Thursday, October 1, 2009
Thursday, September 17, 2009
The $8,000 Home Buyer Tax Credit expires Soon
The information below was taken from the National Association of Home Builders' site.
$8,000 Home Buyer Tax Credit at a Glance
The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
* The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
* The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
* Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
$8,000 Home Buyer Tax Credit at a Glance
The information on this page pertains to the American Recovery and Reinvestment Act of 2009.
* The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
* The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
* Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Thursday, September 10, 2009
Real Estate Round-Up
Below is a reprint of City Influence's Market Trend Analysis for September 2009
This month's market trend analysis focuses on market activity in the Washington region as an indicator of market health. We looked at new listings, pending sales and closed sales from 2003 through the first six months of 2009. The number of sales that closed in July of 2009 was very close to, but slightly higher than, the number of sales closed in the beginning of 2003. The numbers were slightly on either side of 10,000 transactions.
The number of sales peaked toward the end of the second quarter of 2005 at over 20,000 transactions.
Analysis of the number of new listings provides a clear explanation of the market's surge in 2004 and 2005 and subsequent contraction in 2007 and 2008. The number of new listings available to be sold fell below the number of closed transactions at the end of 2003 and the beginning of 2004 and remained tight until the second quarter of 2005. This close supply/demand ratio produced higher prices and encouraged a dramatic increase in new supply by the third quarter of 2006.
The number of new listings peaked in June of 2006 at about 31,000 listings. So the increase in the number of new listings available for sale continued to increase for more than a year after the peak in the number of sales.
Currently, the number of new listings (18,000) is at about the same level we saw in the first quarter of 2004, as are the number of closed sales. The trend for new listings has been descending since that peak in 2006, but we are far from the low of 10,000 new listings that we saw in early 2003.
One more interesting point. The low number for closed transactions was reached twice during this period - in January of 2008 and in January of 2009, at 5,000 sales. The number of new listings in January 2008 (20,000) was four times the number of closed transactions (5,000), the largest gap in the studied time frame.
The trends are in the right direction for a stabilized market with prices appreciating at a rate within historic norms.
Contact City Influence for more information.
This month's market trend analysis focuses on market activity in the Washington region as an indicator of market health. We looked at new listings, pending sales and closed sales from 2003 through the first six months of 2009. The number of sales that closed in July of 2009 was very close to, but slightly higher than, the number of sales closed in the beginning of 2003. The numbers were slightly on either side of 10,000 transactions.
The number of sales peaked toward the end of the second quarter of 2005 at over 20,000 transactions.
Analysis of the number of new listings provides a clear explanation of the market's surge in 2004 and 2005 and subsequent contraction in 2007 and 2008. The number of new listings available to be sold fell below the number of closed transactions at the end of 2003 and the beginning of 2004 and remained tight until the second quarter of 2005. This close supply/demand ratio produced higher prices and encouraged a dramatic increase in new supply by the third quarter of 2006.
The number of new listings peaked in June of 2006 at about 31,000 listings. So the increase in the number of new listings available for sale continued to increase for more than a year after the peak in the number of sales.
Currently, the number of new listings (18,000) is at about the same level we saw in the first quarter of 2004, as are the number of closed sales. The trend for new listings has been descending since that peak in 2006, but we are far from the low of 10,000 new listings that we saw in early 2003.
One more interesting point. The low number for closed transactions was reached twice during this period - in January of 2008 and in January of 2009, at 5,000 sales. The number of new listings in January 2008 (20,000) was four times the number of closed transactions (5,000), the largest gap in the studied time frame.
The trends are in the right direction for a stabilized market with prices appreciating at a rate within historic norms.
Contact City Influence for more information.
Thursday, September 3, 2009
Real Estate Round-Up
Three core jurisdictions we follow in this blog - the District, Arlington and Alexandria, represent the strongest performing jurisdictions in terms of price in the Washington metro area. The average price in this core area in the second quarter of 2009 was $497,216, which is 6.4% higher than in the first quarter of 2009 but lower by 8.7% than one year ago.
The average price in the District in June of 2009 is 6.2% lower than June of 2008. The average price in Arlington in June of 2009 is 1.9% lower than June of 2008. The average price in Alexandria in June of 2009 is lower by 5.6% than June of 2008.
The market remains a good one for buyers, with prices still lower than last year, but inching up as the year goes on.
The average price in the District in June of 2009 is 6.2% lower than June of 2008. The average price in Arlington in June of 2009 is 1.9% lower than June of 2008. The average price in Alexandria in June of 2009 is lower by 5.6% than June of 2008.
The market remains a good one for buyers, with prices still lower than last year, but inching up as the year goes on.
Wednesday, August 19, 2009
Real Estate Round-Up
A Look at Homes under Contract in Key Jurisdictions as a percentage of Total Homes for Sale
District of Columbia
There are 670 homes under contract in the District as of today's date. This is slightly lower than the 707 we saw under contract in May. There are 3,186 homes actively for sale as of this date. Approximately 17% of homes available for sale in DC are under contract.
Arlington
There are 152 homes under contract in Arlington as of today, versus 207 in May. 1,217 homes are for sale. Approximately 11% of homes available for sale in Arlington are under contract.
Alexandria
There are 165 homes in Alexandria that are under contract today versus 177 last May.
1,027 homes are actively for sale. Approximately 14% of homes available for sale in Alexandria are under contract.
Bethesda/Chevy Chase
There are 118 homes under contract here versus 188 last May. 720 homes are for sale in BCC. Approximately 16% of the homes for sale here are under contract.
District of Columbia
There are 670 homes under contract in the District as of today's date. This is slightly lower than the 707 we saw under contract in May. There are 3,186 homes actively for sale as of this date. Approximately 17% of homes available for sale in DC are under contract.
Arlington
There are 152 homes under contract in Arlington as of today, versus 207 in May. 1,217 homes are for sale. Approximately 11% of homes available for sale in Arlington are under contract.
Alexandria
There are 165 homes in Alexandria that are under contract today versus 177 last May.
1,027 homes are actively for sale. Approximately 14% of homes available for sale in Alexandria are under contract.
Bethesda/Chevy Chase
There are 118 homes under contract here versus 188 last May. 720 homes are for sale in BCC. Approximately 16% of the homes for sale here are under contract.
Monday, July 27, 2009
New Homes Sales Surge 11% in June - Wash Post
Washington Post Staff Writer
Monday, July 27, 2009; 1:13 PM
New homes sales surged in June to their highest rate this year, according to Commerce Department data released Monday, another sign that the housing market could be starting to stabilize even as prices continue to stumble.
Sales rose 11 percent over the previous month to an annualized rate of 384,000. That was far better than analysts were expecting and the largest monthly gain in nine years. But sales were still down 21.3 percent compared with the same period last year.
Home sales were up throughout the country, except in the South, which includes the Washington region. Sales were down 5 percent there compared with the previous month.
This follows a National Association of Realtors report last week showing that existing home sales rose 3.6 percent in June, the third straight month of increase. The recent data have sparked hope among economists that the housing sector could stop being a drain on the economy soon, even as analysts predict a slow, bumpy recovery in the sector.
The uptick in new home sales was a pleasant surprise and probably reflects the impact of the $8,000 first-time homebuyer tax credit, which expires in November, said Bernard Markstein, senior economist and director of forecasting of the National Association of Home Builders. Buyers are also responding to lower interest rates and falling prices, he said. "Some of the fear of purchasing a home has subsided," Markstein said.
Builders have slashed production during the past year, helping push the inventory of new homes on the market to 281,000, its lowest level since 1998. It would take 8.8 months to sell all the homes on the market in June at the current sales rate, compared with 10.2 months as of May. That is still above a normal six-month supply, but an improvement, analysts said.
"Overall, the housing sector is showing signs of continued improvement. Though the housing market remains weak compared to the peaks, the improved data will continue to feed into market optimism on green shoots," Win Thin, senior currency strategist for Brown Brothers Harriman, said in a research note Monday.
Despite the smaller inventory, there are still far too many homes on the market, analysts said. And prices took another tumble last month as builders struggled against a glut of foreclosed homes, which has brought down prices across the country. Median new home prices fell about 12 percent to $206,200 compared with June 2008.
Monday, July 27, 2009; 1:13 PM
New homes sales surged in June to their highest rate this year, according to Commerce Department data released Monday, another sign that the housing market could be starting to stabilize even as prices continue to stumble.
Sales rose 11 percent over the previous month to an annualized rate of 384,000. That was far better than analysts were expecting and the largest monthly gain in nine years. But sales were still down 21.3 percent compared with the same period last year.
Home sales were up throughout the country, except in the South, which includes the Washington region. Sales were down 5 percent there compared with the previous month.
This follows a National Association of Realtors report last week showing that existing home sales rose 3.6 percent in June, the third straight month of increase. The recent data have sparked hope among economists that the housing sector could stop being a drain on the economy soon, even as analysts predict a slow, bumpy recovery in the sector.
The uptick in new home sales was a pleasant surprise and probably reflects the impact of the $8,000 first-time homebuyer tax credit, which expires in November, said Bernard Markstein, senior economist and director of forecasting of the National Association of Home Builders. Buyers are also responding to lower interest rates and falling prices, he said. "Some of the fear of purchasing a home has subsided," Markstein said.
Builders have slashed production during the past year, helping push the inventory of new homes on the market to 281,000, its lowest level since 1998. It would take 8.8 months to sell all the homes on the market in June at the current sales rate, compared with 10.2 months as of May. That is still above a normal six-month supply, but an improvement, analysts said.
"Overall, the housing sector is showing signs of continued improvement. Though the housing market remains weak compared to the peaks, the improved data will continue to feed into market optimism on green shoots," Win Thin, senior currency strategist for Brown Brothers Harriman, said in a research note Monday.
Despite the smaller inventory, there are still far too many homes on the market, analysts said. And prices took another tumble last month as builders struggled against a glut of foreclosed homes, which has brought down prices across the country. Median new home prices fell about 12 percent to $206,200 compared with June 2008.
Thursday, July 16, 2009
Real Estate Round-Up
This week we look at average selling prices for properties closed in the past 7 days. Bethesda/Chevy Chase stands out with a very high average sales price. Alexandria stands out with a very low average "days on market."
District of Columbia
The average sales price of properties closed in the District in the past 7 days was $450,264. The average "days on market (DOM)" for these properties was 75 days.
Arlington
The average sales price of properties closed in Arlington in the last 7 days was $580,357. The average DOM for these properties was 65.
Alexandria
The average sales price of properties closed in Alexandria in the last 7 days was $541,173 with an average DOM of 44.
Bethesda/Chevy Chase
The average sales price of properties closed in BCC in the last 7 days was $1,052,045. The average DOM was 70.
District of Columbia
The average sales price of properties closed in the District in the past 7 days was $450,264. The average "days on market (DOM)" for these properties was 75 days.
Arlington
The average sales price of properties closed in Arlington in the last 7 days was $580,357. The average DOM for these properties was 65.
Alexandria
The average sales price of properties closed in Alexandria in the last 7 days was $541,173 with an average DOM of 44.
Bethesda/Chevy Chase
The average sales price of properties closed in BCC in the last 7 days was $1,052,045. The average DOM was 70.
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