Tuesday, January 27, 2009

Week Ahead Outlook

Number of new listings in the District of Columbia in the last 7 days: 217 (compare: 108 last week). Ranging in price from $41,900 to $5,650,000.

Number of new listings in the last 30 days: more than 500 (compare 204). Ranging in price from $20,000 to $7,500,000.

Thursday, January 22, 2009

Real Estate Round-Up

The past week's home sales, as compared to the previous week:

DC: 39 homes sold (down from 45 ) at an average price of $515,141
Arlington: 21 homes sold (up from 18) at an average price of $400,276
Alexandria City: 11 sold (down from 13) at an average price of $424,900
Bethesda: 10 homes sold (up from 8) at an average price of $902,500

Wednesday, January 14, 2009

Real Estate Round-Up

Today we report on the number of homes sold (settled) in the last week in different local jurisdictions:

DC: 45 homes sold at an average price of $595,750
Arlington: 18 homes sold at an average price of $534,911
Alexandria City: 13 sold at an average price of $375,130
Bethesda: 8 homes sold at an average price of $514,612

We will make comparisons going forward with these figures as the benchmark for 2009.

Sunday, January 11, 2009

Week Ahead Outlook

We are establishing benchmarks this week as we start looking at leading indicators. Today we look at the number of reported condo units newly listed in the District of Columbia in the last 7 days and in the last 30 days.

The number newly listed in the last 7 days is 108 units. They range in price from a low of $89,900 to a high of $4,350,000. The average list price of these 108 units is $474,284.

The number newly listed in the last 30 days is 204 units. They range in price from $49,900 to $4,350,000. The average list price of these 204 units is $476,232.

Information on new listings was provided by Suzanne Des Marais of EYA Urban Realtors. She can be reached at 202-641-5373.

Saturday, January 10, 2009

A builder's view on a very short window of opportunity

The following is an excerpt from an article written by Chris Schell of Schell Brothers, the largest developer in lower Delaware:

"On or shortly after January 20, we will have a package in place to seriously kick start housing. Now, ask yourself this...once the package is announced and home sellers (Builders & Existing Home Sellers) know that Obama has taken steps to significantly increase demand in housing, what do you think will happen to their willingness to offer incredible deals? I can tell you... it will significantly decline. Why would they offer a great deal when they know that they no longer need to since the housing stimulus is going to be all the incentive buyers need? Obama's stimulus package is likely to be temporary because only a temporary housing stimulus will create the desired urgency and housing demand. So Obama may do something like lowering conforming interest rates to 4.5% for 6 months only. The last time the government intervened in the housig market by providing tax credits and reduced mortgages rates was in 1975. Housing starts immdediately reacted to the stimulus and turned up within 2 months. Now, keep in mind that Housing Starts typically occur (on average) about two months after the home sale (contract signed). So Home Sales literally turned on a dime the moment the stimulus went into effect. For those who have been waiting to buy a home and can still afford to do so, they will benefit by being the first people "through the doors" and thus get the greatest selection of homes and maybe even capitalize on Builder incentives that the Builders haven't yet removed. I know becuase I am one of these builders who intends to remove or at least reduce my incentives shortly after the announcement of Obama's stimulus package."

Friday, January 9, 2009

Weekend Outlook

In Weekend Outlook we look at trends in the condo market in Washington in order to try to establish the direction of things and make some “calls” on the market as we move through 2009. We do that by tracking the open house activity for condos in the District. We look at both the overall picture and from week to week focus on a different market subset.

If you were shopping for a condo this weekend, you would be able to see at least 180 units open. Many of these units are in a single project. For example, you could see several units at the Erie in Adams Morgan. In the sweet spot of condos priced at or around $500,000, which is the average selling price right now, you could see 14 units open this weekend.

Our open house information this week is courtesy of Kathy Brandel at EYA Urban Realtors. She can be reached at 202-841-3462 for more information about specific open houses.

New Urban Post Announces Three Weekly Columns

Beginning tomorrow, the New Urban Post will publish three regular columns: Friday's Weekend Outlook, Monday's Week-Ahead Forecast and Wednesday's Real Estate Round-up. We welcome your comments and posts for these columns and other topics of interest.