falls & McLean) are starting to see longer marketing times and a much larger housing supply. While the more affordable areas (like Burke & Springfield) are still firecely competitive.

(Search Homes For Sale in Great Falls) (Search Homes For Sale in McLean)

(Search Homes For Sale in Burke) (Search Homes For Sale in Springfield)

Areas like Vienna, Oakton & Ashburn are experiencing what we call a “W” Market. Buyers in these markets are extremely price sensitive and there are pockets of Buyer & Seller submarkets embedded within each – some Seller’s, some Buyer’s, some Balanced Markets.. As an example, we recently put 3 listings on the market in Vienna between $800,000 and $900,000. One had multiple offers and sold in 3 days over list price. The others are still on the market. We are seeing Buyers step back and make much more considered decisions – sometimes not even looking at homes they feel are overpriced, and/or not being able to look past issues like dated kitchens. This means Sellers must be much more on target when setting that initial price in order to end up at the top of the W, and not at the bottom.

(Search Homes For Sale in Vienna) (Search Homes For Sale in Oakton) (Search Homes For Sale in Ashburn)

For more info about YOUR neighborhood or the neighborhood you WANT to live in, contact The Belt Team at (703) 242-3975. We’ll help create a personal strategy for YOUR market. regardless of whether you’re buying or selling, you deserve the BEST Real Estate Team in Northern VA!

Top Northern VA Real Estate Agents

Are We In A Buyer’s Market or A Seller’s Market In Northern VA?

Northern VA Real Estate Market Fluctuation

When we meet with our Buyers & Sellers for their initial consultation, one of the things we talk about is what’s happening nationally, regionally and locally in the real estate market – how much homes are selling for, what’s on the market, and how fast homes are selling. The question that comes up most often is “Are we in a Buyer’s Market or a Seller’s Market?”

First, let’s define the terms:

“Balanced Market”: is a real estate market where there is about 6 months of housing inventory. There is no real advantage to one side or the other.

“Buyer’s Market”: is a real estate market where there are more homes on the market than there are Buyers, so much so that Buyers have the upper hand in negotiating and can often get a deal. Typically, a “Buyer’s Market” is defined as more than 6 months of housing inventory.

“Seller’s Market”: is a real estate market where there are a plethora of Buyers and not many homes on the market. This means Sellers have the advantage and this is a market where we see competing offers on many homes. Typically, a “Seller’s Market” is defined as less than 3 months of housing inventory.

So where are we today in Northern VA?

(Search Homes For Sale in Northern VA On Our State-of-the-Art Search Site)

In most areas in Northern VA (Alexandria, Arlington, Ashburn, Burke, Centreville, Chantilly, Dunn Loring, Fairfax, Falls Church, Herndon, Reston, Springfield, Sterling & Vienna) – housing inventory is less than 2 months and we are in a Seller’s Market.

In Oakton, housing inventory is just under 3 months, which is technically also a Seller’s Market – but there are pockets – with some neighborhoods &  price ranges that are seeing a Balanced Market and others seeing a Seller’s Market.

In Great Falls & McLean, housing inventory is 6 months & 3 months respectively – so technically a Balanced Market. However, note that as you go up in price range, there are HUGE variances and some areas are actually still seeing a Buyer’s Market.

Here are the stats for each city in Northern VA:

CITY # Months Inventory Market
Alexandria 1.6 Seller’s
Arlington 1.8 Seller’s
Ashburn 2.8 Balanced
Burke 1.3 Seller’s
Centreville 1.1 Seller’s
Chantilly 1.3 Seller’s
Dunn Loring 2 Seller’s
Fairfax 1.1 Seller’s
Falls Church 1.5 Seller’s
Great Falls 6 Balanced
Herndon 1.8 Seller’s
McLean 3 Balanced
Oakton 2.5 Seller’s
Reston 1.3 Seller’s
Springfield 0.8 Seller’s
Sterling 1.2 Seller’s
Vienna 1.5 Seller’s

Call The Belt Team at (703) 242-3975 for a detailed analysis on YOUR neighborhood. After all, it’s only the area you live in or WANT to live in that matters!

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Search Homes For Sale in Northern VA On Our State-of-the-Art Search Site

What Homebuyers Need To Know About “Shadow Inventory” in Northern VA

Shadow Inventory in Northern VA

Have you ever heard the term “shadow inventory“?

Shadow inventory is normally a term that refers to a supply of homes that has not yet been put on the market, but is “lurking” in the background – usually real estate properties that are in foreclosure (REO or bank owned properties) or close to foreclosure.

But there really is another type of “shadow inventory” here in Northern Virginia; and if you’re a Buyer, you need to pay attention to this!

As you know, inventory around Northern Virginia is scarce. Homes are selling quickly and there is not a glut of homes on the market the way there was five years ago. Homes that are priced well, in a good location and in good condition are getting snapped up – and sometimes getting multiple, competing contracts and selling over list price. Places like Vienna, VA for example, only have 2.5 months of housing inventory.

In the meantime, prices are rising and so are interest rates. So what is a Buyer to do?

Find the shadow inventory! Not the REO homes, but the “other” shadow inventory.

Successful, experienced Realtors often have their own “shadow inventory”. When you’ve been in the real estate business for an extended period of time and are tops in your field, you build up a very loyal clientele & following. And this means that past clients (and new ones) often contact you well in advance of going on the market. They list their home with you and then have you consult with them on how they can maximize the return on their home. Only then do they go about preparing the home – doing repairs, improvements, painting, staging, etc. And the home does not go on the market until everything is ready.

Therefore, there is a period of time between when the home is listed and when it actually hits the market. THIS creates a small amount of “shadow inventory” and THIS is why Buyers should work with TOP Realtors. It maximizes their chances of finding their dream home. Not only do TOP Realtors often have their onw shadow inventory, they zre wired in with other TOP agents as well. (This is one reason our team is affiliated with Keller Williams in McLean. Some of the best Realtors in the country are also in our office. It’s a BIG advantage for our clients.)

As an example, The Belt Team has signed listings for properties in the following areas that are not on the market yet: Great Falls, VA and Vienna, VA.

In addition to this, top agents also have vast networks of contacts and can reach out to them on your behalf. Sometimes, people are not actively ready to sell their home, but when we reach out to them on behalf of a buyer who has targeted their neighborhood and who is already approved for a loan, it’s enough to make them consider a sale. And sometimes they actually sell – without putting their home on the market. We have sold a number of homes that way. And it’s a win-win for both buyer and seller.

If you would like to work with a real estate team who is creative, proactive and who thinks outside the box, contact The Belt Team at (703) 242-3975. That’s what it takes to make your real estate dreams come true in today’s market.

Our mission is “Changing Lives For The Better, One Family At A Time.” Is it time to change YOURS?