The Shadow Knows | Northern Virginia Marketwatch
Real Estate Update And Home Sales Statistics

What lurks in the future of Northern Virginia’s real estate market? With a tip of the hat to the old radio serial of the 1930s, The Shadow Knows.
 
In this case, we are watching two “shadows” closely: the much-discussed shadow inventory of distressed homes that may flood the market, as well as the long shadow cast by the specter of rising interest rates.
 
Distressed homes are short sales – those where the owner sells owing more than the house is worth – and foreclosures, broadly defined as those homes lost to the lender because of default on the mortgage. One of the measures we look at is the trend in new listings coming on the market in our regional multiple listing system and, as the chart to the right indicates, there is not yet an upward trend in this distressed inventory. Short sales (the yellow bar) constituted 16.6% of new listings in the first 4 months of 2009 and 14.8% in the same time period of 2010. Foreclosures (the red bar) were 7.2% of all new listings in January-April 2009 and just 2.3% so far this year. This doesn’t mean there’s nothing to worry about, because we know that lots of home owners are still upside down on their mortgage – but we are encouraged that the “shadow” inventory isn’t exploding.
 
Frankly, we’re convinced that rising mortgage interest rates will have more impact on the market recovery than distressed inventory, but we’re tempering our concern over the fact that, as rates rise, 3-, 5- and 10-year adjustable rate mortgages will become more popular, and their lower-than fixed rates will help cushion the loss of buying power that will come with higher rates. For more metro area statistics, visit http://www.mcenearney.com and click on the “news” tab.

If you’re thinking of a move, don’t let the summer sail on by … A great selection of homes is currently available, but the inventory is changing frequently. 

For the most up-to-date assessment of our LOCAL market, please call me today. As an industry leader, McEnearney Associates prides itself on it’s comprehensive knowledge throughout our area … data and statistics that just may surprise you.  

Alexandria VA Real Estate Update April 2010 |
Detached Homes Got Snapped Up Last Month

In March of 2010, many Alexandria City VA detached homeowners were pleased to join the coveted ‘Under Contract’ club.  While not yet settled, you can clearly see that last month, more buyers and sellers reached an agreement in the single-family detached home market.

According to the numbers:

• In the $400,000-$499,999 price range, the number of pending sales increased from one in the previous month, to six.
• In the $500,000-$599,999 price range, again six sales, up from two in the previous month.
• In the $600,000-$699,999 range, again a boost of two units, from eight to ten.
• Upper bracket detached homes in the $700,000-$799,999 range also snagged an additional two sales, up from three to five.
• Upper bracket detached homes in the $800,000-$899,999 range saw the largest jump from one unit, to a whopping seven!

So, what does this mean for detached home owners in Alexandria City (VA)?  It means that right now, there are a lot of opportunities to get in front of a ready, willing, and able buyer.  The competition is still there, so proper pricing cannot be ignored.

Manchester Lakes Real Estate Sales Update For January 2010

How did the condos and townhomes for sale in Manchester Lakes (Alexandria 22310) compare in January 2010?  Take a look at you’ll notice that the high number that stands out is the current number of active condos for sale. Home sellers in the Tiers, Tiers II, Surrey, Essex House, and Victoria Crossings are likely competing with the neighboring Kingstowne condos for sale (see Kingstowne stats for January 2010).

The community of Manchester Lakes continues to draw first time home buyers with the affordable condos.  The townhomes in Manchester Lakes rarely come on the market, but when they do, they are usually sold pretty quickly.  Last month, one townhome went under contract.  I’ll be keeping a close eye on the Manchester Lakes condo activity over the next couple of weeks.  Condo home sellers should be sure that when they check the competition that their listing agent not only stays on top of the immediate 22310 condo inventory, but also the adjacent 22315 condo inventory. 

See Also: Kingstowne Real Estate Market Update for January 2010

Kingstowne VA Real Estate For Sale And Market Statistics For January 2010
Townhomes For Sale Saw The Most Activity | More Condos Hit The Market

How did the real estate market in Kingstowne (Alexandria 22315) do last month?  The numbers are enlightening, especially for the townhomes.   The number of townhomes for sale that went under contract was up from 6 units last month to 13, and as you can see, the bulk of that inventory that was absorbed by ready buyers that were in the $400,000 – $499,999 price range.

While the real estate market for condos for sale in Kingstowne VA also witnessed a slight increase in units sold, up one unit from 5 last month to 6, there were also more Kingstowne condos for sale that entered the market.  Condo home sellers in Eton Square, Chancery, Stratford Place had stiff competition as the units that sold were split evenly between the $200k price range and the $300k price range.

Detached homes for sale in Kingstowne VA remained calm with 5 homes actively for sale, and only one that went under contract.

The Kingstowne VA real estate market seems pretty balanced,and as I’ve been saying in my previous posts, I think the traditional spring market is here and now.  If the tax credit is not extended again, I believe that many buyers may lose their motivation to buy and exit the market.

See Also: Kingstowne Market Stats for December 2009

See Also: Kingstowne Real Estate Video Tour

See Also: Sold in Kingstowne – 6974A Ellingham Circle in Eton Square

See Also: Sold in Kingstowne – 6431 Castlefin Way in the North Village

Alexandria City (VA) Real Estate Market Statistics Update For February 2010 |
We Sold More Than Last Month

Click for Full View of Image

More sellers who had their homes on the market last month are breathing a sigh of relief.  We (collectively) sold more houses in January than we did in December, and from where I’m sitting, that’s a positive sign for the winter market.  Here’s the breakdown by house type:

• The number of Alexandria City detached homes sold (not settled, but homes that went under contract) increased from 7 to 21.
• The number of Alexandria City townhouses/rowhouses sold increased from 32 to 41.
• The number of Alexandria City condos sold jumped from 53 to 78.

In the Alexandria City (VA) detached homes that were for sale, the bulk of the activity was in the price range of $799,999 and below.  The market practically comes to a complete halt once you hit the $800,000 mark.  Of the 20 detached homes listed for  $1M+, only 2 went under contract and both of these were listed between $1,250,000 – $1,499,999.

In the Alexandria City (VA) townhomes that were for sale, the bulk of the homes that were snapped up were priced between $400,000 and $600,000.  Luxury townhomes in Alexandria that were priced over $1M+ are still waiting or the perfect buyer.

The $300,000 and under price range is still where the action is for Alexandria City (VA) condos for sale with 30 units selling in the price range of $200,000 – $299,999 and 28 units selling in the price range of $100,000 – $199,999.  Still looking for a good deal, well here inside the beltway, there were 8 condos that went under contract with a list price of under $100,000!  And who says you can’t find anything close in?!

So, what does this mean if I want to list my luxury home for sale in Alexandria VA?  Be prepared for a marathon, not a sprint.  Just because a buyer is looking to spend ‘a cool mil’ or more doesn’t mean value is thrown out the window.  Luxury homebuyers are looking for quality and VALUE just like other buyers.  There’s lot of competition, and buyers are generally slower to act when there is more to choose from.  Even in the upper bracket, buyers don’t want to see a neglected home in need of repair, but a practically lived in (i.e. staged) home that allows them to envision a life there.

What about if I want to list my townhome for sale?  You’ll likely sell, and your days on the market will depend more on your price.  If you experience longer days on the market…then you’re probably selling the competition first.  Higher priced homes that need work ‘force’ the better priced homes in move-in condition to sell faster.

And if I’m listing my Alexandria VA condo for sale?  You’ll be in the most active part of the market if your asking price is below $300,000.  Be prepared for a quick sale, but the tables may turn on you if you’re moving up, because you may be in competition with other buyers for the townhouses.

Bottom line, I think the spring market is here.  If you’re on the fence about selling, I wouldn’t try to make a grand entrance in April or May.  If the $8000 tax credit and $6500 move-up credit is not extended, you just may be ‘Tardy for the Party’.

See Also: Listing Soon? – List Your Home With McEnearney Associates Because Results Matter

Selling Old Town Alexandria VA Real Estate? |
List Your Home With McEnearney Associates Because Results Matter

Results DO Matter when it comes time to sell your home.

In the second half of 2009, McEnearney Associates sold the properties we marketed in less time and for a higher percentage of the original listed price. (By the way, we started tracking this performance in Northern Virginia in 1999, and we have sold our listings in less time and closer to list price in twenty-one of the last twenty-two semi-annual periods.  Since we opened our first office in Washington in 2007, we have added DC, Montgomery and Prince Georges Counties to our evaluation.)

Market conditions have varied widely in the eleven years we have been tracking these numbers, from balanced markets, to sellers’ markets to the current buyers’ market. And we have adapted to these changing conditions, outperforming the market regardless of what the market conditions are. My company’s carefully assembled team of the most productive Sales Associates in the Washington area makes all the difference for you.

Highest Average Net Sales Price*

Generally speaking, more expensive properties take longer to sell and typically sell at a deeper discount to the original list price. That makes it even more remarkable that our listings sold, on average, more rapidly and closer to the original list price than the listings of these other fine real estate companies.

    

Del Ray Alexandria VA (22301 and 22305) Market Stats And Real Estate Update For December 2009 |
Lots Of Detached Home Inventory

What’s the real estate market like in Del Ray right now?  According to the numbers, the townhome sales are pretty stable, but if I’m a condo howmowner or a detached homeowner, I’m probably biting my nails.  With the extended homebuyer tax credit, you’d probably expect more activity with the Del Ray condos for sale, but based on MRIS data, no condos have gone under contract in the past 30 days (contract date of 12/09/2009 or later).

And with 10 townhomes going under contract, it makes you wonder where the Del Ray townhome sellers are going?  Are they relocating out of the area (Northern Virginia), or just out of the zip code?  Ten townhomes went under contract, all priced below $600,000, but if you look at the detached activity, it’s reasonable to guess that these homeowners didn’t buy up and stay in Del Ray.  Sixteen detached homes for sale in Del Ray and they’re all either under $900,000 or over $1Million in asking price.

If the townhome sellers are moving up and staying in the area, perhaps they are moving out to the Greater Mount Vernon area, in the Fairfax County Alexandria zipcodes of 22306, 22307, 22308, and 22309 for a detached home with more of a suburban lifestyle.

Old Town (Alexandria) 22314 Real Estate Market Stats For December 2009 |
Upper Bracket Homes Need Buyers & Detached Homes Slow Moving

Old Town Alexandria Market Snapshot As Of 1/7/10

What’s moving and shaking in the real estate market in Old Town Alexandria?  Well, from the looks of things, it’s condos and townhomes priced under $600,000.  In the Old Town Alexandria condo market, 14 out of the 17 condos that went under contract were under $600,000.  For the townhomes, 5 out of the 8 homes that went under contract were under $600,000.  But what does this mean for detached homes for sale in Old Town, and the luxuy homes priced over $700,000?  If I’m buying luxury, then I’ll want to see them all…in every price range and render a decision on what makes each home unique.  Is it the age, the proximity to the Potomac River, is it the quadrant?

What about short sales and foreclosures in Old Town Alexandria?  They’re out there, but in very small numbers.  As of January 7, 2010, there were 4 bank owned foreclosures for sale, and 2 short sales actively for sale.  In the past 30 days, one Old Town Alexandria short sale has gone under contract.

Old Town Alexandria home owners looking to list their home for under $600,000 should still venture out and take a look at the competition.  While there is a greater chance that you’ll get your home sold in this price point, when there’s more to choose from, buyers will be very selective and will tend to make ‘value-based’ decisions vs. ‘demand-based’ decisions.  That means, you will have to stand out in terms of presentation (staging), move-in readiness, and price to entice a buyer to choose your home over the 53 other condos, or 26 other townhomes currently for sale.

Kingstowne (Alexandria) VA Real Estate Market Stats December 2009 |
 A Balanced Market For Condos And Townhomes

So, how’s the real estate market in Kingstowne you ask?  Take a look and you’ll see that things look pretty balanced when it comes to condos for sale, and townhomes for sale.  In the past 30 days, five condos have gone under contract, and five units are still on the market.  Evenly distributed in price, three units available in the $200k price range and the same number of units sold.  Likewise in the $300k price range, two units available, and two units sold. 

The townhome price range that saw the most number of units under contract was the $400k range.  The single-family homes for sale in Kingstowne look pretty stagnant based on the previous month’s activity.  Only one detached home sold, and that was a new construction home in the North Village built by Richmond American. 

What about distressed homes in Kingstowne?  Are there currently any short sales for sale in Kingstowne?  Surprisingly NO!  However, there are two bank owned foreclosures currently for sale in Kingstowne.  Also, two short sales in Kingstowne have gone under contract in the past 30 days, and one foreclosure has gone under contract in the past 30 days. For a neighborhood of 5300 homes, that’s a record low number of distressed sales which is positive sign for the stability of the subdivision.

If you’re a condo or townhome owner in Kingstowne, it looks like now is a great time to sell!  If you’re looking to buy a single-family home in Kingstowne, it looks like now is a great time to negotiate!