Overall Market Snapshot Inventory Mortgage Rates How are interest rates affecting this? The higher interest rates are affecting the lower price end of the market more because those buyers are more impacted by financial changes. 10 year treasury bonds broke 5% which caused mortgage rates to hit 8%. The next Fed meeting was November 1.… Continue reading How’s the Market? October 2023
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How’s the Market? September 2023
In the briefest of sentences, this is where we are – low supply (inventory) with high demand (buyers who want to buy) leads to increasing prices. As of 9/26, there was about 3.7 months of inventory in DC. The average list price was just under $1,000,000, which is up 7%. There was 1.2 months of… Continue reading How’s the Market? September 2023
How’s the Market? August 2023
Happy Fall! Now that we are entering our Fall market, let’s close out Summer 2023. The quick take: Our market has remained resilient. Our housing market demand remains strong and prices continue to rise. While home prices have fallen in some U.S. markets, prices have been consistently rising throughout our area and were up 3.9%… Continue reading How’s the Market? August 2023
How’s the Market? June 2023
It is still a seller’s market with all that entails. Consumers are continuing to tour homes. Showing activity in the Mid-Atlantic has continued to track near 2019 levels despite the lack of inventory on the market. Buyers are motivated, but they need homes to purchase. Inventory The market has continued in much the same way… Continue reading How’s the Market? June 2023
How’s the Market? May 2023
Not much has changed since last month. The amount of new listings continues to lag. New listings are down 22.6% in the Mid-Atlantic compared to the same time last year. Our area is down 40-50%. The number of showings on listings is still similar to 2019 levels. Given that inventory is so low, we are… Continue reading How’s the Market? May 2023
How’s the Market? April 2023
Let’s start with a general description of the market. The Bright MLS T3 Home Demand Index is 83 or Slow. Buyers are restricted to significantly fewer listings on the market than they saw prior to the pandemic housing frenzy. Demand is strongest for luxury single family home and luxury condos. Limited inventory and higher interest… Continue reading How’s the Market? April 2023
How’s the Market? March 2023
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
How’s the Market? February 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
Housing Outlook 2023 – What can you expect?
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?
How’s the Market? Dec 2022
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