In this motivational series, I’ll highlight how to become a Peak Performer. In today’s Peak Performer Series message I wanted to talk about your top 3 priories in all areas of your life. What can you do to propel yourself into a successful 2020? Take a few minutes to watch this quick video to understand the importance of reflecting on your life and preparing for next year.
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.
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!
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!
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
What do you do when there are no houses to sell??? Learn more in Scott’s latest Market Minute Message.
Are you ready to sell? There’s no reason to wait! Give me a call at 703-652-5777 or email me at scottmacdonald@remax.net
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
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
Happy New Year everyone! “Wow” … that’s what I have to say about our current invent
ory 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!
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!
Scott's Motivation and Real Estate Market Updates 