Posted on October 10, 2011 by Corey Hart
Oct

10

2011

Pending Sales Activity Follows Expected Seasonal Trends

Rockville, MD (October 10, 2011) – The following analysis of the Washington, D.C. Metro Area housing market has been prepared by RealEstate Business Intelligence (RBI), and is based on the September 2011 RBI Pending Home Sales Index™ released today.

 

View PDF version of this press release

OVERVIEW

Home sales in the Washington, D.C. metro area headed into the slower fall market losing some momentum as expected following the end of Washington’s seasonal summer peaks. There were 3,829 new contacts written in September 2011 beating September 2010 by 12.4% and 11.7% ahead of the five year September average. The total September contracts were 8.2% less than the 4,169 contracts signed in August 2011, consistent with the decrease in seasonal activity.  At $338,000, the median sales price for September 2011 showed some resilience as it was the highest September level since 2008.

 

 

Posted on September 22, 2011 by Corey Hart
Sep

22

2011

We came across the following article on Yahoo! Real Estate: U.S. Cities Where Homes Sell the Fastest

Among the Top 5, our very own Woodbridge, VA (Tied for #5) Alexandria, VA (#4).  So that's all well and good. But it's also a bit confusing.The article relies on Zillow's analysis of the median DOM for homes sold between mid-April and mid-July. It reports that Alexandria's Median DOM for this period was 74 days. However, when looking at the stats - from the MLS - on RBI, it shows an even faster median time to sell than that reported in the Zillow analysis!:

 

market analysis
Posted on September 21, 2011 by Corey Hart
Sep

21

2011

NAR released its August Existing-Home Sales report this morning and we thought we'd call attention to one line in particular to highlight why local stats are important for every real estate professional to understand:

"Distressed homes – foreclosures and short sales typically sold at deep discounts – accounted for 31 percent of sales in August, compared with 29 percent in July and 34 percent in August 2010."

We thought we'd take a look at the makeup of the DC Metro market to see how it stacks up against these national numbers. Not surprising to see less distressed homes as a percentage of all (we refer to them as "bank-mediated") given the relative strength of the DC metro economy, but it is worth highlighting the difference:


market analysis
Posted on September 20, 2011 by Corey Hart
Sep

20

2011

Here is the August video for Northern Virginia. Click on the Videos tab above to find the latest video for your region.

 

market stats, videos
Posted on September 15, 2011 by Corey Hart
Sep

15

2011

9/15: Tweet from (Brian Block, Managing Broker, RE/MAX Allegiance): 

"had client thought they could take 10% off listing price because that was their market in midWest. 'scuse me. Not in NoVa!"

 

One of the reasons we dig Twitter is the insight it provides into the interactions between top producing agents/brokers and their clients. The tweet above is a good example. Thanks to a strong jobs market, thousands of homebuyers flock to NoVa each year from a variety of different real estate markets. This can inevitably lead to some naivete in their expectations of the local market that can potentially require some kid gloves in order to not damage egos. One thing the tweet didn't provide visibility into (not that it could in 140 characters or less) is how Brian handled the initial offer ideas of his relocating client. I can guess, though. Brian is one of RBI's earliest adopters, so he likely had a chart like this shown on his iPad in a matter of seconds:

 

Even in the "dark days" of early 2008, the Northern Virginia market didn't see seller's agreeing to 10% off their original list price very often. Let's assume, hypothetically, the client still doesn't want to inch back toward a realistic offer. "But this is a distressed unit, that has to be worth knocking something substantial off of the offer".  Well, no...

 

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