Market Stats
Arlington Home Sale Statistics - July 2008
August 11th, 2008 Categories: Arlington Dirt, Market Stats
The months seem to be going by faster and faster - I’m not sure whether that means I’m getting older (let’s not go there) or I’m just busy? Who knows. In any case – here we are again, looking at market statistics. They are what I’d expect for July - pretty flat carryover from June – however, there is one surprise…
First let’s look at the numbers:
All of these numbers are fairly consistent with what we’ve been seeing – a little higher here, a little lower there, but what’s remarkable to me are the number of unit sales in the single family home market. This represents the largest unit sale month since last July! Look at the chart below:
How about that…. where we never saw a huge jump in “spring” – March, April May and June were all up but fairly flat… WOW then look at July! Now perhaps there were just some longer settlements on those contract numbers… after all, it’s hard to make sense of that many contracts being written but not the sales – and believe me, 40% of contracts do not fall apart – so perhaps we’re seeing a larger number of contracts with longer close dates?
So what’s the message? I get asked this all the time.
“Jennifer, how’s the market?”
“Jennifer, what are the market trends?”
“Jennifer, have we bottomed out?”
“Jennifer, what price should I offer?”
These are all difficult questions. My general feeling is and has been that the Arlington market is fairly well protected from the sharp declines that the other markets have felt… our absorption rates are still less than 4 months across the board (how much inventory we have on hand) and I’m looking forward to a healthy fall!
If you’d like to look at more specific numbers, whether it be for your town, your zip code, your neighborhood… whatever, feel free to give me a jingle.
Happy Monday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Fall is right around the corner!
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Arlington Virginia June 2008 Housing Sales Statistics
July 9th, 2008 Categories: Arlington Dirt, Market Stats, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
Hello – me again…
I’ve been running numbers and statistics for a few different publications I author for the past few days and I find the data very interesting. Here’s how the numbers stacked up for June sales in Arlington:
Doesn’t look remarkable one way or the other… compared with last month, inventory levels and “solds” are stable but contract writing is up significantly (except in the condo market where things are stable).
And here are the current absorption rates:
Pretty good – however, upon further inspection, looking at year-to-date, and year over year comparisons, this really gives us the picture. Here’s year-to-date 2007 to 2008 comparison for the condo market:
WOW – that’s a 42% decrease in unit sales – with average selling prices AND Days on Market remaining somewhat constant – odd…. Here’s what it looks like for single family:
Single family is not as gloomy, but still seeing a 29% decline in unit sales again, with average selling prices only experiencing a 4.3% decline and days on market virtually the same. Somehow out in the world it just doesn’t seem this way. I’m having a busy sales year (don’t get me wrong, I ALWAYS have time for a new client or two!), it does seem like homes are taking longer to sell - but perhaps in my mind it’s always a comparison with 2004 when things were nuts!
So, you might wonder, what’s happening to all of those homes that are “excess inventory?” Many are simply being withdrawn – those will choose another time to sell – if they can. The rental market is up almost 14% this year - so some are being rented rather than sold.
A lot to ponder - but if you are a buyer – there is a lot of inventory to choose from. However, please keep in mind that market conditions aren’t such that sellers just roll over – yes, they would like to sell their homes, but for fair prices with fair terms.
Should you like to discuss it further, I’m always happy to talk real estate!
Happy (gloomy) Wednesday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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May 2008 - Arlington County Real Estate Sales Figures are IN…
June 9th, 2008 Categories: Arlington Dirt, Market Stats
I can hardly believe another month has rolled by – school is almost out, temps are pushing 100 and summer is just around the corner. Usually May is a strong selling month for us and while it held its own, it’s clear to me that we are not in the same tempo we were a year ago.
Here’s how the numbers looked for May:
The numbers are fairly consistent with what the spring has looked like. Nothing alarming, but look at this May as compared with May of 2007. Condos:
We are down by over 30%, both in contract AND sold, while inventories are fairly consistent to last year…. hmmm…
Here’s what the single family home market looks like:
Same numbers hold true for this market – just under 30% fewer sales year over year. Oddly enough, anecdotally, the market feels very good. Open houses are well attended, people are writing contracts and condos and homes ARE selling!
Even our absorption rates look decent when compared with national numbers:
So there you have it. Don’t be shy – it’s an excellent market for both buyers and sellers. I’ve been saying for some time now that it’s a very balanced market.
Call to chat anytime! I’m staying inside to avoid melting – today someone asked me “like ‘The Wizard of Oz’ melting?” Yes, I said, nice visual! 
Happy Monday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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April 2008 Sales Figures are in for Arlington Virginia
May 8th, 2008 Categories: Arlington Dirt, Market Stats, Northern Virginia Real Estate Dirt
The time is flying by – the trees are a remarkable shade of deep green; the days of glorious flowering trees have passed; the weather is feeling warmer, the sun a little higher and brighter and I can feel summer ahead! This is usually our busiest time of the year in real estate – although unlike some markets around the country who are VERY cyclical, we are such a transient area here that while not without dips and peaks, we tend to be a little steadier than some.
April numbers look pretty good – and pretty consistent with March with very few swings. Here’s the chart for the month:
Just a note, these are now NET Average Selling prices I’m reporting on… so if there are any seller subsidies, or contributions towards closing, they will be reflected in these prices. I would say all in all, no big surprises. Here are the current absorption rates:
Again, fairly consistent, given that these statistics can swing wildly because they are dependent on the sales for the prior month. I did pull some additional information which I thought was very interesting. On average, condos are selling for 94.6% of original list price – again, a NET number – I prepare ALL of my sellers that they may be asked to contribute closing costs – this is an automatic 2–3% reduction, bringing it down to a 97–98% expectation IF list price is right on.
As I looked at the sale of single family homes throughout Arlington, I found that they are selling for an average of 91% of list - however, there was 1 sale of a VERY high end property that swung the average unfairly, so taking that out, I found almost the same statistics for condos at around 94%. Interestingly enough, I can pull statistics based on either original list price OR the last listed price, meaning after any/all price reductions. What I found was pretty interesting. Across all property types, after a price drop we were still looking at an average of 96–97% of list price - again, considering paying any closing costs, it gets pretty close to asking price as an average.
As for asking prices, of the 77 single family homes that sold in Arlington in April of 2008, 16 of them sold AT OR OVER 100% of list price. TEN of these being over 100% the highest being 116% of list price.
Very interesting statistics… I believe pointing to the fact that we’re in a healthy marketplace for both buyers and sellers… Pricing is key!
To discuss further, I’m always available! Give me a jingle any time!
Happy Thursday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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March Sales Figures for Arlington Virginia
April 15th, 2008 Categories: Arlington Dirt, Market Stats
In like a lion, out like a lamb? I am thinking not so much! I’m thinking in like a lion, out like a monsoon!!! The market is definitely picking up! I’ve been so busy this is the first real chance I’ve had to sit down and work with last month’s sales figures. Here’s how it stacked up in Arlington:
We are up across the board from last month – we have more units under contract, more sold, and higher average selling prices as well! Great news for sellers — all you buyers out there… don’t be nervous – values aren’t plummeting and now is a great time to get started.
Absorption rates are looking better as well. Remember, this is a snapshot indicator of how long it would take to sell through our current inventories:
These numbers are ALL lower than last month! And frankly speaking, this is what I would expect heading into springtime!
There’s only so many times I can repeat myself month after month. Our real estate market here in Arlington – FOR THE MOST PART - is fairly stable and generally a great time to be on either side of the table.
For more information, feel free to give me a jingle.
Happy Tuesday!
Jennifer Klaussen
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is right around the corner!
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McLean Sales Figures for February 2008
March 14th, 2008 Categories: Market Stats, McLean Dirt
February was not a stellar month for home sales in McLean neighborhoods. While there are still quite a few buyers out there, we are hearing that many of them remain on the fence – trying to game the market as to whether we’ve seen the bottom or not. It’s really anyone’s guess. We’re hoping to see activity pick up a bit as it has in it’s neighboring community of Arlington!
So here’s how February stacked up:
In the single family market, there were more contracts written in February than in January by a 40% margin and hopefully that will translate to sales in the coming months. Open House traffic is good – but few buyers are willing to take the plunge at this time.
As far as absorption rates, they are as follows:
It sure would be nice to see some activity picking up in 22102!
If you’d like to chat - you know where to find me! 703–593–0877
Happy Friday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is right around the corner!
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February Sales Numbers are in for Arlington - Early Spring?
March 8th, 2008 Categories: Arlington Condos, Arlington Dirt, Market Stats, Northern Virginia Real Estate Dirt
Well, as expected we are seeing quite an improvement over January when everyone is hibernating! Yes, things are still volatile in the world of real estate right now, but we are seeing signs pointing to a typical spring market around these parts! Good activity, especially in the contract writing segment. Take a look…
“Sold” units have doubled for single family homes since January and contract writing is up about 25%. I’m fascinated by trends, so once again, I think it’s wise to look at these numbers as they’ve trended for almost the past year:
More contracts for single family homes were ratified in February than in any single month since last July. That’s big! Similar numbers posted for condos. Lastly, let’s look at absorption rates:
Looking pretty good and very consistent. These are only interesting to a point - they rely on the sales numbers for this month to determine how long it will take to sell through our inventory at THAT rate… so it’s different every month. But any way you slice it, single digit numbers are good to see here.
So, I will leave you with a few comments. I worked an open house last weekend and had over 50 sets of guests! FIFTY!!! That’s HUGE. There’s definitely activity picking up in the market and that’s exciting to see.
On the financial front, with the new conforming loan limits, some are nervous about where that will push interest rates; however, a jobless report came out which may help temper them and we might find ourselves in a nice little pocket for now. Stay tuned.
If you’re considering buying or selling – give me a call to discuss. As you can see, the spring market is shaping up nicely and I’d be happy to be YOUR go-to resource for all of your real estate needs!
Happy (rainy) Saturday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! The Time is NOW!
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McLean Market Stats - January 2008
February 7th, 2008 Categories: Market Stats, McLean Dirt
Where are things headed in the McLean housing market? Well, January trended along with the region a little sluggish — I find contract writing along with solds to be a little off - but then again, it IS January and unless you’re really in need, the spring season doesn’t kick in until the February/March time frame.
Here is how the numbers look for January Actives, Contracts and Solds look for different market segments within McLean:
We also like to look at absorption rates, i.e., how long will it take to sell through the current inventory at the current rate of sale. Now, since January was a bit sluggish, it will adversely impact absorption rates, but here they are:
Certainly this doesn’t bode well for the 22102 inventory of single family homes - this indicates 2+ years of inventory on hand.
If you’d like to talk over the numbers OR have a specific neighborhood investigated, please give me a call. I’m always happy to talk real estate with you!
Happy Thursday!
Jennifer Klaussen
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is right around the corner!
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Sluggish Start to the 2008 year - or was it a Sluggish End to 2007?
February 7th, 2008 Categories: Arlington Dirt, Market Stats
Here we are again, looking at monthly sales figures for Arlington for January 2008. It was very interesting pulling this data together – it was a VERY slow month for sales – so I went back into the previous month’s records to make some sense out of it. Here’s what the snapshot looks like for January:
EIGHT homes sold in all of 22207? So I pulled together some interesting info:
Check this out… these are the raw numbers from April 2007 through January, 2008 – look at how contracts relate to solds… December was a LOW contract writing month and translated to a LOW January selling month. Same thing happened October to November. So, I feel better seeing the uptick in contract writing for January – it will be so interesting to see what 2008 has in store for us! Here is the same chart for Single Family Homes:
Now you know this sluggish sales activity will have a somewhat exaggerated impact on absorption rates, but here they are for Arlington:
I don’t buy it as a trend, looking at the contract writing stats, but there you have it. We are definitely seeing an up-tick in activity. There are MANY folks out there trolling open houses, trying to learn the market, how far their money will go, etc…
Please remember – here in Arlington, McLean, Alexandria we are NOT following national trends – we still have a healthy market in which to buy and sell real estate and if you’d like to talk further, I’m always here!
Happy Thursday!
Jennifer Klaussen
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is right around the corner!
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Arlington County Sales Figures for 2007 - And What a Year it Was…
January 10th, 2008 Categories: Arlington Dirt, Market Stats
Well, I’ve just finished compiling sales figures for Arlington County for the year end of 2007. It was a mixed year – a year with a lot of media hype, a lot of consumer panic, a lot of deals to be made and a lot more inventory than we’ve seen in a long time. Here’s how December looked compared with December of 2006:
There were 2 sales that drastically affected the days on market for 2007 (notice 154) which is out of normal – but other than that, Unit sales were down across the board, Days on Market were fairly stable in the condo market, but up in the single family market, and average selling prices were UP… go figure. As I have continued to say every single month, looking at one month in a vacuum is not telling of the current market conditions.
This brings me to the overall comparison of 2007 to 2006 – To listen to the local media, you would think it’s all gloom and doom, but here are the facts:
What I notice about this is:
- Condo sales are UP in units, Average Sales Price (barely, but still…) and flat for days on the market
- Single Family for all of Arlington: Down in unit sales by roughly 5% but UP in Average Sales Price and up for Days on the market
- Single Family just looking at the 22207 zip code: UP in unit sales, UP in Average Selling price and only up slightly for days on market
So there you have it. We also look at absorption rates, i.e., how long at the current pace would it take to sell through our current inventory:
Not too shabby. I believe we’re headed for a great 2008 in the Arlington County real estate market.
If you have any questions at all or would like to discuss the possible sale of your home and/or the purchase of a new one, I invite you to call me to chat at your convenience.
Happy Thursday!
Jennifer
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