November Condo / Coop sales in the Washington DC Real Estate market was consistent with the general single family home sales market – meaning: it was a solid month and showed that Washington DC proper is continuing to do well.

Compared to November 2008, November 2009 more than doubled in every significant category, however, that doesn’t really mean much since last November represented the end of the world as we knew it. But, even when compared to years past, November 2009 was strong. Let’s look at the graphics below…

As you can see by the sales indicators, there was an increase by 38.4% increase in terms of condo / coops put under contract during the month. But when you look at the graphical comparison through the year, November was respectable.

Now, everyone has been concerned that Condo closings will be more difficult in the District based on a lending and underwriting concerns, as the lenders are concerned that too many renters in any one building result in lower home values. Whether they do or not, the good news is that with the extension of the tax credit most buyers will continue to buy in this market.

The most fascinating overall statistic to me, though, is the graph below…

The market by price range is very indicative of what we see everywhere: the marketplace is telling us there is huge value out there and that if buyers see the value they close in on that and buy.

SO, as we look at the big picture, I’m encouraged by the trends and believe that with the value in the marketplace, and the continuation of the tax credit, the Washington DC condo /coop market will continue to be strong for both buyers and sellers.

In Washington D.C. proper, the housing market continued to indicate what the tea leaves have been telling us, inventory is down, contracts and sales numbers are up and the end of 2009 is finishing on solid footing.

In November 2008 there were a total of 1809 active listings in the Washington D.C. single family home market. In 2009 there are 1381 for a 23.7% difference! New listings reflected the same kind of trend…there were 388 NEW listings this November compared to 458 last November. What’s all this mean? SUPPLY IS DOWN! Which as we all learned in the 7th grade social studies is a good thing for economic growth.

That’s not the only indicator the statistics are continuing to show us that the Washington D.C. housing market is finishing the year strong…of the new contracts ratified this November, there was a dramatic improvement of 41.9%!!! That’s right – sales increased from 229 last November to 325 this November! Look Below…

In terms of price ranges, the houses that are moving seem to be reflective of common sense, where the more affordable housing is the largest segment of the overall market.

But, perhaps, there is no more dramatic a number in all the statistics than those reflected in the settlements category! In 2008 only 172 single family homes closed. Now this is the same time that caused the world to shutter, but numbers are numbers. In November 2009 309 single family homes settled. That is an improvement of 79.7%.

In any event, the indicators based on these statistics look like the single family home market in Washington D.C. is recovering well for and heading us into the new year.

Blogs soon to come:

November 2009 Washington DC Housing Statistics – Condo/Coops
November 2009 Montgomery County MD Housing Statistics – Single Family Homes
November 2009 Montgomery County MD Housing Statistics – Condo/Coops

Data Source: Metropolitan Regional Information Systems, Inc. (MRIS)
Statistical Graphics: Greater Capital Association of Realtors

Dateline: Washington, D.C.
by Darrin Friedman

It is my pleasure to officially announce that the Coldwell Banker Chevy Chase is adding our name to the list of sponsors for RE Bar Camp Atlantic City. For those of you have never been to a bar camp, let me explain the significance…

The What: Officially – RE Bar Camp is an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees.My Take: There has not been a more significant component to my growth this last year than attending Bar Camps (this will be my 4th).Why go? Because this is an amazing opportunity to meet people just like you who just get it. It is simply everything good about what our industry should be. It’s about sharing, learning, and making relationships you never otherwise would have made.

So, without further ado, here are the details…

Website: http://rebarcamp.com/ac/
When: December 7, 2009
Time: 5p-10p
Where: Game On at the the Pier at Caesar’s AC
Cost: FREE
Twitter: #rebcac

Again, if you believe you are truly committed to becoming the best real estate agent you can be, and you want to maximize the potential you have, then you owe it to yourself to be there. There is simply just no reason not to!

After all, it just might change everything!

Dateline, Washington DC
by Darrin Friedman

Well, Montgomery County real estate had the same kind of consistent growth we saw inside the district. October represented a solid month in over all in terms of home sale figures.

Here are some October details for single family homes in Montgomery County:

1018 New Listings up just 1.8%

941 Contracts up 53.3% from 2008

707 Settlements up 25.8% from 2008

Many people in in the industry have said that the numbers reflected in settlements are because of the tax credit. Now, that may be true, but it also reflects the fact that the Washington DC Metro Real Estate Market is stronger than the rest of the country in almost every category. It’s all about inventory…look below:

Ever since the beginning of the year, the inventory has gone WAY down – which as we all learned in economics is a GOOD thing in regards to demand. Now the sales prices have fallen, but, the fact is it is an extremely fair market and people who bought before 2007 are still doing very well. Maybe not as well as they would have done in 2007 but if we have learned anything – it’s that homes are a commodity!

The last two graphs I want to share are interesting as well.

Now this sales trend graph is interesting in the respect that Washington DC Real Estate sales went through the roof in October matching one of the best months of the year. In Montgomery County, this is not the case though the number is still very strong. Just goes to show you, that even though Montgomery County Real Estate is considered some of the most sought after and expensive in the entire country, DC was showing – at least in home sales – that it was the greater value. Again, the buyers set value. And as you may see in the last graph the largest segments of buyers are purchasing in very affordable price zones. Again, value is everything.

Anyway, hope these stats were helpful and have a Great Thanksgiving!

I’m one of those typical Real Estate professionals who eats out like EVERY single day. I know, it’s horrible. I’m ashamed of myself! But, when you work in a place like Chevy Chase, Washington DC there is so much variety one can get a little greedy with choice.

In any event, if you find yourself in this part of DC, and you want a good meal at a very reasonable expense, you MUST go to 49 Twelve Thai Cuisine.

Now here is my disclaimer – I go there ALL the time. Why? The food is really fresh, fast, and the bill is usually less than what I would have gotten at Quiznos.

What I get: The chili chicken and basil
Cost: Under $7.99 Lunch Special
Service: Tony is the son’s owner, and he is AMAZING. His customer care should be taught in my office!

So, there you go, my first restaurant review.

To reach them just hit the link below:

http://www.merchantcircle.com/business/49.Twelve.Thai.Cuisine.202-966-4696

Have Fun!

Dateline Washington DC
by Darrin Friedman

If you are a Real Estate agent in Washington DC You MUST read this…Last week the Greater Capital Association of Realtors made several changes to vital forms for the Washington DC and Maryland area sales contracts. Though I do not profess to be an attorney in any way, and I recommend that if you have any questions that you call Randy Rothstein at Paragon Title (301-986-1114), I did want to give you the highlights so you would be aware of the changes.

Again, these forms are now on “the street” in the Washington DC Real Estate market, and if you are not using them, you will be exposing yourself to the ugliness.

OK, now that I have said all that, here are the forms that have been modified:

1) The Listing Agreement
2) The Washington DC Jurisdictional Disclosure and Addendum
3) Tenancy Addendum
4) Conservation Addendum
5) Extension of Home-buyer credits (first time and beyond)

Today, I’m going to JUST focus on the listing agreement. The other forms will come soon. Now the details:

The Listing Agreement
PAGE 1:

Change 1: The first change is in Paragraph 2 – the words”MRIS Broker Code” replaced “MRIS ID”

Change 2: The purpose of Storage spaces and parking spaces is fleshed out along with asking the owner to specifically check the use

Page 2:

Change 1: In paragraph 6 Section A the language now addresses the additional broker fee (formerly known as the admin fee) and how that is paid. It is much clearer.

Page 3:

Change 1: Access!
Paragraph B as illustrated below focuses on access. It’s pretty self-explanitory, but this is NEW language and every Washington DC Real Estate agent and broker should read it.

Change 2: Virtual Marketing
Now, this clause is now included in the listing agreement instead of being a separate form. This is a VERY good thing considering it used to be a whole extra form. Yeah saving the earth! LOL!

Page 4:

Paragraph 14 now has better language…check out below!

For the rest of the changes, just email me at dfriedman@cbmove.com and I will you send you the pdf.

Have a great weekend!

Dateline Washington, D.C.
by Darrin Friedman

Tell me the truth – is anything more frustrating in the world of servicing clients then the unexplainable fear that if we do not try and be the person our clients want us to be, then we are somehow failing at our jobs?

3) Lay down the law!

Now, this is an extreme case, but goes with the subject…recently one of my agents was asked out to coffee, at night, by one of their possible clients. The client did not believe the meeting was business related, nor did I – and I advised that person not to go. They did, but that person laid down the law and it worked. Ground rules are important and it made that client understand exactly what that relationship was about: business!

Anyway, I hope this helps you agents out there who have had to deal with similar issues!

October came and went quickly. The Washington DC Real Estate market continues to be strong and show improvement, especially when compared to last year’s recessions terrifying beginning.

Inventory activity in Washington DC Real Estate regardless of type is as follows:

985 new properties were listed
758 properties went under contract
684 properties were adjusted for price
450 listings expired
94 were placed back on the market

When you compare this to the month to month activity you can see how October is the year’s best in terms of Under Contract. What does that mean? THINGS ARE SELLING!!! Now with the extension of the tax credit, Washington DC Real Estate continues to rebound ahead of other like markets.

In terms of some more specific information, I have attached some graphs for your perusal.

Single Family Housing Report for Washington DC breaks down like this:

DC Sales Trend

DC Inventory Trend

DC Average and Median Sales Price

DC Market by Price Range

Condos and Coops Report for Washington DC, also shows tremendous momentum. The breakdown can be seen like this:

DC Condo and Coop Inventory
Sales Trend

DC Condo and Coop Median Sales Price
Market by price range

Anyway, all and all it was a great month for the DC Real Estate market and the home buyers and sellers taking advantage what is turning out to be a revitalized marketplace. I for one am thrilled by what I am seeing because I am a believer that the worst of last year is behind us and that savvy buyers and sellers who are willing to be well informed can have the kind of results they require in a transaction.

Remember! Be aware, have the right information, and ask questions!!!! Only then will you have the confidence to make the right decisions when you are placed in a position to do so. So, as you go out this weekend looking for that tremendous buy – take a print out of this blog with you. Because having it close might just make the difference.

New and experienced Real Estate agents ask me

all the time what questions they should ask before they choose a brokerage.  Now, my real estate office is in Washington DC so as a disclaimer the people I meet with are in an urban setting, but I believe that there are universal truths.

So, if you are interviewing real estate brokers, in Washington DC or not, here are just TWO questions you may want to consider asking…

Question 1: Specifically, how will you help me build my business in the next 30-60-90 days?

This is such a hugely important question I cannot tell you.  If they get too vague, CALL them on it!  Now more than ever the real estate broker’s ability to help their associates build their business is VITAL!

If they cannot tell you how they can do it, then they won’t suddenly be able to figure it out after you affiliate.  The point?  Ask them up front so you won’t be disappointed later.

Question 2: What social media training do you supply, and how will you help me create an online presence that will generate me business?

Everyday social media changes.  Everyday we learn.  The Real Estate broker you choose must have a handle on this platform.

They don’t necessarily have to be the expert but they must be able to lead you to the right person and have enough confidence to know what they’re talking about.

Summary: These are just starter questions for Realtors, but important ones, and regardless of market make sure you ask them.  You owe it to yourself to know the answers.