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
Your real estate wealth rescuer
Tag: housing market
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
How’s the Market? Nov 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
How’s the market? Oct 2022
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
How’s the Market? Is it a buyer’s market now?
Welcome back to my monthly series – “How’s the Market?” This is the August 2022 edition which covers July 2022 data. OVERALL MARKET PREDICTIONS: Where are we going for the rest of 2022 into 2023 Overall, expect the housing market activity to continue to slow through the second half of 2022 and into early 2023… Continue reading How’s the Market? Is it a buyer’s market now?
How’s the Market? Is inventory rising? Are prices decreasing?
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?