Northern Virginia Housing Market, August 2010
August 16th, 2010 Categories: Market Stats
So MRIS (the Metropolitan Regional Information Systems – our local MLS provider) just put out their monthly statistics and I thought I’d share with you what they compile – just as I track
ratified contracts, they track that and a lot more – they are interesting to say the least…
Overall, in Arlington County we are in better shape today than we were at this point last year – in almost every category except for the fact that across the board, inventory is down… For specifics, in Arlington County year over year, we see more new listings, more closed sales, more pending transactions (under contract) a higher median sales price, a higher percentage of list price received at the time of sale and fewer days on market… all things that point to an improving market. If you just look at JULY, we are seeing the effects of the shift of buyers forward due to the federal tax credit – for JULY only, we see fewer new listings, fewer closed and fewer pending transactions. However, we do see the higher sales price and fewer days on market – the inventory numbers for single family homes are down 19% but interestingly the inventory for condos/townhomes is up 13%
When looking at Fairfax County, the numbers are a little lower, but still not bad – year over year we are seeing a small increase this year, but we are seeing fewer closed and pending transactions. However, all else is in good shape including median prices seeing an increase and days on market a whopping 45% decrease this year (81 last year compared with 44 this year). Inventory as a whole for both single family homes and condos/townhomes is also down in Fairfax County.
And for Loudoun County – we see relatively the same patterns. slightly higher listings, lower closed sales and pending transactions. Higher median prices and lower days on market. The one thing that stands out in Loudoun County is that they actually have seen an increase in inventory at 2.1% – it’s small, but a positive fact!
What does all this mean? Buyers are buying – after all, with interest rates hovering around 4.5% you’d be crazy not to consider it!! (I actually wrote a contract over the weekend for buyers who just this morning were quoted 4.25%!!!!) Sellers, if priced properly are selling their homes – we just need more inventory – So if there’s anything you think I can help with, please don’t hesitate to pick up the phone and call, text or email – I’d be happy to discuss your real estate needs with you.
Happy Monday!
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Condo Focus – Hyde Park in the Ballston Neighborhood
August 3rd, 2010 Categories: Arlington Dirt, Condos
I was contacted by a homeowner last night who owns a unit in Hyde Park and it reminded me what a great, often overlooked building this is. Hyde Park was built in 1973 and was originally apartments. In 1980, the 322-unit complex was converted to condominium where units originally sold from around $30,000 to around $90,000.
There are 68 Studio units, approximately 138 1-bedroom units, 36 1-bedroom/den, 69 2-bedroom/2-bath and just 11 3bedroom units, one on each floor. The units feature large
balconies, super-sized floorplans, most have parquet floors.
Probably the few drawbacks I can see are that there are community laundry rooms, although they are outfitted with the latest and greatest front load, ultra efficient washers and dryers, and the washers are no charge – you only pay to dry – there are 2 laundry facilities on each floor. Another drawback is that the condo fee is slightly higher here than in neighboring buildings – however, all utilities are covered, so that’s a plus! The complex management is located on-site and there are businesses located on the main floor – so when you see a 1st floor unit, it’s actually on the 2nd floor (much like what you might see in Europe… only not!)
As for activity – there are currently NO units in this building for sale – there have only been 11 closed transactions year-to-date and 3 are currently under contract awaiting settlement. The details are as follows:
1 studio sold for $196K
5 1br units have sold for a median price of $295K (see this article for a discussion on why MEDIAN is more accurate than average) and 2 are currently under contract
1 1br/den unit is under contract with a list price of $329K
3 2br/ba units have sold for a median price of $413K
1 3br/2ba unit sold for $445K
If you are considering the Ballston neighborhood and looking for a condo, I highly encourage you to take a look at Hyde Park – it’s a great building! Of course, you have to wait until there are units active on the market – THUS, if you are a Hyde Park homeowner and considering selling your unit, now might be an excellent time – have you seen those interest rates lately? Give me a call to get a plan in place to get yours sold quickly!
Happy Tuesday
Jennifer
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Giving Back
July 28th, 2010 Categories: Arlington Dirt
In October, I will be participating in The Leukemia & Lymphoma Society’s (LLS) Light The Night Walk. Light The Night is the nation’s night to pay tribute and bring hope to people battling cancer.
I’m raising money to support the fight against blood cancer. The funds I raise for Light The Night will help find better treatments and cures for blood cancers so patients can live better, longer lives. You can join me in the fight by making a donation or by registering for the Walk and fundraising.
The Walks take place in the evening and walkers carry illuminated balloons — white for patients and survivors, red for supporters, and gold for those who have lost their battle to blood cancer. Anyone can take part — children, adults and seniors are welcome! It’s a casual fundraising event with music, food and fun prior to the Walk. It’s an amazing night! The Northern Virginia Light The Night Walk will take place on Saturday, October 2 at the Reston Town Center. To learn more go to www.lightthenight.org/nca.
Please join the fight by making a donation through my fundraising page. Just go tohttp://pages.lightthenight.org/nca/Reston10/jklaussen to make a secure, tax-deductible donation to The Leukemia & Lymphoma Society. Any amount donated will help to make a difference in the lives of those affected by blood cancer. Your generosity is appreciated!
Please feel free to forward my request to your friends and family. The more people we have joining the fight, the closer we are to finding a cure!
Thanks for your help!
Jennifer Klaussen
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Short Sales Are SCARY… Or not?
July 16th, 2010 Categories: Northern Virginia Basics
If you were one of the millions and MILLIONS of people who purchased their
homes in 2005, 2006 and maybe even 2007 (at least here in the DC metro area) chances are you now owe more than your home is worth. We call that upside down… Congratulations… ok, not really… doesn’t feel too good, does it?
I certainly don’t mean to sound smug or insincere or uncaring – believe me, I have seen the pain it causes and most people who are in this situation now were simply a victim of timing. Looking back, of course we all should have seen it coming, but if you needed a home, a roof over your head and purchased a home during those years, it is what it is.
If you have questions about short sales or if you think you might find yourself in a tight spot – don’t wait – please, don’t start depleting your savings and your retirement! First step: read the four part series I wrote on short sales and let’s set up a time to talk. Additionally, the organization which which I’m affiliated has regular free, un-scripted, confidential webinars to answer questions as to how to minimize risk, minimize the devastation and how to move forward. I will be happy to share the registration for these confidential events with you – just email me for the link.
If you know a short sale is in your future, give me a call or an email – let’s start talking today and strategize the best solution for you.
Jennifer
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