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).

WHat Is My Home Worth

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 2nd 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.

Why the Housing Market Is a Powerful Economic Driver

Interesting article from our friends at Keeping Current Matters on how real estate can positively impact the economic recovery…

Why the Housing Market Is a Powerful Economic Driver | MyKCM

With businesses starting to slowly open back up again in some parts of the country, it’s important to understand how housing can have a major impact on the recovery of the U.S. economy. As we’ve mentioned before, buying a home is a driving financial force in this process. Today, many analysts believe one of the first things we’ll be able to safely bring back is the home building sector, creating more jobs and impacting local neighborhoods in a big way. According to Robert Dietz in The Eye on Housing:

 “The pace of new home sales will post significant declines during the second quarter due to the impacts of higher unemployment and shutdown effects of much of the U.S. economy, including elements of the real estate sector in certain markets. However, given the momentum housing construction held at the start of 2020, the housing industry will help lead the economy in the eventual recovery.”

The National Association of Home Builders (NAHB) notes the impact new construction can have on the job market:

“Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government to support police, firefighters and schools, according to NAHB’s National Impact of Home Building and Remodeling report.”

These employment opportunities, along with the home purchase, drive the economy in a major way. The National Association of Realtors (NAR) recently shared a report that notes the full economic impact of home sales. This report summarizes:

“The total economic impact of real estate related industries on the state economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending and title insurance.”

Here’s the breakdown of how the average home sale boosts the economy:

Why the Housing Market Is a Powerful Economic Driver | MyKCM

As noted above in the circle on the right, the impact is almost double when you purchase new construction, given the sheer number of workers it requires to design, build, equip, and finalize the sale of the home. The NAHB paints a clear picture of these roles:

“The NAHB model shows that job creation through housing is broad-based. Building new homes and apartments generates jobs in industries that produce lumber, concrete, lighting fixtures, heating equipment and other products that go into a home remodeling project. Other jobs are generated in the process of transporting, storing and selling these products.
Additional jobs are generated for professionals such as architects, engineers, real estate agents, lawyers and accountants who provide services to home builders, home buyers and remodelers.”

The same NAR report also breaks down the average economic impact by state:

Why the Housing Market Is a Powerful Economic Driver | MyKCM

On an emotional level, what’s most important for today’s consumers to feel confident about is the safety component that goes into the process. Mitigating the risk of essential personnel at this moment in time is more crucial than ever as we all aim to reduce the spread of the coronavirus. Fortunately, the NAHB has put immense effort into a plan that prioritizes the health and safety of home builders and contractors:

“This is why NAHB and construction industry partners have developed a Coronavirus Preparedness and Response Plan specifically tailored to construction job sites. The plan is customizable and covers areas that include manager and worker responsibilities, job site protective measures, cleaning and disinfecting, responding to exposure incidents, and OSHA record-keeping requirements.”

Bottom Line

Buying a home is a substantial economic driver today, and when new construction picks back up again, it will be an even stronger recovery force throughout the country.

If you’re in a position to buy a home this year, you can have a significant impact on your local neighborhoods and safely make the move you’ve been waiting for. It’s a win-win. And remember to reach out to The Belt Team to help navigate your purchase (703-242-3975 | info@TheBeltTeam.com), and visit our state of the art website to set up your customized property search…www.BeltTeamRealEstate.com!

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Keeping Current Matters, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Keeping Current Matters, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Doing Real Estate Safely

The Belt Team has been hard at work adapting to today’s new realities in the real estate market. Thanks to our wonderful technology partners, we are still able to help people in these uncertain times.

If you or anyone you know needs to buy or sell a home but are not sure how to proceed at this time, please click the link below to see how our team has created a safe and effective strategy to help you to accomplish your real estate goals – SAFELY – whether buying a home, selling a home, or both.

https://thebeltteam.com/safety

Then give us a call to discuss your specific real estate needs – 703-242-3975!

1512 Meadow Chase Dr, Herndon VA 20170 – Just Listed by The Belt Team!

Price, video & floor plan tours and LOTS more photos: 1512 Meadow Chase Dr, Herndon VA 20170

Beautiful, well maintained colonial in sought after Kingstream community. This home features 4BR/2.5BA, an open vaulted foyer, beautiful hardwood floors through the foyer, dining and living rooms, kitchen with granite, center island, ceramic tile floor and butler’s pantry, family room open to the kitchen with wood-burning fireplace and entry to an amazing screened-in porch. The huge master suite includes a renovated master bath with soaking tub and study off of the master bedroom. The full unfinished basement provides an abundance of storage and is plumbed for a bathroom. The back, multi-level deck overlooks a beautifully landscaped fenced yard with in-ground sprinkler system. Truly a must see!

Call Beth Dadisman & The Belt Team at (703)577-1144 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

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).

7716 Crossover Dr, McLean VA 22012 – Just Listed by The Belt Team!

Price and LOTS more photos of 7716 Crossover Dr, McLean VA 22012

  Fabulous home substantially rebuilt with highest quality finishes. The 4BR/3BA home is open and bright with 10′ ceilings in foyer & dining room, cathedral ceiling in living room, and 8’ceilings in finished lower level. The kitchen is a cook’s dream with high end appliances & cabinets, and opens to family room with charming fireplace. Wonderful main level master suite with updated marble bathroom. Extensive landscaping, covered slate porch and fenced-in back yard. All this and more in sought after Timberly neighborhood and Langley HS pyramid.

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

An Update from Terry Belt…

What are we seeing happening in the Northern Virginia real estate market? Here’s an update from Terry Belt about what is happening and how we are adjusting to meet the needs of our clients.

Don’t forget, The Belt Team is here to help…real estate related or not! Please don’t hesitate to contact us at 703-242-3975 or info@thebeltteam.com.

Please stay safe and healthy everyone!

5822 Bent Twig Rd, McLean VA 22101 – Just Listed by The Belt Team!

Price and LOTS more photos of 5822 Bent Twig Rd, McLean VA 22101

Fabulous updated home on a quiet cul-de-sac in The Dogwoods. Wonderful close-in location only one traffic light to DC and close to downtown McLean! This property features 5 BR/3.5BAs on 3 finished levels, attractive hardwood floors on most of all levels, 2 wood burning fireplaces (one 2-sided), kitchen with large island, wine cooler, gas cooking & breakfast room, formal dining room, private main level office, large master suite with dressing room, finished walk-out lower level with spacious guest suite, laundry room, and an abundance of storage. Also enjoy the lush and beautiful landscaping, back patio and pergola. Don’t miss out on this must see home in an unbeatable location!

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!