September Market Update

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.

  • Arlington County – the Amazon Effect is keeping inventory low, median days on the market extremely low but interestingly enough, prices are not as high as you would think considering the supply and demand in that area. Closed sales are down as inventory is down and prices are up just 4%. Houses sell quickly – median days on market are just 9!
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%
  • Fairfax County – Prices are up Year over Year but down Month over Month which indicates sellers are starting off too high and then making adjustments to get them sold. Days on market for Median Days and average days indicate a strong market but remember, price is critical to getting houses sold today. Closed sales are up Year over Year but are down Month over Month.
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%
  • Loudoun County – the market in Loudoun is slowing a little as they are experiencing what other regions are – Year over Year gains but Month over Month declines. Median Days on Market jumped MoM but prices are maintaining in the area.  There is lots of pent up demand in Loudoun – stay tuned on their progress.
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%
  • Prince William County – consistent with the other counties showing price reductions but an overall strong market as sales are strong and Days on Market are low. Prince William offers the lowest prices so more value!
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.

May Market Update

I’m Still Amazed…

The real estate market never ceases to amaze me. We have weeks, months and years where sales go up and down, prices go up and down, inventory goes up and down, but now, we are dealing with people’s emotions going way up and way down – including real estate agents. The lack of inventory in some areas have resulted in buyers losing out multiple times on their home of choice. They become frustrated and make irrational decisions on prices, terms or location. These decisions will have an impact on their financial lives as well as their quality of life (including potentially longer commutes). When clients lose out on offers multiple times, agents get frustrated too, either because the clients don’t listen on how to position themselves or with other agents believing they were treated unfairly during the negotiations. This is why it is imperative to work with an experienced agent to help you navigate through this emotional time in real estate. An agent that has been there before, understands what is going on and can provide the right advice so you (or someone you know looking to buy) get the proper guidance and the house you want – without getting tied up in the emotion adding stress to the situation. Well, guess what? I have been through these types of turbulent, emotional times and I can lead you or someone you know through these situations, just call me.  I will help everyone stay calm and focused on the eventual task which is getting the house sold.

Keeping with the amazement theme, we still have very low inventory levels – 20% below last year’s levels. This is creating the type of market I just mentioned. Unfortunately, sellers are not immune to the emotions of selling. Unrealistic expectations of timing, pricing and response times from buyers/buyer agents make for stressful times during selling. It is important to have the right expectations when selling a house, mostly to keep the seller on an even keel. Once again, I am here to help provide the right advice, guidance and emotional balance to get you through the home selling process, just give me a call. I am happy to help!

Have a great Memorial Day!

hello spring

 

A Quick Minute of Motivation

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 developing your scorecard. Do you have one? Are you tracking your results? What activities are working? Which ones are not? Learn more in my latest message.

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

Now go sell something! 

Scott’s Market Minute 2/22/19

It seems like Groundhog Day all over again….inventory levels are STILL low! And so are interest rates! Find out more in Scott’s latest Market Minute Message.

Looking to buy or sell? Now may be the best time for you to do so. Give me a call to talk more about your situation 703-652-5777 or email me at scottmacdonald@remax.net

Scott’s Market Minute 1/18/19

The temperature is dropping (again)… so is inventory (again). So how low will it go? Inventory is needed, now is the time to sell. Learn more in my latest Market Minute Message.

If you would like to talk about your buying or selling needs, give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

My 2019 Real Estate Predictions

It’s time for Scott MacDonald’s Annual Top 10 Real Estate Predictions for 2019.

What do you think? Do you agree with these predictions? Do you have any predictions of your own for 2019?

Need more real estate information? Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net

January Market Update

Happy New Year!

Happy New Year everyone!  “Wow” … that’s what I have to say about our current invent18_300720_q4 social_shares_new_yearory level of homes for sale. As many of you know, I have been tracking active inventory of resale homes since the first week of March 2005. At first it was monthly, now it is weekly as the market can be very dynamic. The reason I initially started this tracking routine back in March 2005 is because I had heard there were 148 contracts on a house in Arlington. We all thought there was little inventory available, so I ran numbers for Arlington, Fairfax, Loudoun, Prince William and Fauquier Counties, in addition to all the cities within those counties. My analysis concluded that there were only 1,652 houses for sale. With the high demand and unrestricted lending guidelines back in 2005, it is no wonder that we would see so many contracts on ONE individual property. What is even more interesting is by July 2005 there were 7,705 houses listed for sale – truly a rapid ascent, but what is really crazy is that number soared to 22,898 in November 2006. As we all recall, the market crashed in 2007.

So, why do I say “wow”?  Today our inventory level is at the second lowest number since I have been tracking them (March 2005) – only 2,713 homes are currently for sale. I don’t believe we are going to see the rapid ascent as we did in the past, as there is not the exuberance in the market place like there was in the early 2000’s. That being said, we need houses to sell! Buyers are out looking. We had multiple showings on both Christmas Day and New Year’s Day – there is a strong demand for housing. Interest rates are creeping lower, so buyers are looking to take advantage of this opportunity. If you are considering selling, now is a great time. Typically, we see inventory rise the second or third week of February. Let’s see how the market trends this year. Obviously, every situation is personal and different so if you are considering a move, call me to discuss how we can help you.

Wishing you and your family a very prosperous 2019!

 

A Quick Minute of Motivation

In this new 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 “so.” Some people will, some people won’t….so what? Those who will and do, will get the results they want. Those who don’t, well, they won’t. Learn more about the in my latest Motivational Minute message.

Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net

Now go sell something! 

November Market Update

18_300510_Fall Social Covers Fall Facebook Thankful

We are Grateful for You!

Now that another Halloween has come and gone, hopefully you weren’t spooked by the real estate market and the news that you have heard about it. The market is good – not bad – not slow – not great – just good. People need to expect that their house isn’t going to sell in a matter of hours or days, it will, in most cases, take a couple of weeks to a month or even longer to sell. As I’ve said before, it all depends upon your price point, condition and location. All around the region, we are seeing median days on market are up as are the average days on market. Again, don’t be spooked, we continue to see steady sales, low inventory and stable prices. Buyers are just taking a bit little longer to make decisions on buying. Some are still looking for the house to be in perfect condition at a “value” price. In some cases, they too, need to be realistic. Not every house is perfect and not every house is value priced so, just make an offer and see how the seller responds. If there is a house for sale, the sellers want it sold and they just want to “hear” it from the market and not the agent in a lot of cases.

So, what is on the horizon? Interest rates will continue to rise which will cause some buyers to leave the market. Some will opt for alternative forms of financing such as adjustable rate mortgages or if you have an assumable loan – assumptions. If you are interested in buying, this is a great option as well. Please give me a call to learn more whether you are selling or buying.

What else could impact our area you ask? Amazon and their HQ2 is the answer! At this time, they are in advanced negotiations with Northern Virginia on their next headquarter location, Crystal City to be more precise. What does this mean for our region? There will be some impact on housing, some impact on commercial properties (depending upon their location), a definite impact on our economy and lastly, an
impact on traffic as 50,000 jobs (or 25,000 if they split the locations) plus supporting company employment will bring more commuters. The local real estate industry is excited about this potential move, but we are not counting on anything concrete until the final decision is made. If you would like to know more, please feel free to call me as I have been following this developing news quite extensively. Also, I am happy to discuss your next move at any time.

Have a great Thanksgiving and enjoy the time with your family and friends!
-Scott