Existing-Home Sales Jump 4.3% to 6.85 Million in October

Key Highlights

  • Existing-home sales grew for the fifth consecutive month in October to a seasonally-adjusted annual rate of 6.85 million – up 4.3% from the prior month and 26.6% from one year ago.
  • The median existing-home price was $313,000, almost 16% more than in October 2019. Total housing inventory declined from the prior month and one year ago to 1.42 million, enough to last 2.5 months – a record low – at the current sales pace.
  • More than 7 in 10 homes sold in October 2020 – 72% – were on the market for less than a month.

Regionally

Existing-home sales in the South increased 3.2% to an annual rate of 2.91 million in October, up 26.5% from the same time one year ago. The median price in the South was $272,500, a 15.7% increase from a year ago.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Click for full NAR news release


Existing-Home Sales Soar 9.4% to 6.5 Million in September

Key Highlights

  • Existing-home sales grew for the fourth consecutive month in September to a seasonally-adjusted annual rate of 6.54 million – up 9.4% from the prior month and nearly 21% from one year ago.
  • The median existing-home price was $311,800, almost 15% more than in September 2019. Total housing inventory declined from the prior month and one year ago to 1.47 million, enough to last 2.7 months – a record low – at the current sales pace.
  • More than 7 in 10 homes sold in September 2020 – 71% – were on the market for less than a month.

Regionally

Existing-home sales in the South increased 8.5% to an annual rate of 2.80 million in September, up 22.3% from the same time one year ago. The median price in the South was $266,900, a 13.0% increase from a year ago.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

Click for full NAR news release

September 2020 Real Estate Statistics – DC Metro Area

It’s About Lifestyle

Home buyers were out in droves nationwide in June resulting in the second consecutive month of surging home showing activity, with agents seeing 50 percent more showings per listing according to data from the ShowingTime Showing Index.

The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand.

Congratulations Sally! Armed with the desire to spend more quality time with family, a vision and patience, she now owns a second home with a one in a million view.
#CalvertCountyRealEstate


DC Metro Area Real Estate Trends | 2020 Summer

Have you noticed that as soon as a property goes on the market, it seems that within days they’re under contract? All indicators point to a strong summer real estate market.

  • New pending sales up 25.5% ( Zillow June Report)
  • New listings taken up 19.3% month -over -month ( Zillow June Report)
  • Demand for housing is out pacing supply = competitive market for buyers, excellent time to be a seller ( DC Metro area months supply is 1.4)
  • Our area is above average when it comes to exposure to low risk jobs by market. Meaning, there are more DC metro area residents who remain working in sectors including federal, state and local government, information technology, military and utilities.


#LMRE Most Current Under Contract or Sold Properties

Under Contract in 6 days
3601 38th Street NW #202
Washington, DC 20016
Under Contract in 2 days
Closed in 21 days

13305 Burnt Woods Place
Germantown, MD 20874
Didn’t make it one day on the market.
Shown once.
8101 Connecticut Ave C505
Chevy Chase, MD 20815

Where Sellers Are Finding the Greatest ROI : Washington-Arlington-Alexandria, DC-VA-MD-WV Real Estate

Home sellers nationwide last year saw a $65,500 home price gain on an average sale, the highest level since 2006, according to ATTOM Data Solutions’ 2019 Year-End U.S. Home Sales Report. That represents a 34% return on investment compared to the original purchase price.

The Western states continue to see some of the highest returns. For example, in San Jose, Calif., owners saw an 82.8% average gain, followed by owners in San Francisco at 72.8% and in Seattle at 65.6%, according to the report.

See average gains at resale in the top 20 U.S. metro areas.

#DMVRealEstate #DCMetroArea is listed at the bottom

Source: Where Sellers Are Finding the Greatest ROI


Prepared Clients Are The Most Successful Clients

SOLD: #TheCarleton – 4550 N Park Ave 907 #ChevyChaseRealEstate

As the article published in Inman suggests, there are more that a few ways a buyer can sabotage their own home purchase.

Buyers sometimes can potentially sabotage a home purchase? Some factors to be aware of…: – You can read the full article here

  • Having unrealistic expectations – Balancing market realities with the price point that they can afford is important.
  • Hesitating – There is often a short window to pull the trigger when buyers come across “the one,” especially if it has just hit the market.
  • Making low-ball offers -Buyers risk alienating the seller, leaving the door open for other offers and, perhaps, losing out on what they want.
  • Being inflexible – The ability to adapt and function from a position of give-and-take is a must.

My clients illustrate success when one is realistic, stays within budget, is ready and willing to act quickly, then can make an offer based on market conditions and information shared about the seller’s priorities. Such clients  were able to close on exactly what they were searching for without compromise. ….and $50,000 below asking price.


Veteran Home Owner