Home Sale Statistics in Our Area – October 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 October 2019.

With inventory remaining low…it’s still a great time to sell!  If you are thinking of selling or buying, 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.

25,068 homes went under contract in the region. This is up (17%) from the same time period in 2018.

32% of the homes that went to settlement in October 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $348,312 (up 5.6% from the same time period in 2018).

31,329 homes came on the market. That’s up 1.4% from October 2018.

• Homes that sold (closed) averaged 45 days on market, 3 days faster than in October of 2018.

• There is currently a 2.8 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 65,914 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 basically did not change significantly from September to October.

However, as you dig deeper into the numbers of our local market areas, you will find segments that are still 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! 

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

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.

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.

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.

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! 

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!

1000 Galium Ct McLean Va 22102 – Just Listed by The Belt Team

1000 Galium Ct McLean Va 22102 was just listed by The Belt Team.

Beautiful, quiet Lot backing to trees on a culdesac in super McLean location. Easy access to Tysons, McLean, Washington DC. Great renovation or tear down and build new opportunity. Home and tennis court sold ~as-is~.

Price and LOTS more photos of 1000 Galium Ct McLean Va 22102

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

The Belt Team Awarded Top 100 Real Estate Blog on The Planet

Northern VA Real Estate BlogsThe Belt Team was just notified that we have been named to the “Top 100 Real Estate Blogs on the Planet” list!

Our competition included not just other Realtors (of which there are more than 1.2 Million in the U.S.), but also entire brokerages (like Keller Williams Realty), listing portals (like Zillow) and news organizations (like Inman News). We are one of only 2 Realtors or teams in the entire state of Virginia to make the list. (The other was in Charlottesville). We are thrilled because that means the Sellers we represent have market exposure like no other Realtor can provide in Northern VA. And our buyers get the local “boots on the ground” info they need.

Real estate is local. It’s actually hyperlocal. What you read about in the paper, hear about on the news, see posted on Facebook, skim on Twitter or see delivered to your email – is NOT necessarily what’s happening in YOUR neighborhood. Even right here in Northern VA, what’s happening in Arlington may not match Alexandria. Great Falls and Falls Church may be on opposite ends of the spectrum. And even in the same town, things can be different. For example, the Vienna market is currently seeing both a buyer’s market and a seller’s market depending on price range.

THAT is why we started blogging TWENTY years ago. If you are thinking of buying or selling in Northern Virginia, THIS is where you want to be to find out local statistics and strategies for how to win in TODAY’S Northern VA real estate market. In addition to posting new listings, coming soon and TONS of local market stats, we also share real estate related strategies and info that benefit our clients.

Here are a few of our most popular blog posts over the years:

Call The Belt Team at (703) 242-3975. We’ll help you interpret the market in YOUR neighborhood or the neighborhood you’re moving to, so you can make the BEST move!

WHat Is My Home Worth

 

 

Fairfax County Real Estate Tax Assessments Versus Actual Market Value

If you live in Fairfax County, then you recently received your real estate tax assessment.

For many of you (45% to be exact), the assessment went up. And gosh darn it (that’s as strong as we can say it here on the blog!) – that will likely mean higher taxes this year. (The Board of Supervisors has not set the 2017 tax rate yet, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased.)

The good news is (in terms of taxes, not values) – assessments are up on average only 0.68%. (That’s less than one percent.)

The bad news is, assessments did not rise as much as the previous year in part because values did not rise as much. While 2015 saw a 3.23% increase in median sold price in Fairfax County, 2016 was flat (0.03%)

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


Here’s what Fairfax County reports overall:

Of the 353,695 taxable parcels in Fairfax County:

  • 232,280 have an assessment change
  • 121,415 have no assessment change

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

  • Countywide average for all homes – $533,168
  • Single family-detached homes – $639,468, up 1.10 percent
  • Townhouse/duplex properties – $398,166, up 1.37 percent
  • Condominiums – $260,617, down 0.32 percent

Map of average percentages of real estate assessments countywide.


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. Well – here’s an example of why.

We track the tax assessment versus actual sales price on all homes that we sell. (Note: Our statistical pool may not be quite scientific, but since we have sold more homes in Fairfax County than almost any Realtor in the area – we think the results are at least representative.) Here’s what we found over the past years:

  • We saw wide swings in variance between assessed value and actual sales price: from homes selling for $102,100 below assessed value to homes selling for $201,700 above assessed value.
  • Approximately 95% of the homes actually sold for more than the assessed value.
  • Many homes show inaccurate info in the tax records – for example, finished basements are not shown, number of bedrooms may be incorrect, square footage may be off. And all of these things may cause a lower assessed value.

So, while there is often a correlation between assessed value and market value, the market value is almost always higher.

WHat Is My Home WorthAssessed 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 your Realtor 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!

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