The Big Picture Housing demand is increasing in our area for all types of homes. Luxury homes and condos are increasing the most (condos above $570,000). The months of supply is around 2.4-5.5 months (single families at the low end and condos at the high end). But overall the market is fairly slow. The T3… Continue reading How’s the Market? March 2023
We have a rebounding market in our region. There has been a lot of change and buyers are beginning to come back out. Let’s take a look at what that means. According to Yolanda Muckle, 2023 President, Maryland REALTORS®, January’s numbers may indicate a market that’s getting used to current conditions. Last November, the 30-year… Continue reading How’s the Market? February 2023
What can you expect to see in 2023? Well we don’t have a crystal ball, but let me gather together some of the important facts and trends so that you know what to expect in 2023. How Does the Economy Look? The US GDP is up, unemployment is down (down to 3% or pre-pandemic level),… Continue reading Housing Outlook 2023 – What can you expect?
Happy New Year! Let’s get nerdy. Inventory has not risen during the economic slowdown. Months of inventory are coming up (Moco from 0.5 on 1/1/22 to 1.46 1/1/23 and DC to 3 months for single family and 4.5 months for condos), but we are still seeing a strong market. We are still in a seller’s… Continue reading Jan 1, 2023 Housing Inventory
Welcome back to the monthly series, How’s the Market? 2022 is officially over and I think we are all ready for a fresh start. Let’s start by looking at the key market stats for the DC area. Inventory The pace of sales is good – Montgomery County, PG, Fairfax, Loudon, Alexandria City are all under… Continue reading How’s the Market? Dec 2022
Welcome back to my monthly blog “How’s the Market?” This is our Nov 2022 blog post which uses Oct 2022 data. First let’s start with a look at where we are compared to where we were in 2019, 2020, and 2021. Inventory One of the top items that we are all watching — Inventory. DC… Continue reading How’s the Market? Nov 2022
Let’s go back in time. In 2008, people were worried about losing their home in a foreclosure. A lot of homes hit the market, but there were not enough people to purchase them, and prices fell. 2008 is different. The housing bubble was a big factor in the actual recession itself. That is not the… Continue reading This time is different?
How’s the Market? Welcome back to my monthly series “How’s the market?” where we talk about the current state of the market in the DC metro area. These are the September 2022 stats. Let’s check in on interest rates In June we were seeing rates around 6%. Since then the Federal fund rate has gone… Continue reading How’s the market? Oct 2022
Welcome back to this September edition of my “How’s the Market?” series. This data is the Aug 2022 data. The Fall season is officially here! What are we seeing? There is a big cooling from this time last year, but that was a rare market. We are still doing better than Aug 2019. Inventory There… Continue reading Hello Fall Market!
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?