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.

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

Lack of Homes for Sale Slowing Down the Housing Market

WHat Is My Home Worth

Here’s an update from “Keeping Current Matters” about the state of the national real estate market. In general, in Northern VA, we are seeing similar things to what KCM reports, but not in 100% of the areas. For most of you, this means it’s a GREAT time to sell!

Call Terry Belt & The Belt Team at (703) 242-3975 for more info on YOUR neighborhood.


Lack of Homes for Sale Slowing Down the Housing Market | MyKCM

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of December dropped 10.8%…which is the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory has fallen year-over-year for 19 straight months and is at a 3.6-month supply at the current sales pace.”

Jonathan Smoke, Chief Economist for Realtor.com

“More than two-thirds of the markets are seeing less inventory now compared to a year ago.”

 Lawrence Yun, Chief Economist at NAR:

“The dismal number of listings in the affordable price range is squeezing prospective first-time buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”

 Sam Khater, Deputy Chief Economist at CoreLogic

“The lack of affordable supply is really driving up home prices.”

 Peter Muoio, Chief Economist at Auction.com

“Tight housing inventory remains a constraining factor limiting stronger sales growth… We expect further price growth to entice more homeowners to list their homes, particularly as existing homeowners have greater equity.”

Bottom Line 

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.


Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a FREE personalized consultation. Find out if your home is in a Seller’s Market or a Buyer’s Market!

WHat Is My Home Worth

McLean Home Sale Statistics – How Long To Sell Your Home and Are Prices Rising?

If you’re thinking of buying or selling a home in McLean VA in 2017, then you’re probably wondering things like:

  • “How long are homes on the market?”
  • “Will I have to pay over list price or can I get a deal?
  • “How long will it take to sell my house?”
  • “Will I have to negotiate my list price?”
  • “Buyer’s Market or Seller’s Market?”

FREE Online INSTANT Home Valuation Estimator

Let’s look at 2016 statistics as they are often an indicator of what you can expect:

  • Average Days on Market in McLean: 90 (slightly slower than 85 days in 2015)
  • Sold Price as % of Original List Price: 93.2% (slight up from 92.3% in 2015)
  • Percent of Homes Sold in 10 Days or Less: 25% (down from 27% in 2015)
  • Average Sold Price: $1,034,826 (up 2.9% from $1,005,557 in 2015)
  • Number of Home Sales: 845 (up 9% from 774  in 2015)
  • More McLean Real Estate Market Stats

BUYERS:

Current housing supply in McLean is 4.7 months. This translates to neither a “Seller’s Market” or a “Buyer’s Market”, and actually puts McLean in a Balanced Market. (Be aware that number is for the market as a whole. If you are buying, you’ll need to ask for an analysis of the price range you’re looking in as some price ranges may actually have much more or much less inventory.) Either way, with 25% of the homes selling in 10 days or less – you need all the advantages you can get. 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: 

Terry Belt, CEO of The Belt Team commented, “Every year, we see competition for the best listings in the market. Often times, those who sell in January/February sell for more than those who wait for the traditional “Spring Market”. In 2017, we especially think this will bear out as we are already seeing interest rates rise, pricing some folks out of the market. Time will tell as to what 2017 has in store, but The Belt Team is already working with a large number of Buyers and Sellers around Northern VA and we expect the market to start out briskly.”

If you’re selling a home, your next question may be – “Is there a way to sell faster and for more than average?” And the good news is YES!

The best way to do that is to hire a real estate team with an amazing track record of success.  And THAT is The Belt Team.

If you’re wondering whether all Realtors are the same, they’re not. Different real estate teams not only provide different experiences, but vastly different results. Who you choose to represent you can mean the difference of whether you get the house you want to buy and how much money you make when you sell – things that affect YOUR family’s lives forever.

Did you know there are more than 10,000 Realtors in Northern VA? The average agent sold 4 homes last year. The Belt Team sold 82! Our agents each averaged FOUR TIMES as many sales. If you were having surgery on your broken arm, would you want the orthopedist who did 82 surgeries last year or 4?

You can read what 154 of our clients had to say about us on Zillow.

Call The Belt Team at (703) 242-3975 if you would like to buy or sell a home in McLean. We are part owners of McLean’s #1 real estate office – Keller Williams Realty. And we sell more homes than any other single standing office in all of Fairfax County. We know the schools, the parks, the commuter short cuts, the history, the shopping, the recreation options and all the things that make McLean a most special place to live. Not only do we sell homes in McLean, but with genuine enthusiasm & experience, we sell the entire community.

 Don’y you deserve the BEST Realtors in McLean?

Top Realtor Vienna VA

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

The Northern VA Real Estate Market Is Shifting – Special Message from CEO Terry Belt

I’ve lived in Northern VA for almost my entire life. And I’m a third generation real estate agent. I know both our area and real estate well! One thing I know for sure is that the real estate market is not a straight, static line and it never will be. It is always moving.

I believe we are going to see our next shift in the next 12 months or so. Local bankers and experts are giving it 12-24 months in the Northern VA – Washington DC area market before it hits. I’m calling it sooner, and yet who knows? This means I believe we will move into neutrality, then back into a Buyer’s Market. We are likely at the peak of this Seller’s cycle between now and Spring. In fact, some parts of our market have already shifted notably over the past 3 months.

I recently returned from masterminding with Gary Keller, the Chairman of the Board of Keller Williams Realty (the world’s largest real estate company with over 140,000 Realtors), and with our Top 100 agents. Approximately half of the metropolitan areas in the USA are already undergoing this shift. I am tracking it closely. We may or may not have one more spring as crazy and frenetic as this past one was, with multiple offers in the entry price ranges and buyers beating down seller’s doors. As one of the area’s top teams, The Belt Team has been privileged to help 71 families buy and sell homes so far this year, and we expect to help many more in the coming months. We have an excellent handle on the market and especially the micro markets throughout Northern VA and Washington DC. Sometimes those micromarkets are geographical and sometimes they are price driven.

What does this mean for you? Well our market has two primary seasons, although we are lucky that we don’t have extreme seasonality here. The majority of our residential real estate sales come in the spring. Our secondary market is fall: September/October. If you have been thinking about selling your home in the next few years, I highly urge you to email or call me (703-242-3975) so we can begin the conversation about home prep, pricing, and timing. You may not decide to sell now, and yet I highly recommend having the conversation now. I think selling in the next 60 days is outstanding timing.

Call, or email any time. We are happy to talk and meet with you, advise you on preparations & timing, and to give you a property and pricing analysis of your home with no obligation. Feel free to browse our website. I look forward to a continued conversation.

Best,
Terry Belt
CEO, The Belt Team

CEO The Belt Team

15,315 Houses Sold Yesterday! Did Yours?

Great info about home sales from Keeping Current Matters:

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U.S. Home Sales

There are some homeowners that have been waiting for months to get a price they hoped for when they originally listed their house for sale. The only thing they might want to consider is… If it hasn’t sold yet, maybe it’s not priced properly.

After all 15,315 houses sold yesterday, 15,315 will sell today and 15,315 will sell tomorrow.

15,315!

That is the average number of homes that sell each and every day in this country according to theNational Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales are at an annual rate of 5.59 million. Divide that number by 365 (days in a year) and we can see that, on average, over 15,315 homes sell every day.

The report from NAR also revealed that there is currently only a 4.8 months supply of inventory available for sale, (6 months inventory is considered ‘historically normal’).

This means that there are not enough homes available for sale to satisfy the buyers who are out in the market now in record numbers.

Bottom Line

We realize that you want to get the fair market value for your home. However, if it hasn’t sold in today’s active real estate market, perhaps you should reconsider your current asking price.

(Reprinted – KCM)

******************************************************************************************************Top Realtors Northern VA
We would add that it’s important to analyze YOUR particular market – not just use the national figures. But the principles remain the same. You need to know how many homes are selling and the number of months supply of inventory. If you would like a FREE personalized analysis – give our Listing Specialists (Terry Belt & Kevin Kleifges) a call at (703) 242-3975.

General Market Stats & Trends:

National Real Estate Update – August 2015

Interest Rates RisingWondering what’s happening in real estate across the nation?

Well, for one thing, according to FHLMC, the national average for mortgage interest rates went up AGAIN. From 3.84% to 4% when we reported in July and up to 4.09% this month.

This may not sound like a big increase, but here’s what it means in dollars and cents:

$41,417.64

That’s the additional interest you would pay the bank if you had an $800,000 – 30 year loan  – paid monthly. YIKES!

The other reason this small increase of .25% might scare you is that if this trend continues (and most are predicting it will), buyers will be able to afford less, some buyers may be priced out of the market, and sellers will see less prospective purchasers in the market.

All things that point to NOW being an ideal time for both buyers AND sellers.

Watch more “real estate by the numbers” here:

real-estate-agent-Terry-Belt

Call Terry Belt & The Belt Team at (703) 242-3975 for a market analysis “by the numbers” for YOUR neighborhood or the neighborhood you’d like to live in. Every market is different. And in Northern VA, we currently have some markets that are Buyers Markets and some that are Sellers Markets.