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© 2010 CB Blog Estate
Darrin Friedman is an employee of NRT, LLC inc however, all comments made on this site are his opinions and his alone and not a reflection on the company.
Washington DC Market Statistics for February 2010
Someone somewhere said that supply rules everything. Boy, they weren’t kidding. In February the Washington D.C. Housing market was dictated by the fact that the inventory is slim pickings and the well priced home moves fast. In fact, if you were to look at 2007 numbers of inventory, this last month comes very close in comparison.
Just take a look at this graph of inventory levels below:
It’s pretty obvious by the graph that the Seller is able to be a tad more aggressive in pricing considering that compared to the market last year (or even 6 months ago) there are 2/3 less homes in the marketplace. And in my office in particular that is translating in a huge spike in sales, with newly ratified deals going through the roof at a much higher price.
In the real estate market of Washington D.C proper …
… there were -30% less listings on the market while we had 23.7% more contracts. What does this mean? More money for seller in Washington D.C.
Condo and Coop – Washington. D.C.
In terms of pricing indicators we are seeing something consistent. If a home is priced between $200,000-600,000 there are plenty of buyers for that marketplace.
When priced above that the buyer pool is less. See below:
Condo and Coop – Washington. D.C.
Anyway, if you need any more information, please do not hesitate to call me! I want you to consider me your resource.
Property Sales
December Property sales were 463, up 3.8% from 446 in December of 2008 and -27.8% lower than the 641 sales last month. December 2009 sales were at a mid level compared to December of 2008 and 2007. December YTD sales of 6,247 are running 13.8% ahead of last year’s year-to-date sales of 5,488.
Prices
The Median Sales Price in December was $405,000, up 16.0% from $349,000 in December of 2008 and up 15.4% from $351,000 last month. The Average Sales Price in December was $517,769, up 16.5% from $444,434 in December of 2008 and up 11.2% from $465,606 last month. December 2009 ASP was at a mid range compared to December of 2008 and 2007.
Inventory & MSI
The Total Inventory of Properties available for sale as of December was 2,327, down -10.8% from 2,608 last month and down -29.4% from 3,296 in December of last year. December 2009 Inventory was at its lowest level compared with December of 2008 and 2007.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2009 MSI of 5.0 months was at its lowest level compared with December of 2008 and 2007.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio 93% at or above 100% indicates more of a Seller’s market. The December 2009 Selling Price vs Original List Price of 93.3% was down from 93.8% last month and equal to 93.3% in December of last year.
In Washington D.C. proper, the housing market continued to indicate what the tea leaves have been telling us, inventory is down, contracts and sales numbers are up and the end of 2009 is finishing on solid footing.
In November 2008 there were a total of 1809 active listings in the Washington D.C. single family home market. In 2009 there are 1381 for a 23.7% difference! New listings reflected the same kind of trend…there were 388 NEW listings this November compared to 458 last November. What’s all this mean? SUPPLY IS DOWN! Which as we all learned in the 7th grade social studies is a good thing for economic growth.
That’s not the only indicator the statistics are continuing to show us that the Washington D.C. housing market is finishing the year strong…of the new contracts ratified this November, there was a dramatic improvement of 41.9%!!! That’s right – sales increased from 229 last November to 325 this November! Look Below…
In terms of price ranges, the houses that are moving seem to be reflective of common sense, where the more affordable housing is the largest segment of the overall market.
But, perhaps, there is no more dramatic a number in all the statistics than those reflected in the settlements category! In 2008 only 172 single family homes closed. Now this is the same time that caused the world to shutter, but numbers are numbers. In November 2009 309 single family homes settled. That is an improvement of 79.7%.
In any event, the indicators based on these statistics look like the single family home market in Washington D.C. is recovering well for and heading us into the new year.
Blogs soon to come:
November 2009 Washington DC Housing Statistics – Condo/Coops
November 2009 Montgomery County MD Housing Statistics – Single Family Homes
November 2009 Montgomery County MD Housing Statistics – Condo/Coops
Data Source: Metropolitan Regional Information Systems, Inc. (MRIS)
Statistical Graphics: Greater Capital Association of Realtors
Dateline: Washington, D.C.
by Darrin Friedman
It is my pleasure to officially announce that the Coldwell Banker Chevy Chase is adding our name to the list of sponsors for RE Bar Camp Atlantic City. For those of you have never been to a bar camp, let me explain the significance…
The What: Officially – RE Bar Camp is an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees.
My Take: There has not been a more significant component to my growth this last year than attending Bar Camps (this will be my 4th).Why go? Because this is an amazing opportunity to meet people just like you who just get it. It is simply everything good about what our industry should be. It’s about sharing, learning, and making relationships you never otherwise would have made.
So, without further ado, here are the details…
Website: http://rebarcamp.com/ac/
When: December 7, 2009
Time: 5p-10p
Where: Game On at the the Pier at Caesar’s AC
Cost: FREE
Twitter: #rebcac
Again, if you believe you are truly committed to becoming the best real estate agent you can be, and you want to maximize the potential you have, then you owe it to yourself to be there. There is simply just no reason not to!
After all, it just might change everything!
Dateline, Washington DC
by Darrin Friedman
Well, Montgomery County real estate had the same kind of consistent growth we saw inside the district. October represented a solid month in over all in terms of home sale figures.
Here are some October details for single family homes in Montgomery County:
1018 New Listings up just 1.8%
941 Contracts up 53.3% from 2008
707 Settlements up 25.8% from 2008
Many people in in the industry have said that the numbers reflected in settlements are because of the tax credit. Now, that may be true, but it also reflects the fact that the Washington DC Metro Real Estate Market is stronger than the rest of the country in almost every category. It’s all about inventory…look below:
Ever since the beginning of the year, the inventory has gone WAY down – which as we all learned in economics is a GOOD thing in regards to demand. Now the sales prices have fallen, but, the fact is it is an extremely fair market and people who bought before 2007 are still doing very well. Maybe not as well as they would have done in 2007 but if we have learned anything – it’s that homes are a commodity!
The last two graphs I want to share are interesting as well.
Now this sales trend graph is interesting in the respect that Washington DC Real Estate sales went through the roof in October matching one of the best months of the year. In Montgomery County, this is not the case though the number is still very strong. Just goes to show you, that even though Montgomery County Real Estate is considered some of the most sought after and expensive in the entire country, DC was showing – at least in home sales – that it was the greater value. Again, the buyers set value. And as you may see in the last graph the largest segments of buyers are purchasing in very affordable price zones. Again, value is everything.
Anyway, hope these stats were helpful and have a Great Thanksgiving!
I’m one of those typical Real Estate professionals who eats out like EVERY single day. I know, it’s horrible. I’m ashamed of myself! But, when you work in a place like Chevy Chase, Washington DC there is so much variety one can get a little greedy with choice.
In any event, if you find yourself in this part of DC, and you want a good meal at a very reasonable expense, you MUST go to 49 Twelve Thai Cuisine.
Now here is my disclaimer – I go there ALL the time. Why? The food is really fresh, fast, and the bill is usually less than what I would have gotten at Quiznos.
What I get: The chili chicken and basil
Cost: Under $7.99 Lunch Special
Service: Tony is the son’s owner, and he is AMAZING. His customer care should be taught in my office!
So, there you go, my first restaurant review.
To reach them just hit the link below:
http://www.merchantcircle.com/business/49.Twelve.Thai.Cuisine.202-966-4696
Have Fun!
October came and went quickly. The Washington DC Real Estate market continues to be strong and show improvement, especially when compared to last year’s recessions terrifying beginning.
Inventory activity in Washington DC Real Estate regardless of type is as follows:
985 new properties were listed
758 properties went under contract
684 properties were adjusted for price
450 listings expired
94 were placed back on the market
When you compare this to the month to month activity you can see how October is the year’s best in terms of Under Contract. What does that mean? THINGS ARE SELLING!!! Now with the extension of the tax credit, Washington DC Real Estate continues to rebound ahead of other like markets.
In terms of some more specific information, I have attached some graphs for your perusal.
Single Family Housing Report for Washington DC breaks down like this:
DC Sales Trend
DC Inventory Trend
DC Average and Median Sales Price
DC Market by Price Range
Condos and Coops Report for Washington DC, also shows tremendous momentum. The breakdown can be seen like this:
DC Condo and Coop Inventory
Sales Trend
DC Condo and Coop Median Sales Price
Market by price range
Anyway, all and all it was a great month for the DC Real Estate market and the home buyers and sellers taking advantage what is turning out to be a revitalized marketplace. I for one am thrilled by what I am seeing because I am a believer that the worst of last year is behind us and that savvy buyers and sellers who are willing to be well informed can have the kind of results they require in a transaction.
Remember! Be aware, have the right information, and ask questions!!!! Only then will you have the confidence to make the right decisions when you are placed in a position to do so. So, as you go out this weekend looking for that tremendous buy – take a print out of this blog with you. Because having it close might just make the difference.
