Click here for the MRIS Trends in Housing Report for the first quarter of 2009.
The Report indicates that now is the best time in a generation to be a first-time home buyer. Let's take a look at contracts in our covered jurisdictions. Buyers are returning to the market: prices are attractive and homes are selling faster than one year ago. Average fixed rates on conforming mortgages are below 5%.
District of Columbia
The District currently has 634 homes under contract.
Arlington
There are 160 homes under contract in Arlington. The highest list price is $2.8 million.
Alexandria
In Alexandria, there are 163 homes under contract. The highest list price is $2.4 million.
Bethesda/Chevy Chase
Bethesda/Chevy Chase has a whopping 147 homes under contract with the highest list price at $2.9 million.
Bethesda/Chevy Chase
Thursday, April 30, 2009
Thursday, April 23, 2009
Real Estate Round-Up
This week we continue to look at the number of ratified contracts for sale. Every jurisdiction had more homes under contract this week than last week.
District of Columbia
There were 617 homes under ratified contract for sale on today's date. This compares to 568 last week.
Arlington
Arlington had 153 homes under contract as of today. Last week, Arlington had 140 homes under contract.
Alexandria
167 homes were under contract today in Alexandria. This compares to 148 last week.
Bethesda/Chevy Chase
There were 139 homes under contract in Bethesda/Chevy Chase today, compared to 115 a week ago.
District of Columbia
There were 617 homes under ratified contract for sale on today's date. This compares to 568 last week.
Arlington
Arlington had 153 homes under contract as of today. Last week, Arlington had 140 homes under contract.
Alexandria
167 homes were under contract today in Alexandria. This compares to 148 last week.
Bethesda/Chevy Chase
There were 139 homes under contract in Bethesda/Chevy Chase today, compared to 115 a week ago.
Thursday, April 16, 2009
Real Estate Round-Up
Looking at a leading indicator, the number of ratified contracts to sell homes, the spring looks stronger:
District of Columbia
The District has 568 homes under ratified contract on today's date. The highest list price under contract is $4.35 million in Georgetown. The lowest price is $41,000 in Southeast.
Arlington
There are 140 homes under contract in Arlington today. They range in price from $80,000 to $2.8 million.
Alexandria
Alexandria has 148 homes under ratified contract as of this date. The highest list price under contract is $2.4 million. The lowest list price under contract is a condo at $72,900.
Bethesda/Chevy Chase
There are 115 homes under contract in Bethesda/Chevy Chase with the highest listing at $2.899 million. The lowest price listing comes in at $399,000. Interestingly, both the highest and the lowest priced are condominiums.
District of Columbia
The District has 568 homes under ratified contract on today's date. The highest list price under contract is $4.35 million in Georgetown. The lowest price is $41,000 in Southeast.
Arlington
There are 140 homes under contract in Arlington today. They range in price from $80,000 to $2.8 million.
Alexandria
Alexandria has 148 homes under ratified contract as of this date. The highest list price under contract is $2.4 million. The lowest list price under contract is a condo at $72,900.
Bethesda/Chevy Chase
There are 115 homes under contract in Bethesda/Chevy Chase with the highest listing at $2.899 million. The lowest price listing comes in at $399,000. Interestingly, both the highest and the lowest priced are condominiums.
Wednesday, April 8, 2009
Real Estate Round-Up
City Influence Realtor Outlook shows Sellers More Flexible on Price
The City Influence survey of Realtors for April 2009 shows a more positive outlook on the Washington real estate market going forward. The Realtor Outlook combines projected transactions, current activity, seller flexibility, buyer demand and anticipated hiring into one index.
The index for April showed slightly overall positive sentiment among Realtors with a value of 50.2. The index ranges from 0 to 100. Sixty-one percent (61%) of Realtors are finding Sellers more flexible in their expectations on price. At the same time, 61% of Buyers are more demanding in their negotiations with Sellers.
“With the index showing 50.2 at a positive value and 36.4 at a neutral value, the overall outlook is positive for the spring market. The key finding in this month’s survey is that Sellers are becoming much more flexible in their price expectations and that factor will result in more sales,” said Kim Hoover, President of City Influence.
Sixty-seven percent (67%) of Realtors reported that they expect to do more business next month than last. Another 22% reported that business will be at least as good. Only 11% expect a downturn in their business. Eighty-eight percent (88%) of Realtors plan no hiring in the near future.
City Influence is a real estate marketing and research firm based in Washington, DC. For more information on surveys, marketing or other City Influence services, please contact Kim Hoover at 202-309-5209.
The City Influence survey of Realtors for April 2009 shows a more positive outlook on the Washington real estate market going forward. The Realtor Outlook combines projected transactions, current activity, seller flexibility, buyer demand and anticipated hiring into one index.
The index for April showed slightly overall positive sentiment among Realtors with a value of 50.2. The index ranges from 0 to 100. Sixty-one percent (61%) of Realtors are finding Sellers more flexible in their expectations on price. At the same time, 61% of Buyers are more demanding in their negotiations with Sellers.
“With the index showing 50.2 at a positive value and 36.4 at a neutral value, the overall outlook is positive for the spring market. The key finding in this month’s survey is that Sellers are becoming much more flexible in their price expectations and that factor will result in more sales,” said Kim Hoover, President of City Influence.
Sixty-seven percent (67%) of Realtors reported that they expect to do more business next month than last. Another 22% reported that business will be at least as good. Only 11% expect a downturn in their business. Eighty-eight percent (88%) of Realtors plan no hiring in the near future.
City Influence is a real estate marketing and research firm based in Washington, DC. For more information on surveys, marketing or other City Influence services, please contact Kim Hoover at 202-309-5209.
Friday, April 3, 2009
Real Estate Round-Up
There are some signs of improvement this week. We are starting to see sellers being much more realistic about price. The homes below all sold for significantly below their original listed price.
District of Columbia
The number of homes sold was way up - 102 sold in the last week. The highest close price was $3,000,000 for a home in Georgetown. The home started out listed at $3,950,000 in December of last year.
Arlington
48 homes were sold in Arlington in the past week. The most expensive went for $1,385,000. It was originally listed for 1,429,900 in January.
Alexandria
45 homes were sold in Alexandria over the past 7 days. The highest priced home sold for $963,000. It was originally listed for $1,124,000 in January.
Bethesda/Chevy Chase
There were 20 homes sold in the past week in B-CC. The highest sold price was $1,583,500 for a home in Bethesda. It was originally listed for $1,925,000 in October of last year.
District of Columbia
The number of homes sold was way up - 102 sold in the last week. The highest close price was $3,000,000 for a home in Georgetown. The home started out listed at $3,950,000 in December of last year.
Arlington
48 homes were sold in Arlington in the past week. The most expensive went for $1,385,000. It was originally listed for 1,429,900 in January.
Alexandria
45 homes were sold in Alexandria over the past 7 days. The highest priced home sold for $963,000. It was originally listed for $1,124,000 in January.
Bethesda/Chevy Chase
There were 20 homes sold in the past week in B-CC. The highest sold price was $1,583,500 for a home in Bethesda. It was originally listed for $1,925,000 in October of last year.
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