DC Real Estate News

It's a Buyer's Market Right?  Well not so fast.  Multiple Offers are back - and back in force.

It seems almost every offer I am writing now is in Multiple Offers.  One set of clients have lost 2 (damn close to full price) offers in the past week.  We are writing offer #3 on a new property and guess what - the agent just received another offer.

Now this is a part of the DC Metro area that I don't; nor do I think many would; consider it a "HOT Area".  It's just a plain old, close-in, suburb in Maryland.

Well we will be writing the strongest offer possible. This market is taking on a new face.  The bottom?  Been there - done that.

YOU MISSED IT.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

In Washington DC we have many Co-operatives.  Co-ops are not found all over the country; just mostly in cities like New York and Washington DC.  

One of the Major Benefits about Co-ops have been the fact that Buyers and Sellers have not had to pay the Washington DC Transfer or Recordation Tax. 

This has resulted in significant savings for both sides of a Co-op transaction and helped to make co-ops more attractive to buyers; many of whom are cash-strapped 1st Time Home Buyers.

You see in a Co-op; you are not actually 'transferring' or 'recording' the title of the property; because in a co-op there is no Title.  You are buying shares of a corporation.  (SEE COOPS for more details).

However; a NEW DC LAW; starting October 1, 2009: mandates these Transfer and Recordation Taxes for CO-OP Units.  This is HUGE!

For Sales under $400,000 the tax is 1.1%   for  sales $400,000 and above the tax is 1.45%

Example:

A co-op selling for $350,000 is taxed at $3850 - to BOTH Buyer AND Seller.  A co-op selling for $450,000 would be taxed at $6525 for BOTH Buyer AND Seller.

This is HUGE and I am sure it's all to try and increase the tax base to fight a slower economy.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

Here is the breakdown as of June 2nd, 2009

The number of properties under contract are at HUGE high levels.  In DC; there are more homes under contract at one time than there has been for years.  The same holds true for Prince Georges County, Arlington County and Montgomery County.

These numbers; based upon observances in the field; lead me to believe - the unpredictable "bottom of the market" is somewhere close.  Maybe behind us; maybe ahead - but not far.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week. 


 

Washington DC

Single Family:     Actives: 1864      Expired: 19       Under Contract: 697

Condos:              Actives: 1388      Expired: 23       Under Contract: 496  

 

Arlington County

Single Family:     Actives: 466        Expired: 4         Under Contract: 244

Condos:              Actives: 512        Expired: 2         Under Contract: 202

 

Prince Georges County

Single Family:     Actives: 5547      Expired: 106        Under Contract: 1783

Condos:              Actives: 819        Expired: 13         Under Contract: 137

 

Montgomery County

Single Family:     Actives: 3591     Expired: 35        Under Contract: 2100

Condos:              Actives: 1267     Expired: 16        Under Contract: 434

 

It is important to see the number of homes taken "Off" the market.  While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

We all know how "BAD" the Real Estate market is.  People are still talking about it; I see it in the newspapers.  It MUST be TRUE !

So then can someone tell me why:

I have had multiple clients get out-bid (with their full-price offers) on properties they wanted to buy?

The two condos my clients wanted last weekend - were under contract (in the first few days of being listed)?

Home Inspectors are so busy - you can't get an appointment?

The underwriters are so busy they can't get loans delivered on time?

The Settlement Companies are so busy - it's difficult to get a date and time for a near end-of-month settlement; let alone reschedule a delayed settlement - that's next to impossible!

Sounds like it's time to start chanting a different tune...

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

A news article from the Wall Street Journal; states that a new report from Moody's Economy.com; predicts that Home Prices will bottom out in the 4th Quarter of this year.

It cites signs that home sales are stabilizing as people snap up bargains on foreclosures, a decline in the supply of unsold homes in many areas and expectations of moves by the Obama administration "that will help place a floor under the housing downturn."

While some of the hardest hit areas will take into 2010 or even 2011 to stabilize; much of the country will hit bottom.  I believe in parts of the Washington DC market; we are already seeing the bottom.  Some counties, such as Prince William County in Virginia, is seeing a large increase in transactions.  The 4th Quarter numbers show more homes sold each month, since 2004.  The prices are down - the transactions are up.

This is mostly because many of these Short Sales and Foreclosures are being snapped up.  The banks have found the bottom and many of these homes are getting multiple offers.

When we look at Arlington County, or Washington DC; we don't see those numbers - yet.  

The article goes on to say;

But some areas will be hit much harder. For instance, the Naples-Marco Island, Fla., area is expected to bottom out in the fourth quarter of 2010 with prices 70% below the peak. The report projects that peak-to-trough declines for metro areas will be 66% in Miami, Fla., 63% in Riverside-San Bernardino, Calif., 58% in Phoenix, 56% in Las Vegas, 53% in Los Angeles, 38% in Washington and 33% in New York. Within those metro areas, different neighborhoods are likely to show very divergent performances; the most desirable areas near good schools and jobs are faring much better than other places.

Washington DC is clearly one of those areas that have very different numbers by neighborhood and area.  You have to realize that the "Washington DC Metro Area"; includes a very large area - 5 Counties in 2 States and the District of Columbia.  These areas are as different in terms of employment, schools, traffic, etc; as can be.  They will recover at different times; at different paces.  Some of these areas haven't even lost more than a couple of percent of value - if any.

So will Prices "Bottom Out Nationally" ?  I think in many areas - the answer is yes.  Of course things like Interest Rates staying low and employment opportunities becoming more favorable are key.

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

Current Number of Homes Active and Under Contract in the Washington DC area:


Here is the breakdown as of Febuary 9th, 2009

 
The number of homes on the market is creeping up slowly; which is typical as we head into Spring.  Inventories tend to be at their lowest levels - right after New Years.  Inventory levels should continue to increase until the 3rd week in June; when new listings slow for the summer months.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.


 

Washington DC

Single Family:     Actives: 1992 (Up 52 from Last week)        Expired: 18       Under Contract: 373  (Up 21 from Last week)

Condos:              Actives: 1419 (Up 13 from Last week)        Expired: 12       Under Contract: 252  (Up 6 from Last week)

 

Arlington County

Single Family:     Actives: 508  (Up 25 from Last Week)          Expired: 1         Under Contract: 86  (Same as Last Week)

Condos:              Actives: 55  (Up 30 from Last Week)           Expired: 2         Under Contract: 93  (Down 4 from Last Week)

 

Prince Georges County

Single Family:     Actives: 6329 (Up 32 from Last Week)        Expired: 85        Under Contract: 959  (Up 34 from Last Week)

Condos:              Actives: 824  (Up 4 from Last Week)          Expired: 7         Under Contract:63  (Up 6 from Last Week)

 

Montgomery County

Single Family:     Actives: 3888  (Up 43 from Last Week)        Expired: 33        Under Contract: 1018  (Up 73 from Last Week)

Condos:              Actives: 1293  (Up 18 from Last Week)        Expired: 10        Under Contract: 263  (Up 9 from Last Week)

 

It is important to see the number of homes taken "Off" the market.  While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.


 

 



  

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

What's Selling - Washington DC - Dupont Circle Neighborhood

Here are the Properties that sold in this Washington DC Neighborhood:  Janurary 2009

Type           #Bedrooms/Baths          List Price         Sold Price        Days on Market

Co-Op                 0/1                       $184,500        $176,250              151

Condo                 1/1                       $264,900        $264,950              130

Condo                 2/1                       $500,000        $460,000              110

Condo                 2/1                       $475,000        $455,900              185

Condo                 0/1                       $239,000        $233,000               25

Condo                 0/1                       $274,500        $260,500             106

Condo                 2/2                       $439,900        $434,500               30

Condo                 2/2                       $614,900        $575,000               76

Condo                 1/1                       $349,900        $349,000               54

Condo                 3/2                       $849,900        $829,500             103

*This area includes parts of NW DC, Between K and U Street/Florida Ave and 16th to 23rd Street.

** Unit part of new building with multiple units for sale.  Days on Market may not be accurate.

Call James for all your Real Estate needs and questions; servicing Logan Circle, Mt Vernon Square and the Greater Washington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

Below shows the number of condos currently for sale in a few of the Washington DC neighborhoods.  

As you can clearly see; the popular Adams Morgan Neighborhood, has a surprisingly high number of 2 bedroom condos currently on the market.  A great many of these are new construction units which developers planned and started to build; long-before the Real Estate slow down.  A year ago there were 74 2 bedroom condos for sale in Adams Morgan; now that number has grown to 103.  A sign that supply has most certainly exceeded demand.

** Data as of January 22nd, 2008

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of January 12th, 2009

While Inventories have dropped over the past several weeks; they remain higher than the same time last year.

One of the most surprising numbers I see; is the extremely low number of DC Properties Under Contract; especially in the condo market (30% Lower than Last Year).  Perhaps this is a sign of the economy; or perhaps everyone is busy with the Inauguration Events.

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week. 

Washington DC

Single Family:     Actives: 1998            Expired: 25          Under Contract: 347

Condos:              Actives: 1387           Expired: 19          Under Contract: 219

Arlington County

Single Family:     Actives: 488              Expired: 5            Under Contract: 76

Condos:              Actives: 508              Expired: 2            Under Contract: 92

Prince Georges County

Single Family:     Actives: 6397            Expired: 91           Under Contract: 866

Condos:              Actives:  799            Expired: 15             Under Contract: 63

Montgomery County

Single Family:     Actives: 3994           Expired: 47           Under Contract: 849

Condos:              Actives: 1264           Expired: 14           Under Contract: 239

It is important to see the number of homes taken "Off" the market.  While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA

Here are the Properties that sold in this Washington DC Neighborhood:  12/1 - 12/15

Type of Property      #BR/Baths                 List Price           Closed Price     # Days on Market

Condo                       2/2                         $499,000            $499,000                 92*       

Condo                       2/2                         $475,000              $467,500                  105*            

Condo                       1/1.5                      $449,900            $440,000                 132*

Condo                       1/1.5                      $459,900             $424,900                125*

Semi-Detached          4/2.5                      $799,000             $750,000                56

Condo                       2/2.5                      $599,900             $570,000                30

Row House                2/2                         $499,000             $499,000                  2

Condo                        2/2                        $459,000             $437 ,000               39

Condo                       1/1.5                      $350,000             $350,000                13

Co-op                        1/1                         $405,000             $395,000                28

Row House                2/2.5                      $499,000             $510,000                 7

Condo                        2/2                         $499,900            $502,500                 0*

       *Units were part of multi-unit, newly-built complexes; DOM may not be accurate

This area boarders U Street / Florida Ave to the North; 16th Street to the West; H street to the South and 4th Street to the East.

View Larger Map

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA