Friday, April 20, 2012
Neighborhood Research
We can point out a lot of things when we are driving around viewing homes with clients - grocery stores, malls, movie theaters, restaurants, hardware stores, metro stops....the list goes on and on - but we've found that many people would love to see all of this information in one place where they can type in the address and do a geographic search.
Well we have found just that - www.picketreport.com
This online neighborhood research tool is a great one stop shop for anyone who is relocating or moving to a new area where they can research lifestyles, what's nearby, and much more. Also included is information on schools & crime/safety - two subjects that we know are important to people but legally we are not allowed to comment on. The website pulls from over 300 sources to provide over 100 million data points for lifestyle, schools, neighborhood, and crime information providing the most up-to-date and accurate information in each field.
Let us know what you think or you come across a helpful website that we should feature!
Friday, April 13, 2012
March 2012 - Market Update
Here are some of the key trends from March 2012 sales and market activity.
Sale prices continue to rise
The median sale price in the DC Metro Area followed February’s 6.0% year-over-year gain, increasing 7.8% over March 2011 to $345,000. The median sale price for the first quarter was $325,000, 4.8% higher than the same period last year. Every jurisdiction in the region, with the exception of Prince George’s County, posted an annual increase in median sales price in the first quarter. Fairfax City had a median sale price of $417,000 in Q1-2012, representing an 11.1% year-over-year increase, the largest in the region. Arlington had the next highest annual increase, with a Q1-2012 median sale price of $495,000 that was 10.9% higher than the Q1-2011 level. Washington, D.C. rounded out the top 3 movers in median price for the quarter, with the Q1-2012 median sale price of $395,000 representing a 7.7% annual uptick.
Closed Sales and New Contracts
The 5,671 new contract agreements signed in March represent a 4.4% increase over March 2011. The Virginia jurisdictions and the District all experienced an increase in contract activity compared to March 2011, with new contract agreements on detached properties in the DC Metro Area were up 8.5% year-over-year and there was a 4.0% year-over-year uptick in new contracts on condo/co-op properties.
New Listings and Active Inventory
While the low inventory level compared to buyer demand continues to be a key story in the DC Metro Area (March closed with 3.2 months supply of inventory), the 6,909 new listings added in March is only 2.2% lower than the 7,066 new listings added in March 2011 and is only 6.1% off the five-year March average.
The number of new traditional listings, those not involving foreclosures or short sales, was actually 6.9% higher than last March, marking the third consecutive month with an annual increase in new traditional listings. The modest decrease in new listing activity compared to increased purchase activity leaves active inventory in much the same position as last month leading into the spring: DC Metro Area can be classified as a seller’s market. Barring unforeseen economic events, the 3.2 months of supply coupled with historically low interest rates and a relatively stable regional economy should indicate a healthy spring housing market.
Sale prices continue to rise
The median sale price in the DC Metro Area followed February’s 6.0% year-over-year gain, increasing 7.8% over March 2011 to $345,000. The median sale price for the first quarter was $325,000, 4.8% higher than the same period last year. Every jurisdiction in the region, with the exception of Prince George’s County, posted an annual increase in median sales price in the first quarter. Fairfax City had a median sale price of $417,000 in Q1-2012, representing an 11.1% year-over-year increase, the largest in the region. Arlington had the next highest annual increase, with a Q1-2012 median sale price of $495,000 that was 10.9% higher than the Q1-2011 level. Washington, D.C. rounded out the top 3 movers in median price for the quarter, with the Q1-2012 median sale price of $395,000 representing a 7.7% annual uptick.
Closed Sales and New Contracts
The 5,671 new contract agreements signed in March represent a 4.4% increase over March 2011. The Virginia jurisdictions and the District all experienced an increase in contract activity compared to March 2011, with new contract agreements on detached properties in the DC Metro Area were up 8.5% year-over-year and there was a 4.0% year-over-year uptick in new contracts on condo/co-op properties.
New Listings and Active Inventory
While the low inventory level compared to buyer demand continues to be a key story in the DC Metro Area (March closed with 3.2 months supply of inventory), the 6,909 new listings added in March is only 2.2% lower than the 7,066 new listings added in March 2011 and is only 6.1% off the five-year March average.
The number of new traditional listings, those not involving foreclosures or short sales, was actually 6.9% higher than last March, marking the third consecutive month with an annual increase in new traditional listings. The modest decrease in new listing activity compared to increased purchase activity leaves active inventory in much the same position as last month leading into the spring: DC Metro Area can be classified as a seller’s market. Barring unforeseen economic events, the 3.2 months of supply coupled with historically low interest rates and a relatively stable regional economy should indicate a healthy spring housing market.
Friday, April 6, 2012
From the headlines....A Hot Market & Mortgage How to's
Here are some recent stories from the news regarding the local housing market.
- Washington DC housing market is one of the strongest - http://www.cnbc.com/id/46415904
- Smart Money's introductory guide to getting a mortgage - http://www.smartmoney.com/borrow/home-loans/how-to-get-a-mortgage-1304840121314/
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