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! 

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! 

3 Reasons Why We Are Not Heading Toward Another Housing Crash

3 Reasons Why We Are Not Heading Toward Another Housing Crash | MyKCM

With home prices softening, some are concerned that we may be headed toward the next housing crash. However, it is important to remember that today’s market is quite different than the bubble market of twelve years ago.

The Belt Team, CEO, Terry Belt says, A difference now compared to the last cycle is that the economy is bustling at levels not seen since the mid/late 1980s and jobs are being created and consumer confidence and real wages are increasing.  The last cycle all of these factors were all trending negative and also amidst a higher mortgage/interest rate environment.

Here are three key metrics that will explain why:

  1. Home Prices
  2. Mortgage Standards
  3. Foreclosure Rates

HOME PRICES

A decade ago, home prices depreciated dramatically, losing about 29% of their value over a four-year period (2008-2011). Today, prices are not depreciating. The level of appreciation is just decelerating.

Home values are no longer appreciating annually at a rate of 6-7%. However, they have still increased by more than 4% over the last year. Of the 100 experts reached for the latest Home Price Expectation Survey94 said home values would continue to appreciate through 2019. It will just occur at a lower rate.

MORTGAGE STANDARDS

Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today’s standards are nowhere near as lenient as they were leading up to the crash.

The Urban Institute’s Housing Finance Policy Center issues a quarterly index which,

“…measures the percentage of home purchase loans that are likely to default—that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan.”

Last month, their January Housing Credit Availability Index revealed:

“Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market.”

FORECLOSURE INVENTORY

Within the last decade, distressed properties (foreclosures and short sales) made up 35% of all home sales. The Mortgage Bankers’ Association revealed just last week that:

“The percentage of loans in the foreclosure process at the end of the fourth quarter was 0.95 percent…This was the lowest foreclosure inventory rate since the first quarter of 1996.”

Bottom Line

After using these three key housing metrics to compare today’s market to that of the last decade, we can see that the two markets are nothing alike.

It is always a good time to buy or sell, and we are here to help! Let’s chat. Give us a call at 703-242-3975 or send us an email at info@thebeltteam.com .

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The Presidential Election and The Real Estate Market

Keeping Current Matters The Presidential Election and Its Impact on Housing

Every four years, as things start to heat up on the Campaign Trail, we get inquiries from our clients about what the election will mean for the market. It used the be the case here in Northern VA, that we would see a period of pausing, followed by a potential great transition and turnover of homes if a new party was elected to office.

Now that our economy in Northern VA is not solely reliant on the federal government, that is no longer the case. While we still have many government employees, government contractors and elected officials living here – we also have many large companies (for example tech firms), as well as many entrepreneurs and small business owners, many in the service industries.

CEO The Belt Team“If you’re thinking of buying or selling, give us a call, ” said Terry Belt, CEO of The Belt Team. We’ve been through every election cycle in Northern VA since 1972. In fact, a Presidential Election is part of what brought our family here from California. We’d be happy to share our expertise with you. Each Buyer and Seller faces a unique situation. And the conclusion about timing is not always black and white. Call us at (703) 242-3975.”

In the meantime, if you have been wondering about the market, you’ll want to read what our friends at Keeping Current Matters have to say. They gathered input and predictions from a variety of sources.


Every four years people question what effect the Presidential election might have on the national housing market. Let’s take a look at what is currently taking place. The New York Times ran an article earlier this week where they explained:

A growing body of research shows that during presidential election years — particularly ones like this when there is such uncertainty about the nation’s future — industry becomes almost paralyzed. A look at the last several dozen election cycles shows that during the final year of a presidential term, big corporate investments are routinely postponed, and big deals are put on the back burner.

The research is even more persuasive on the final year of an eight-year presidential term, when a new candidate inevitably will become president.

We are seeing this take form in the latest economic numbers. However, will this lead to a slowdown in the housing market? Not according to Fannie Mae, Freddie Mac or the National Association of Realtors.

The Impact on Housing Throughout 2016 : Let’s look at what has happened and what is projected to happen by these three major entities.

National Association of Realtors
“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Freddie Mac
“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Fannie Mae
“Consumers and businesses showed caution at the end of the first quarter…(but) Home sales are expected to pick up heading into the spring season amid the backdrop of declining mortgage rates, rising pending home sales and purchase mortgage applications, and continued easing of lending standards on residential mortgage loans.”

Bottom Line
Even during this election year, the desire to achieve the American Dream is greater than the fear of uncertainty of the next presidency.

Homebuyers Are On Borrowed Time, Sellers Take Note

Buyers Market or Sellers Market

If you’re thinking of buying a home in 2015, you may want to do it sooner rather than later. Why is that? Well, according to Gary Keller, Chairman of the Board of the world’s largest real estate company, “Home buyers are on borrowed time.” Keller made this comment back in February at Keller Williams Realty’s annual gathering of top associates from around the world as part of his economic update.

In case you’re thinking the comment made by Keller may have been self-serving just to encourage urgency among potential homebuyers, you might be interested to know that the Federal Reserve’s moves last week seem to corroborate Keller’s statement. From The Washington Post on March 19th: “The Federal Reserve cleared the way Wednesday for raising interest rates for the first time since the financial crisis.” The Fed was clear that a rate hike is not immediate or even imminent, but they definitely opened the door for that to happen this year. And as we see the economy improve, we also believe this will happen.

CEO The Belt TeamTerry Belt, CEO of The Belt Team says he is “advising our serious buyers that NOW is the time to buy. Rising interest rates, combined with rising home values mean that buying later will equal lower affordability and much less house. It is for this reason that we are also advising Sellers to sell sooner rather than later. If and when interest rates rise, some home buyers will be priced out of the market. And while home values are projected to rise in 2015, the projected rise is very moderate – about 3%, as compared to the 11% rise we saw in some areas over the past few years.”

Today, we spoke with Christine Todd, CEO of the Northern VA Association of Realtors (the 11th largest association in the U.S.). She told us that housing inventory in Northern VA is at a five year low and that throughout Northern VA, inventory is at 2 months. Two months of inventory translates to a Seller’s Market. That puts Sellers in the driver’s seat – making now a fabulous time to sell. It also means that Buyers have less options and it make take more time to find your dream home. And unlike the Rolling Stones song “Time Is On My Side”, it may only be a matter of time before rates rise. Another reason why waiting may not be to your benefit.

Whether you’re buying or selling, there are challenges on both ends. Buyers seek guidance on getting through credit hurdles, loan approvals and financing options. They need advocates who can advise on how to best compete, what their options are and how to find homes not already on the market. They want the RIGHT home. And while it sounds good to be a Seller during a Seller’s market (and it is!) – you still want to make sure you don’t leave money on the table and that once you are under contract, your sale actually goes to closing. THIS is where a top notch Realtor makes a difference and why the number of people selling by owner has gone down year after year.

The Belt Team has navigated the Northern Virginia real estate market since 1973. We have serious, long-term, committed Realtors on our team who are here to educate, navigate and advocate for you. When you read our online reviews, we think you’ll soon see why it’s in your best interests to work with what we think is the best real estate team in Northern VA. Our mission statement is “Changing Lives For The Better”. If it’s time to change yours, give Terry Belt & The Belt Team a call at (703) 242-3975. It would be a pleasure for our family to help your family make the right move. And that right move just might be NOW!

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Snow Does Not Stall Spring Market In Northern Virginia

Oakton Real EstateThe first day of Spring is still a few weeks away, and we have a ton of snow on the ground; but if you take a look at home sales in Northern Virginia, you’ll see that the Spring market is already in full swing. (We know this anecdotally from our own listings & sales, but let’s take a look at the statistics.)

What SOLD In January & February?

The “Sold Price” of a home is not usually released until the home goes to settlement & the sale is recorded at the courthouse, So when you see articles about home “sales”, the data lags a bit. Homes that sold in January & February probably went under contract somewhere between November & January. How many homes settled and what was the average sales price? Check the list below for your area:

CITY # of Home Sales Avg Sold Price
Alexandria 472 $463,813
Arlington 286 $559,848
Ashburn 131 $482,696
Burke 63 $449,776
Centreville 98 $385,240
Chantilly 88 $450,969
Dunn Loring 2 $840,000
Fairfax 206 $480,367
Falls Church 161 $481,629
Great Falls 14 $1,120,100
Herndon 74 $453,627
McLean 76 $926,662
Oakton 31 $597,409
Reston 105 $408,003
Springfield 134 $416,077
Sterling 111 $384,360
Vienna 79 $719,238

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What Went UNDER CONTRACT in January & February?

In every jurisdiction, a LOT more homes went under contract in January & February than sold during the previous few months. Buyers are NOT waiting until “true Spring” to buy homes.

CITY # of Homes Sold # of Homes Under Contract
Alexandria 472 714
Arlington 286 373
Ashburn 131 208
Burke 63 91
Centreville 98 142
Chantilly 88 114
Dunn Loring 2 3
Fairfax 206 284
Falls Church 161 173
Great Falls 14 24
Herndon 74 99
McLean 76 98
Oakton 31 38
Reston 105 149
Springfield 134 191
Sterling 111 147
Vienna 79 114

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How Fast Are Homes Selling?

Not only are more homes selling, but with the exception of Great Falls & McLean, they are selling faster now than they were over the past few months. (Dunn Loring is also an exception, but the statistical pool is too small to call it a trend.) Keep in mind, these are averages. Many homes are selling the same weekend they go on the market. We listed one Thursday, a contract came in over the weekend and was ratified today. (Note that there are a variety of conditions in the marketplace – with some homes languishing and some getting multiple contracts. We had one listing in our office last month that received 17 contracts!) (Note: DOM = “days on market”)

CITY DOM Solds DOM Under Contracts
Alexandria 61 59
Arlington 48 40
Ashburn 56 39
Burke 43 36
Centreville 55 50
Chantilly 45 41
Dunn Loring 18 54
Fairfax 52 42
Falls Church 51 46
Great Falls 133 133
Herndon 48 40
McLean 86 96
Oakton 87 75
Reston 52 41
Springfield 54 47
Sterling 54 44
Vienna 53 50

Moral of the Story?

The more things change, the more they stay the same.

Sellers: If you have been waiting for the market to improve so you can sell, NOW is the time. Call Terry Belt or Kevin Kleifges at (703) 242-3975 to schedule a Seller Consultation. Not only will we discuss the market conditions of YOUR neighborhood, we will consult with you on staging, preparation, marketing, pricing strategies & more. (If you call this month, we will also pay for a consultation with our Professional Stager – a $195 value). You can also set up a FREE daily update (or weekly or monthly) so you find out what homes are selling for in your neighborhood.

Buyers: The market is tight. Be prepared to move quickly. You may need to compete. And in order to do so, you may need to lower the price range you are looking in. (If you can only afford to go to $700,000 for example, you may want to only look at homes up to $650,000.) You also need to make sure you work with Realtors who are proactive, seek properties on your behalf that are NOT yet on the market and utilize the most state-of-the-art home search web site (not sites like Zillow or Trulia that are NOT updated as frequently.) Contact us at (703) 242-3975 to schedule a FREE Buyer Consultation. No obligation. We will discuss market conditions, strategies for competing, the entire homebuying process including how much cash you will need, financing options and more. Interest rates are low, so you might be surprised at what you can afford. And since prices are rising, you don’t want to wait!

The Belt Team’s mission is “Changing Lives For The Better“. If it’s time to change YOURS, call us TODAY at (703) 242-3975. It would be a pleasure for OUR family to help YOUR family make the RIGHT move!

Want To Sell Your Home A Month Faster Than Your Competition?

Here’s your quick one minute update on the national housing market AND what KW Research shows will sell your home a month faster than your competition!

Call The Belt Team at (703) 242-3975 or click here if you want to know the market value of your Northern Virginia home.