GW Slept Here » Market Reports

Real Estate Market Report for Alexandria and Northern Virginia September 2011

Michael Bergin — Mon, 10 Oct 2011 23:13:38 +0000

If you want to understand what is happening in the real estate industry as it directly impacts your buying and selling decisions, look to the linked graphs below and then call me at 703.927.4554.

I will provide you with facts and the current market conditions that are relevant to you, in your local area. It’s my job to dissect those national headlines and give you the right kind of information you need to make the right decisions.

Let’s do this together,

Michael

Real Estate Market Report for Alexandria and Northern Virginia June 2011

Michael Bergin — Thu, 07 Jul 2011 01:27:07 +0000

With the traditional spring selling season behind us and vacations well underway, what is really happening in the Alexandria real estate market? Don’t believe all the doom and gloom reports on the national news. The reports aren’t necessarily inaccurate, they’re just not telling the whole story.

Remember that real estate is a VERY local business. Most recently, positive activity has been report in multiple Coldwell Banker Residential Brokerage offices, and there are signs of unit growth in almost every market.

Real estate is also very cyclical and ever changing. The spring selling season started off strong and then suddenly dipped as a spike in gas prices, rising unemployment claims, and severe weather hit the nation.

Essentially, home sellers shouldn’t be disheartened by the late spring reports. The Federal Reserve Bank of Philadelphia just released the Livingstone Survey which summarizes the forecasts of economists from industry, government, banking, and academia. According to the 35 participants, they raised their estimates of output growth for the second half of 2011 and revised the unemployment rate downward throughout 2011, which is very positive news.

It is also anticipated that reluctant buyers will finally jump into the market before FHA loan limits are decreased on October 1, making it difficult for some to secure a loan. Loan limits determine what types of mortgages may be FHA secured or insured. Loans that fall outside of the limits face tighter credit requirements, higher interest rates and larger down payments.

With home prices at their most affordable, and mortgage rates still at historic lows, a serious buyer would be very wise to make their move now.

If you want to understand what is happening in the real estate industry as it directly impacts your buying and selling decisions, look to the linked graphs below and then call me at 703.927.4554.

Alexandria

Arlington

Fairfax Country

Faquier County

Loudoun County

Prince William

Washington, DC

Let’s do this together,

Michael

Real Estate Market Report for Alexandria and Northern Virginia May 2011

Michael Bergin — Thu, 16 Jun 2011 02:04:09 +0000

The recent Case-Shiller report noted that, “In the midst of all these falling prices and record lows, [the metro] Washington DC was the only city where home prices increased on both a monthly (+1.1%) and annual (+4.3%) basis.”

That is GREAT news for our market.

The Case-Shiller Home Price Indicies tracks 20 cities in the United States, including New York, Boston, Chicago, Los Angeles and many others. This report is highly regarded as the most influential report published about the nation’s real estate market.

Take a look for yourself:

Alexandria

Arlington

Fairfax Country

Faquier County

Loudoun County

Prince William

Washington, DC

And for a free comparative market analysis of your neighborhood, give me a call at 703.927.4554.

It’s a great time to buy a home!

Michael

March 2011 Housing Prices in Zip Code 22314 – Old Town Alexandria and Potomac Greens

Michael Bergin — Fri, 22 Apr 2011 02:41:10 +0000

Today we are looking at the March 2011 Housing Prices in Zip Code 22314 which includes Old Town Alexandria and Potomac Green. (These numbers do not include condominium sales.)

The first thing that struck me about this chart was the consistency in the number of sales over a five year period. Prices and days on the market have been up and down but the number of sales has held steady.

March

Zip Code 22301	No. of Homes Sold	Average List Price	Average Sold Price	Days on Market
Mar 2011	26	$668,228	$654,935	70
Mar 2010	25	$771,088	$695,396	67
Mar 2009	20	$517,472	$596,508	71
Mar 2008	20	$692,560	$670.345	94
Mar 2007	25	$787,704	$740,040	140

As always, each month’s sales are dependent on multiple factors including the amount of inventory, the number of priced-to-sell homes, the number of qualifying buyers, etc. etc.

For more information on properties in Old Town Alexandria, give me a call at 703.927.4554.

Michael

March 2011 Housing Prices in Zip Code 22301 – Del Ray, Rosemont and Temple Hills

Michael Bergin — Tue, 19 Apr 2011 17:36:11 +0000

Today we are looking at the March 2011 Housing Prices in Zip Code 22310 which encompasses the Alexandria neighborhoods of Del Ray, Rosemont and Temple Hills.

We’re also taking a five year overview to get a larger sense of what the market is doing in our area.

As always, each month’s sales are dependent on multiple factors including the amount of inventory, the number of priced-to-sell homes, the number of qualifying buyers, etc. etc.

Zip Code 22301	No. of Homes Sold	Average List Price	Average Sold Price	Days on Market
Mar 2011	17	$674,800	$646,665	69
Mar 2010	4	$628,475	$614,150	33
Mar 2009	14	$719,336	$710,457	46
Mar 2008	8	$607,825	$686,363	128
Mar 2007	25	$683,744	$664,796	60

For more details and a free comparative analysis of your property, give me a call at 703.927.4554.

Michael

Real Estate Market Report for Alexandria and Northern Virginia March 2011

Michael Bergin — Wed, 06 Apr 2011 23:08:21 +0000

The Real Estate Market Report for Alexandria and Northern Virginia for March 2011 brings good news both in the number of sales and housing prices.

Sales of 166 in March 2011 were up >19.4% over March 2010 sales of 139 and up >15.3% from 144 sales in February 2011.

Overall March 2011 YTD sales are running 14.4% ahead of last year.

The average price of homes sold in Alexandria was up >10.7% from $400,668 in March 2010 to $443,507 in March 2011 and up >5.7% from February 2011.

Median prices were up >21.3% from March 2010 to March 2011 and up >4.9% from February 2011.

For a more detailed look at individual markets, click on each of the specific areas below:

Alexandria

Arlington

Fairfax Country

Faquier County

Loudoun County

Prince William

Washington, DC

And for a free comparative market analysis of your neighborhood, give me a call at 703.927.4554.

It’s a great time to buy a home!

Michael

Home Buyers Want Move-in-Ready-Condition

Michael Bergin — Tue, 05 Apr 2011 23:37:56 +0000

Now that we are finally beginning to see what we call spring weather, the question on everyone’s mind is how strong is the spring market?

While it’s too early to make any sweeping statements on the spring selling season, news of multiple offers are coming in across various regions and multiple price brackets.

This activity indicates that buyers are prevalent and are acting on those opportunities where they perceive value. In other words, homes that are in good condition are making the most impression.

It’s really more than just being in good condition though.

A recent study by Coldwell Banker Real Estate surveyed 300 first-time home buyers who purchased a home in the last year and found that 87 percent of those queried want to buy homes that are in move-in-ready condition.

First-time buyers essentially want to buy a home that is affordable, but don’t want to spend the time and additional money to improve a fixer-upper like they did in years past.

The study also found that 67 percent said the market afforded them the opportunity to buy a home sooner than expected.
Half said they found a home in a more desirable neighborhood than expected, and
61 percent were able to get the home at a better price than expected.

This survey is important because it explores what is most important to new buyers and provides insight for those looking to buy or sell in 2011.

According to the National Association of Realtors (NAR), first-time home buyers accounted for half of the market in 2010.

For home sellers, the message is clear. You must price your home competitively and ensure that it stands above the crowd.

Want more information on buying or selling in Alexandria or Northern Virginia?

Give me a call at 703.927.4554 and let’s get started.

Michael

February Sales for Zip Code 22301 in Del Ray, Rosemont and Temple Hills

Michael Bergin — Wed, 23 Mar 2011 11:35:39 +0000

We decided to try something new with this look at the February sales figures for zip code 22301 which encompasses Del Ray, Rosemont and Temple Hills.

Instead of just giving you the figures for February 2011, we went back five years to get a larger sense of what the market is doing in our area.

At the same time, each month’s sales are dependent on multiple factors including the amount of inventory, the number of buyers, qualifying buyers, etc. etc.

Zip Code 22301 FEBRUARY	Av. List Price	Av. Sold Price	Days on Market
2006	466,900	456,239	48
2007	715,468	695,368	136
2008	528,907	507,607	62
2009	493,918	476,918	107
2010	637,083	630,750	28
2011	609,868	586,907	104

For more details and a free comparative analysis on your property, give me a call at 703.927.4554.

Michael

Real Estate Market Report for Alexandria and Northern Virginia December 2010

Michael Bergin — Thu, 13 Jan 2011 00:33:02 +0000

As we kick-off the new year and make resolutions to keep our resolutions, one question is still at the forefront. Will the housing market and the economy improve over all in 2011?

Depending on what you’re reading or who you’re watching, the opinions of economists and real estate industry watchers are varied. It’s not easy to predict what the market will do in the coming year, especially without the help of a crystal ball. However there are some key indicators to follow.

Most agree that the housing market recovery is largely based on the recovery of the job market. Consumers will make a down payment and purchase a home when they feel financially stable and secure.

According to a U.S. Bureau of Labor Statistics report released in December, 28 states and the District of Columbia posted unemployment rate decreases from a year earlier although the national jobless rate approached 9.8 percent in November.

Alexandria

Arlington

Fairfax Country

Faquier County

Loudoun County

Prince William

Washington, DC

In December, the Labor Department issued statistics that showed applications for jobless insurance payments fell by 3,000, sending the average in December to the lowest level since August 2008, and fewer workers filed claims for unemployment – signaling that the U.S. job market is improving, if only slightly.

Another indicator to watch is pending home sale statistics. According to the National Association of REALTORS® (NAR), pending home sales jumped in October, showing a positive uptrend since bottoming in June. The NAR Pending Home Sales Index rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September as buyers rushed to meet the Tax Credit deadline in 2009. On the downside, the index remains 20.5 percent below when compared to the same time last year.

Overall, these numbers are positive, but we still have some way to go before a full recovery is realized.

“It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels,” said Lawrence Yun, NAR chief economist. “The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011.”

At Coldwell Banker Residential Brokerage, we are looking forward to at 2011 that brings a revived economy and a stable housing market. Let me help you be part of that improving market.

For a free, confidential comparative housing analysis for your neighborhood, call me at 703.227.4554.

Michael

November 2010 Real Estate Market Report for Del Ray, Rosemont and Temple Hills in Zip Code 22301

Michael Bergin — Fri, 31 Dec 2010 02:19:04 +0000

In January we will be able to give you a much better look back at 2010 as a whole but for now, let’s take a look at the November 2010 Real Estate Market Report for Del Ray, Rosemont and Temple Hills in Zip Code 22301.

The number of sales was almost identical but there was a very slight drop, -1.5%, in the average home sale in November 2010 as compared to November 2009.

A closer look at the high list prices though shows two million dollar + houses on the market in November 2009 while the highest list price in November 2010 was well under the $900,000 mark.

Even better news comes with the average number of days on the market. In November 2009, the average was 75 but in 2010 it dropped to 35 – a great sign for both buyers and sellers.

November Del Ray, Rosemont, Temple Hills (22301 zip)	2009	2010
Av. List Price	$659,629	$623,587
Av. Sold Price	$623,309	$613,591

Low List Price	$209,000	$479,000
Low Sold Price	$209,000	$473,000

High List Price	$1,475,000	$849,000
High Sold Price	$1,175,000	$839,000

# of Home Sales	17	16

Av. Days on Market	75	35

As always, these numbers represent a wide variety of properties and locations within the 22301 zip code.

For more information and a free competitive market analysis that reflects your neighborhood and property, call me at 703.927.4554.

Michael