In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about time, and how effectively you are using it every day. Are you managing your time well or are you making excuses? Learn more about making the most of every minute in every day in my latest motivational message video.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
My whole career I have been asked, “So, how’s the market?” Well, this year and more specifically, in the last few months, I have been asked this even more. It is a loaded question because it depends on whether you are a buyer, a seller, or if you are looking to rent and most importantly where you are looking to do any of these types of transactions. After we clarify what they want to know, I find it is a lot of curiosity because people love to talk about real estate. It also is of interest to them because in our discussions I hear things like, “I don’t see any for sale signs in my neighborhood”, “when houses go up for sale in my area, they sell right away”, “my friend is looking for a house and they are losing out on multiple contracts” and many other similar comments so there is a genuine interest in “How’s the market”.
Overall, in Northern Virginia, the inventory on active resale homes is down over 31% from last year and units sold are virtually the same which means it is extremely competitive to be a buyer and if you price your house correctly, you can be a very happy seller. As always it is a hyper-local market so let’s take a deeper dive into the counties.
| Statistic | Jul | YoY | MoM |
| Total Sold Dollar Volume | 182,179,254 | down5.9% | down7.5% |
| Closed Sales | 266 | down9.5% | -0.4% |
| Median Sold Price | $616,000 | up1.3% | +9% |
| Average Sold Price | $684,884 | up4% | -7.2% |
| Median Days on Market | 9 days | down75.7% | 0% |
| Average Days on Market | 30 days | down40% | -16.7% |
| Statistic | Jul | YoY | MoM |
| Total Sold Dollar Volume | 1,027,443,963 | up7.9% | down5.9% |
| Closed Sales | 1,680 | up6.5% | -4.8% |
| Median Sold Price | $539,900 | up2.3% | -4.4% |
| Average Sold Price | $612,668 | up1.5% | -1.1% |
| Median Days on Market | 17 days | down56.4% | +6.3% |
| Average Days on Market | 33 days | down31.3% | +6.5% |
| Statistic | Jul | YoY | MoM |
| Total Sold Dollar Volume | 408,811,460 | up8.4% | down2.8% |
| Closed Sales | 747 | up1.8% | -1.2% |
| Median Sold Price | $512,250 | up8.5% | -0.5% |
| Average Sold Price | $549,478 | up6.9% | -1.4% |
| Median Days on Market | 23 days | down39.5% | +43.8% |
| Average Days on Market | 38 days | down34.5% | +22.6% |
| Statistic | Jul | YoY | MoM |
| Total Sold Dollar Volume | 318,271,988 | up5.4% | down1.5% |
| Closed Sales | 778 | down0.4% | 0% |
| Median Sold Price | $385,000 | up6.9% | -2.5% |
| Average Sold Price | $409,616 | up5.9% | -1.8% |
| Median Days on Market | 24 days | down41.5% | +14.3% |
| Average Days on Market | 38 days | down19.2% | +5.6% |
Remember, within the counties, there is also a deeper dive that needs to be taken into consideration in neighborhoods and price points. Hopefully, this gives you a better idea of what is happening in our real estate market in Northern Virginia. If you have any questions or concerns or if you are looking to make a move, please feel free to call me.
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about integrity and character. Do you live up to your word and do what you say you are going to do? Learn more about the importance of having integrity and character in my latest motivational message video.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about showing up. How, when and why you show up is SO important. Learn more about this action/reaction in my latest motivational message video.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about execution. Stop discussing what you are GOING TO DO, and start DOING IT! Get results, make it happen! Learn more about this action/reaction in my latest motivational message video.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about input and output. What you put into your mind you output in your actions. Learn more about this action/reaction in my latest motivational message video.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
The word on the street is prices are going to collapse…the market is overheated…a recession is coming…we are in a housing bubble. It’s mayhem if you believe everything you read and listen to what the non-experts have to say about the real estate market and the current market we are experiencing. Quick question. Did you know that 50% of REALTORS have a second job? Working with a true full-time professional who is up to date on the local Northern Virginia real estate market is more important today than ever before. You need to have the guidance, advice, and experience to be guided seamlessly through the real estate transaction, so you are protected. Don’t rely or believe everything you read on the internet. Call me instead because here are the facts.
Prices – barring an unforeseen event, they are stable in Northern Virginia and will remain this way. Why? Because our prices have risen only slightly each year after the Great Recession (bar a few examples/areas). We don’t have lending practices in place any longer that allow buyers to buy without strong fundamentals in place and allowing unqualified purchasers to outbid on properties at extreme prices.
The market is overheated – this is not true in all areas of Northern Virginia. Yes, there are areas of Arlington and in certain price points where inventory is extremely low that there are multiple offers but overall, we have seen this trend slow in recent months. Remember, what you read today typically happened 2-4 months ago as stats on the market don’t immediately get released and are reflective of current trends. Every market is different, and this is why you need specific advice on your property if you are selling or if you are considering purchasing a home.
A recession is coming – yes, it is true as we have been in the longest recovery in our history. All markets are cyclical so a recession will come. What does this mean for housing? It is typically a good thing…interest rates are lowered to stimulate the economy and barring the Great Recession, since 1995 when we have had economic slowdowns, prices have appreciated 81% of the time which is the same as when we have had economic expansion. Don’t fear the word recession and real estate values.
We are in a housing bubble – not true for our area. Prices have not skyrocketed like they have in other areas of the country, as previously mentioned, our prices have only moderately increased year over year. Our inventory of resale homes is 22% below last year’s level and 33% below inventory levels two years ago. Our unemployment rate is one of the lowest in the country. Our salaries are stable to slightly rising meaning people have good-paying jobs.
Lastly, the interest environment we are in is making housing more affordable – rates are low and are going lower. 30-year fixed rates are in the mid to high 3’s (percent) today. There are many refinances that are taking place and there will be more to come so these people will be staying in their houses for a while and will be potential, future landlords which will keep the housing inventory tight moving forward. This too will keep our market out of a crisis in my opinion.
Again, barring an unforeseen event, we will be in a strong real estate environment for some time here in Northern Virginia. We actually need more houses to sell as there is pent up demand. If you are considering a move of any kind, please call me today to learn more. I can be reached at scottmacdonald@remax.net or 703-652-5777.
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to ask you a question. Are you part of the problem or part of the solution? Are you problem-solving or are you creating drama? Learn more in my latest motivational message video.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about small incremental steps. Grand slams don’t just happen, you have to take the steps to make it happen. Learn more in my latest motivational message video.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I’d like to talk to you about personal relationships. Not work, or customer relationships – your family relationships! Learn why having these important relationships is imperative to your success. Check out my latest video.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
Scott's Motivation and Real Estate Market Updates 