Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

REALTORS® Expect Modest Price Growth in Next 12 Months, Based on June 2014 REALTOR® Survey

by National Association of Realtors

Post from the National Association of Realtors ®

REALTORS® generally expect home prices to increase in all states and the District of Columbia over the next 12 months, according to the June 2014 REALTORS® Confidence Index. The median expected price increase is 3.6 percent [1].

Expected price movements depend on local conditions relating to housing demand and supply, demographics, and job growth. Difficulties in accessing mortgage financing, and modest expectations about overall economic and job prospects are factors underpinning the modest price expectation. The expected price growth was highest in FL, TX, CA, and OR, where inventory remains tight, and where there are strong growth sectors (e.g., technology, oil) and cash sales (FL).

District Stands Firm As Home Purchase Destination

by GCAAR

Information From GCAAR

District Stands Firm As Home Purchase Destination

Prices, Condo Contracts, and Settlements Rise in June  

 

The District of Columbia continued to be a popular destination for home buyers as prices, condo contracts, and settlements rose in June. Inventory increased for condos in the District but dropped for single-family homes compared to June 2013. Montgomery County activity slowed in all areas with the exception of home prices, which increased for both condos and single-family homes.

 

Washington, DC

The average days on market down by 6.25% compared to June 2013. The median price for condos rose 1.2%, with single-family homes receiving a 2.7% increase. Inventory increased 21.2% for condos, but single-family inventory was down 1.8%. Condo contracts increased 9%, but dropped 2.7% for single-family homes Settlements increased 3.8% for condos, and 5.9% for single-family homes compared to June 2013. 

 

Montgomery County

The average number of days on market was up 15.15% from June 2013. Median condo prices saw a 4.4% increase, and the price of single-family homes rose by 3.3%. The amount of available inventory increased in June, with a 33.3% increase for condos and a 44.1% increase for single-family homes. The number of contracts declined, dropping 15.7% for condos and 7.3% for single-family homes.  Settlements increased for condos by 3.8%, but dropped by 1.5% for single-family homes compared to June 2013. 

 

 

 

District of Columbia
June 2014 June 2013 Change
Average Days on Market: Condo &
Single-Family Homes
30 32
-6.25%
Condo Median Price $412,200 $407,500
1.2%
Condo Total Active Listings 687 567
+21.2%
New Condo Contracts This Month 410 376
9.0%
Condo Settlements This Month 409 394
3.8%
Condo Absorption Rate (Total Active Listings /New Contracts) 1.68 1.51
+11.3%
Single-Family Median Price
$607,750
$592,000
2.7%
Single-Family Total Active Listings
594
605
-1.8%
New Single-Family Contracts This Month
438
450
-2.7%
Single-Family Settlements This Month
429
405
5.9%
Single-Family Absorption Rate (Total Active Listings /New Contracts)
1.36
1.34
+1.5%
       
Montgomery County June 2014 June  2013 Change
Average Days on Market: Condo &
Single-Family Homes
38 33
+15.15%
Condo Median Price
$224,500
$215,000


4.4%
Condo Total Active Listings 589 442
+33.3%
New Condo Contracts This Month
258
306
-15.7%
Condo Settlements This Month
276
266
3.8%
Condo Absorption Rate (Total Active Listings /New Contracts)
2.28
1.44
+58.3%
Single-Family Median Price $469,990 $455,000
3.3%
Single-Family Total Active Listings 2573 1786

+44.1%
New Single-Family Contracts This Month 921 994
-7.3%
Single-Family Settlements This Month 980 995
-1.5%
Single-Family Absorption Rate (Total Active Listings /New Contracts) 2.79 1.80
+55.0%
 
GCAAR
15201 Diamondback Drive, Suite 100
Rockville, Maryland 20850

Housing Market Continues to Stabilize in 2014

by Jeff Detwiler - Long and Foster
 
Housing market continues to stabilize in 2014
Inventory is steadily rising, while prices have also increased
We're now halfway through 2014, and as anticipated, the market has slowed down from the brisk pace of last year. It's a stabilization of the industry that was predicted by our team here at Long & Foster, and it's attributed to a variety of developments—three of which stand out as the most significant to me.
  • First, the mortgage industry faced a changing regulatory environment as the Dodd-Frank Wall Street Reform and Consumer Protection Act took effect in January 2014. Lenders of all sizes were faced with challenges implementing the new rules and we're just now beginning to see how it's impacted the loan business.
  • Second, the real estate industry has seen a slowdown in investor demand, which attributed to about 1 in 5 purchases in 2013. Now, though, as financing costs and property values have increased, investors aren't as eager to buy real estate.
  • Last, and perhaps most significant, the low interest rates of the past few years have left many homeowners unwilling to sell. The 3.5 percent mortgage rates that spurred so many refinances and purchases have placed homeowners in a situation where they don't see the financial benefit of selling. It's the downside of low mortgage rates, and it's an issue I expect we'll have to manage for years to come.
Regardless, we have seen many positive developments in the market this year. For example, while inventory remains low, it's steadily increasing. The National Association of Realtors (NAR) reported a 5.6-month supply as of May, which is much closer to normal than last December's 4.6-month supply. Sales prices also have been on the rise across the country. Both NAR and the Mortgage Bankers Association predict this growth will continue through the year, and we've seen such developments at Long & Foster.
 
While we're down year-to-date about 6 percent in volume and 7 percent in units, our sales are quite similar to the overall market. I'm confident our performance will continue to improve, and I'm appreciative of all you've done to help Long & Foster bring the homeownership experience to buyers and sellers across the Mid-Atlantic and Northeast this year. Let's keep up the good work as we move toward the future!
 
By the Numbers Wrap-up for June 2014
 
  • Real Estate: More than $2.6 billion in sales volume, a 10 percent decrease from June 2013, for a year-to-date total of over $15.2 billion
  • Real Estate: 7,181 unit transactions, an 8 percent decrease from June 2013
  • Property Management: Created 127 new accounts and referred 25 of our current accounts to Long & Foster Real Estate sales agents for potential sales listing in the month of June
  • Rental Service Center: Processed 1,663 applications and paid 1,322 rental cases, which includes placing a tenant, ratifying the lease and paying the leasing commission
  • Mortgage: 581 customers served, earning over 23 percent of Long & Foster business
  • Title: 1,477 customers served, earning more than 48 percent of Long & Foster business
  • Insurance: 299 new policies issued, earning almost 10 percent of Long & Foster business

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives

Contact Information

Photo of Phyllis Wiesenfelder Real Estate
Phyllis Wiesenfelder
Long & Foster Real Estate, Inc.
4650 East West Highway
Bethesda MD 20814
Direct: (301)215-6915
Mobile: (301)529-3896
Fax: Office: 301-907-7600