Kitchen Countertop Primer

One of the essential elements to a kitchen remodel is the countertops and there are plenty of options to choose from. From white marble and natural wood grains to dyed concrete and recycled glass, the choices for the consumer grow each and every year. Cultivate, the kitchen blog for Williams & Sonoma recently posted an easy guide to countertops highlighting eight of the more popular options available currently and the article is a great resource if you are currently remodeling or thinking about it in the coming year. For the complete article click here.

Northern Virginia Market Update

June 2012 - Market Update

Median sale prices continue to climb through most of the Washington Metro Area as the price has reached $400,000 for the first time in four years.  Price gains, decreasing days-on-market (average down 10 days from June 2011), and a tightening sale-to-list price ratio (up 2.0 percentage points from June 2011) are evidence that the diminishing inventory of homes for sale in the region is having an impact on the market. As we have seen throughout the past year the active inventory in the metro area is historically low posting its 16th consecutive month of year-over-year declines in active listings, and the pattern appears to be holding as new listings in June are at a historic low.  Yet the condo market is showing signs of strength, outpacing detached homes and townhomes in June on year-over-year growth in sales, median price gains, and new contracts.

Here are some of the key trends from June 2012:

    CLOSED SALES
    The Washington, DC Metro Area posted 4,665 sales in June, a 5.7 percent increase from June 2011, and the third consecutive month with year-over-year gain in sales.  Despite the continuing gains over last year, the month-over-month growth is somewhat muted.  The 4.2 percent growth in sales between May and June is well below the 10-year May to June average of 14.1 percent.  This is likely attributed to the accelerated winter and spring selling seasons in the region resulting from mild temperatures and pent up housing demand.  Many buyers may have purchased homes earlier than expected due to these conditions.  Sales of detached homes grew 3.6 percent compared to last year, and townhome sales increased 2.7 percent.  The largest growth occurred in the condo segment.  The 1,133 condo sales in June represent a 13.9 percent increase from last year, and the second consecutive month of double digit year-over-year growth.

    PRICES
    The median sale price for the metro area has reached $400,000 for the first time in four years.  Metro-wide, the median sales price grew by 5.3 percent compared to last year, the fifth consecutive month of year-over-year gains.  The last time the median sales price reached the $400,000 mark was June of 2008.  With the exception of Falls Church City, VA, all jurisdictions in the region experienced year-over-year growth in median sales price in June.  At $413,000, Montgomery County, MD led the way posting an 8.4 percent increase compared to the June 2011 level of $381,150. The condo market experienced the sharpest growth with the median sales price rising 12.0 percent from this time last year, a $30,000 increase in value.  Year-to-date medians are also on the rise, up 7.5 percent to $360,000 for the metro area.

    NEW CONTRACTS
    There were 5,086 contracts signed in June in the DC Metro Area, down 9.1 percent from the 5,593 contracts last month, and slightly below the June 2011 level of 5,124.  This is the first year-over-year decline in new contracts in 14 months.  Historically speaking, new contract volumes have declined between May and June nine out of the past ten years in the metro area, however this is the sharpest decline since 2007.  The condo market is the only property segment to post year-over-year growth in this category, rising 5 percent compared to June 2011.  Contracts on detached houses fell 1.2 percent, and townhomes fell 4.8 percent from last year.  New contracts on all property types are down from last month.  

    INVENTORY
    Active listings in the Washington DC Metro Area continue to shrink, with June volume of new listings at historic low.  There were 10,374 active listings in the DC Metro Area at the end of June, 33.2 percent below June 2011, and 32.2 percent below the 10-year June average of 15,291.  This is the 16th consecutive month of year-over-year declines in active inventory.  The same trend can be observed with new listings.  In fact, the 5,588 new listings entered in June are the lowest June-level RBI has on record, with metro-wide data available back to 1997.  The diminishing volume will continue to put upward pressure on prices, and if buyer demand continues to pick up, average days-on-market and sale-to-list ratios will likely tighten.

Summer Energy Tips

The summer of 2012 has been brutal in terms of temperatures and those high temps are usually accompanied by high energy bills at the end of each month. To help ease those end of the month concerns, here are 9 ways to cut your summer energy costs.

June To-Do's

We're now a few weeks into the summer and your to-do list probably has a few open spaces so here is a great list of June maintenance tips for around the house.

http://realestate.msn.com/june-home-maintenance-checklist

Northern Virginia Market Updates

May 2012 - Market Update

Home prices in DC Metro area rose to $392,500 in May an 11% increase from May 2011. This price gain reflects the fourth consecutive year-over-year gain, and the second consecutive double-digit increase for home prices in the region. The increase can partly be attributed to the low Inventory in the Washington region which in May was at its lowest May-level since 2005.  These trends, coupled with decreasing Days on Market (average down 17.6% from May 2011), and an increasing sale-to-list price ratio (up 1.9% from May 2011 to 96.3%) signal that it is a Seller’s market heading into the summer months.
   
Here are some other trends seen from May 2012:
    PRICES
    Home prices continue to gain momentum throughout the region. The median sale price in the DC Metro Area is $392,500, up 11% from May 2011.  This is the fourth consecutive year-over-year increase and the second straight month of double-digit price growth metro-wide.  Pricing in all jurisdictions within the metro area increased relative to May 2011.  Year-to-date medians are also on the rise, up 7.7% to $350,000 for the metro area.

 NEW CONTRACTS
    Newly signed contracts rose slightly with condos posting the strongest growth. New contract activity in the Washington market continues on an upward trajectory, as the region posted its 13th consecutive year-over-year increase in new contracts.   In total, 5,593 contracts were signed in May, a 1.6 percent rise from the previous year.  The condo segment of the market grew the most with 1,362 new contracts in May, 100 more than May 2011, a 7.9 percent gain.  Roughly half of the new contracts are detached homes, a quarter are attached townhomes, and a quarter are condos.

INVENTORY
    Declines in the area’s active listings persist, the lowest May level since 2005.  There were 10,510 active listings in the DC Metro Area at the end of May, a 32.4% decline from May 2011.  This is the 15th consecutive year-over-year inventory decline.  The shrinking supply indicates a stabilizing market, as sales have increased and listings have declined.  As interest rates remain low and demand rises, the low supply will continue to put upward pressure on prices.  This price growth could entice hesitant sellers to enter the market.  The low supply also indicates that many potential sellers may still be wary of their financial situations, and are more comfortable remaining in their current homes.  A similar trend can be observed with new listings.  In May, 6,084 new listings entered the market, which is 6.7% below the previous year and the 11th year-over-year decline in new listings in the past twelve months.

CLOSED SALES
    Sales volumes in the Washington, DC Metro Area continue to improve relative to 2011 levels. The 4,478 closed sales in May represent a 14.3% gain from this time last year and the second straight month of volume gains compared to a year ago.  Most of the growth is being driven by sales of detached homes, which at 2,342 units is 20.9% higher than May 2011.  Townhome sales edged up a mere 0.5% from May 2011.  Condos also fared well in May with 1,062 units sold, a 16.6% increase from last year.
    The number of foreclosure sales is down 47.3% compared to last May, the 25th straight year-over-year decline for this category.  The 307 foreclosure sales in May represent only 6.9% of all sales in the region, the lowest proportion since MRIS began tracking distressed listings in April 2009.  Short sales on the other hand are up 21.2%, the 7th year-over-year increase in the past eight months.  Much of this shift from foreclosure to short sale reflects a change in how banks deal with their distressed assets.