Market Update - October

Demand has picked back up in the Washington DC metro housing market in October following a typical September slow down.  Sales, new pending contracts, and median price gains are all above their 10-year average change from last month, an indication that buyers are still active in the market.  All market indicators are above last years levels, and many are at multi-year October highs. 
The inventory of homes for sale continues to fall, which is playing a role in the price gains.  Active listings are nearly half of their level 2 years ago, and new listings for October are at their lowest point in over a decade. 

CLOSED SALES
Demand appears to be persisting across all property segments with the highest October sales in 3 years. There were 3,269 sales in October in the Washington DC Metro Area, a 16.1 percent jump from last October.  Sales are steady from last month, up a modest 0.4 percent, which indicates demand could be enduring into the historically slow fall season.  The 10-year average change in sales from September to October last month is -3.8 percent.

PRICES
Median price gains continue for most of the region with the highest year-over-year increase for the DC Metro Area in nearly 7 years.  At $362,500, the median home price in the DC Metro Area is 13.3 percent higher than in October 2011.  This represents the highest year-over-year increase for any month since December 2005.  The low inventory of homes for sale coupled with steady demand continues to push prices upward relative to last year.  Prince George’s County leads the way with 20.0 percent growth, an increase of $30,000 to the median price from this time last year.  All other jurisdictions within the DC Metro region experienced median price gains with the exception of Falls Church City, however medians there tend to be volatile due to the low quantity of homes sold. 

NEW CONTRACTS
New contracts are at the highest October level in seven years as townhomes lead the growth.  There were 4,459 new contracts signed in October in the region, up 5.8 percent from this time last year, and the highest October total in 7 years. Townhomes led all property segments in new contract growth for the first time in over a year, up 11.4 percent from October 2011, followed by condos, which rose 8.9 percent. 

INVENTORY
Active listings are roughly half of what they were in October 2010 and new listings for October are the lowest in over a decade.  There were 8,766 active listings in the Washington DC Metro Area at the end of October, 37.2 percent lower than this time last year. This is the first time the number of active listings has dropped below 9,000 since July 2005.  October active listings in the region are nearly half of what they were 2 years ago, indicating dramatic property absorption in the market.  All property segments experienced year-over-year inventory reductions exceeding 40 percent.  The 4,588 new listings in the region are the lowest October-level since 1999, an indication of a persisting pattern of low supply.  The low inventory of homes for sale is having a direct impact on the median days-on-market, which was 23 days in October, down 21 days from this time last year.  Impacts can also be observed with the sale-to-list price ratio, which rose from 93.4 percent in October 2011 to 96.0 percent this month for the metro area.

Maryland Market Update

Washington DC Market Update

Northern Virginia Market Update

Storm Preparations

While it's anyone guess as to whether the "Frankenstorm" is going to affect the Washington D.C. market but we tend to follow the "its better to be safe than sorry" mantra when it comes to large storms. With that said here is a list of items to that would be good to have in the case of emergency, some tips on preparing your home and contact information for the tri-state area. We hope that everyone stays safe and if there is anything that we can do to help please don't hesitate to contact any of us.

Suggested Household Supplies

• Plenty of batteries
• Candles
• Case of bottled water per person
• Loaf of bread per person
• Jar of PB or some other source of protein that doesn’t require refrigeration
• Canned meats/beans with Pop tops/pull tabs
• can opener (manual)
• Dry Matches/Lighters with plenty of fuel - just be careful of candles/fire hazards
• Fruits/Veggies that don’t need refrigeration or cooking
• Check supply of all Rx and regular medications
•  First Aid Supplies
• Clean laundry – because you may not be able to do it for a few days
• Paper products, Toilet Paper, paper towels
• Pet Supplies
• Non –electric charging source (for cell phones, laptops, etc.)
• Battery operated radio – with plenty of batteries
• Full tanks of gas in all vehicles

Preparing Your Home

Make sure to check outside for anything that could become a projectile and move it indoors or secure it somehow – potted plants, patio furniture, trash cans, etc.  and if you have a gas grill – make sure any spare propane tanks are put somewhere safe – keeping in mind you should never store them in an entirely enclosed area.  Additionally, should the grill become your cooking source, do not bring it too close to the house and never use it inside of the house or a garage and make sure you have a full tank.

Important Links

Weather Channel Update:

http://www.weather.com/news/weather-hurricanes/hurricane-sandy-winter-storm-20121025

Virginia

Fairfax County Emergency Management:
http://www.fairfaxcounty.gov/oem/
Loudoun County
http://www.loudoun.gov/index.aspx?NID=725
Orange County Emergency Management:
http://orangecountyva.gov/emerg_manage/index.asp

Maryland

Frederick County Emergency Management:
https://frederickcountymd.gov/index.aspx?nid=2001
Frederick County Emergency Preparedness:
https://frederickcountymd.gov/index.aspx?NID=4541
Montgomery County Emergency Management:
http://www6.montgomerycountymd.gov/oemtmpl.asp?url=/content/homelandsecurity/index.asp
Montgomery County Emergency Preparedness:
http://www6.montgomerycountymd.gov/mcgtmpl.asp?url=/content/pio/news/preparedness.asp

DC

http://hsema.dc.gov/page/emergency-management

FEMA

www.mema.state.md.us/
http://www.vaemergency.com/
dcema.dc.gov

September Market Update

The housing activity has cooled slightly  in the Washington metro area as we end September, which follows the typical seasonal market patterns. However closed sales, new pending contracts, and median prices all  remain above September 2011 levels, and in many cases are at multi-year September highs, providing evidence of a stronger market. The median price is the highest September median price in five years, and the number of new contracts in September is the highest in three years. The inventory of active and new listings continues to shrink, which will likely keep prices stable, even as demand slows.

CLOSED SALES
The 3,256 closed sales in September in the Washington DC Metro Area is a 4.7 percent increase from this time last year. All property segments continue to have stronger sales than last year, however the rate of growth has slowed, particularly in the condo market, which at 6.4 percent had the slowest year-over-year growth in six months.  Single-family home sales rose 1.9 percent from this time last year, and townhomes led all property segments with 8.0 percent sales growth from last year.

PRICES
The median sale price remains up from last year and low inventory will likely keep prices stable. At $360,000, the median sale price in the DC Metro Area is 6.5 percent higher than September 2011.The median price dropped $25,000 from last month; however this is in line with seasonal patterns. Most jurisdictions within the region continue to post year-over-year median price gains. Falls Church City leads the way with 12.7 percent growth, followed by Washington D.C. at 9.9 percent. Arlington had a 3.7 percent decline in median sales price from September 2011, which is likely due to a higher percentage of condo sales and a sharp drop in single-family detached sales in September. Region-wide, all property segments have higher median prices than this time last year. Townhomes lead the way, up 10.9 percent. Median prices of condos and single-family detached properties rose 8.0 and 4.5 respectively. Even as demand cools into the fall season, the low inventory of homes for sale will likely keep home prices relatively stable in the near-term.

NEW CONTRACTS
New contract levels remain relatively strong compared to seasonal norms for all property segments.  There were 4,195 new contracts signed in August in the DC Metro Area, up 9.6 percent from the September 2011 level of 3,829. Condos led all property segments in new contract growth, up 18.1 percent from this time last year. New contracts on townhomes also rose, up 13.6 percent from September 2011, which is the strongest year-over-year growth the region has seen on townhome contracts in over a year. New contracts for single-family detached properties increased 3.0 percent from this time last year.

INVENTORY
Declines in active and new listings persist with the lowest number of active townhome listings on record for September.  There were 9,514 active listings in the DC Metro Area at the end of September, 35.7 percent below this time last year. The number of active listings is now more than 6,000 below the 10-year September average for the area. The shrinking inventory continues across all property segments, with townhomes accounting for the largest reduction, down 43.5 percent from this time last year. The 1,723 active townhome listings in the metro housing market represent the lowest September total on record, with region-wide data available back to 1997. New listings in the region are following a similar pattern. The 5,124 new listings entered are the lowest September level since 2000. The persistent decline in homes for sale will likely keep prices stable even as demand slows. The low inventory continues to drive down the median-days-on-market, which was 26 days in September, down 18 days from this time last year.

DIY - No More Popcorn!

A ceiling paint staple for homes for quite a long time many homeowners now are desiring a smooth finish on their ceiling but dread the work to remove the old popcorn paint. Here is a step-by-step guide from the DIY Network on how to tackle it over a long weekend.