Welcome back for your July Market Update (Data from June 2022). Market Trends Home sales are slowing. The number of pending contracts is down 21% compared to last year. This is the largest decline since the spring of 2020 (original covid slowdown). Inventory is increasing in some submarkets, but still decreasing in other markets. This… Continue reading How’s the Market? Is inventory rising? Are prices decreasing?
Mid-way through 2022 – How’s the Market? June 2022 An quick overview In the last year in Washington DC, inventory has increased by 7%, the median list price is up 9%, the median sold price is down 6%, and the sold volume is down 9%. In Montgomery County, inventory is down 9%, median list price… Continue reading Midway through 2022 – How’s the Market, June 2022
I am enjoying my first month at TTR SIR. We recently reviewed their last year results. In 2021, Sotheby’s International Realty reached a historic USD$204 billion in global sales volume and now have more than 1,000 offices in 79 countries. What does this mean to you? My network just got a lot bigger!! I’m happy… Continue reading My Network Just Got a Lot Bigger!
What kind of market can we expect in 2022? The Housing Market in 2021 The total value of the residential real estate market grew by a record amount in 2021 – $6.9 trillion – to $43.4 trillion. (Source: Manhertz) This value gain comes from an increase in home values due a decrease in inventory (less… Continue reading What Kind of Housing Market Can We Expect in 2022?
New Temporary Requirement for Condos and Co-Ops Fannie Mae has a new temporary requirement for condo and co-op projects due to the collapse of the Champlain South Tower in Surfside, FL. In response to concerns over projects with significant deferred maintenance, Fannie Mae is issuing temporary new requirements effective Jan 1, 2022. Buyer putting less… Continue reading New Temporary Requirement for Condos and Co-Ops due to Champlain South Tower Collapse
Demand | Market Oct 2021? How’s the Market Oct 2021? We started to see a softening at the end of the summer and we were not sure if that was going to be a blip or continue. Demand for homes in the DC Metro area eased in October. The Bright MLS | T3 Home Demand… Continue reading How’s the Market? Oct 2021
So, How’s the Market? If you have been paying attention to the market, you can feel that it slowed in August. A lot of buyers and agents were on vacations or getting into the back-to-school groove. Typically, this area sees a slow down in August, but we missed that slowed down last year due to… Continue reading How’s the Market?
Current Market Demand Buyer demand is high – Thank you Captain Obvious! The market in May has softened a bit though (down 7%). Demand is strongest for single family homes priced above $950,000 and higher priced condos. Inventory Inventory is low (similar to 2019 levels). There is 0.7 months of supply for mid-priced single family… Continue reading 2021 Mid-year Market Review Check in!
A Covid Update Since April 2020 Let’s start by talking about what happened. The US has experienced the longest economic expansion ever and then 10 years of progress was lost in a single month. While we are not back to fully recovered, the housing market has continued to do well. And in general, people who… Continue reading How is the Market? A covid update since April 2020
September 2020 vs 2019 As we head into the late fall, let’s take a look at the housing market and see where we are. This year has several “unusual forces” acting upon it – covid-19 and everything that comes with it, the looming vaccine(s), the upcoming election, a potential Presidential transition, and the inauguration. … Continue reading How’s the Market? September 2020 vs 2019