New Listings in the Washington D.C. region decreased 18.3 percent o 13,489. Pending Sales were up 14.6 percent to 8,840. Inventory levels shrank 17.7 percent to 56,907 units, a positive supply-side trend that should bring additional stability.
Prices were still soft. The Median Sales Price decreased 3.4 percent to $256,000. Days on Market increased 16.3 percent to 95 days. Absorption rates improved as Months Supply of Inventory was down 14.9 percent to 6.5 months.
A dash of uplifting economic news was overshadowed by debt clouds from the ongoing turmoil in Greece and the threat of bank contagion. Manufacturing activity, construction spending and overall job growth all picked up in September, temporarily calming fears of the dreaded double-dip storm. As for the lending climate, the Fed’s recent “Operation Twist” helped push mortgage rates to record lows – under 4.0 percent for the first time ever. Despite the cheap money, “Jobs, Jobs, Jobs!” should still be the battle cry.
]]>New Listings in the Washington D.C. region decreased 17.7 percent to 13,268. Pending Sales were up 21.7 percent to 10,127. Inventory levels shrank 15.9 percent to 58,620 units, dampening any potential oversupply issue down the road.
Prices were fairly stable. The Median Sales Price decreased 1.8 percent to $275,000. Days on Market increased 13.0 percent to 86 days. Absorption rates improved as Months Supply of Inventory was down 11.6 percent to 6.7 months.
The economy bobbed along just this side of positive in August. Consumer confidence, which often affects housing demand, showed some slack even as personal income and spending both increased modestly. Low interest rates, declining supply and stabilizing prices are beacons of hope in the harbor, but the recovery still needs wind in its sails.
]]>New Listings in the Washington D.C. region decreased 19.6 percent to 14,305. Pending Sales were up 23.8 percent to 10,425. Inventory levels shrank 13.1 percent to 59,622 units, but consumers are still finding terrific opportunities. Strong affordability is partly driving purchase demand.
Prices softened a bit. The Median Sales Price declined 2.5 percent to $278,000. Days on Market increased 18.1 percent to 84 days. Absorption rates improved as Months Supply of Inventory was down 6.6 percent to 6.8 months.
Second quarter GDP growth was just 1.3 percent after a meager 0.4 percent gain in the first quarter. We added 117,000 new jobs in July, a stronger gain than expected after an embarrassing June. Even though a budget deal has been reached, several challenges persist. Changes to Fannie, Freddie and the mortgage interest deduction are still in play. As conumers absorb distressed inventory and labor market conditions improve, the wheels of recovery grind on.
]]>Buyers in the Washington D.C. region absorbed homes more quickly as Months Supply of Inventory was down 2.4 percent to 6.9 months. New Listings decreased 11.1 percent to 16,319. Pending Sales were up 29.2 percent to 11,671. Inventory levels shrank 11.2 percent to 59,759 units, but even choosy buyers can still find top-notch homes.
Prices were more or less stable. The Median Sales Price increased 1.8 percent to $285,000. Days on Market increased 15.5 percent to 84 days. Affordability also improved.
On the national front, the interest rate dropped to 4.79 percent on a 30-year fixed conventional and 4.44 percent for FHA. The unemployment rate has been stable around 9.0 percent and initial unemployment claims have continued to fall. Wages and payroll jobs are also improving slowly. Debt ceiling negotiations and other background noises persist, while prolonged job growth is still the missing verse in the recovery song.
]]>New Listings in the Washington D.C. region increased 1.2 percent to 17,194. Pending Sales were up 55.7 percent to 12,168. Inventory levels shrank 9.6 percent to 59,029 units, but there are still plenty of great choices out there.
Prices were more or less stable. The Median Sales Price increased 0.6 percent to $269,000. Days on Market increased 18.5 percent to 88 days. The rate of inventory absorption slowed as Months Supply of Inventory was up 4.9 percent to 7.0 months. Affordability also improved.
Nationally, the interest rate dropped to 4.88 percent on a 30-year fixed conventional while the unemployment rate snuck up to 9.1 percent in May. The economy added 54,000 jobs, which was far less than April and insufficient to curb unemployment. As recovery goes, so goes positive trends. Several metrics should continue to show favorable movement, but stronger job growth is needed to fuel housing demand and reinforce consumer confidence.
]]>New Listings in the Washington D.C. region decreased 24.1 percent to 18,397. Pending Sales were down 17.6 percent to 11,838. Inventory level shrank to 9.4 percent to 56,536 units – a positive trend that should preerve market balance.
Prices were more or less stable. The Median Sales Price declined 2.9 percent to $252,200. Days on Market increased 24.8 percent to 99 days. The supply-demand balance improved as Months Supply of Inventory was down 2.1 percent to 6.4 months.
Nationally, the interest rate is 5.0 percent on a 30-year fixed conventional and the unemployment rate edged up to 9.0 percent in April, even as the economy added 244,000 jobs. Job seekers showed more confidence, a potential indicator of future housing demand. Moving forward, expect a different story to unfold in our market. We’ll soon be comparing current activity to a post-credit slump that occurred during the summer and fall of 2010.
]]>New Listings in the Washington D.C. region decreased 19.1 percent from last March to 18,496 new homes. Pending Sales increased 2.4 percent to land at 12,452 contracts written. As a result, inventory levels decreased 5.7 percent from last year to reach 54,485 active listings.
Prices lost some ground – the March Median Sales Price of $245,000 decreased 2.0 percent. Negotiations moved toward buyers as Percent of Original List Price Received at Sale decreased 2.5 percent to 91.9 percent. The market moved toward balance as Months Supply of Inventory decreased to 6.1 months.
The national interest rate is 5.11 percent on a 30-year fixed; the national unemployment rate dropped to 8.8 percent in March. Several important changes to the mortgage industry are on the horizon. Ensuring access to adequate mortgage captial for qualified buyers is key to housing recovery. This will require substantial reforms to Fannie and Freddie.
]]>Located in the Randallstown suburb of Baltimore, 3719 Elkanah Place offers a convenient location in a serene and quiet neighborhood. Shopping, restaurants, and nightlife are just minutes away.
This corner lot, 4 bedroom, 2 full bath split level has tremendous potential. It features an open floor plan with a spacious kitchen, and open living room/dinning room combo. The upper level has 3 bedrooms and 1 full bath. The lower level has a large family room, a bedroom, full bath, bonus room, and a utility/laundry room.
This property does require some renovations and repairs, but is livable as-is. FHA financing will require 203K Renovation Loan. A feasibility Study has been conducted and is available for information only.
There is no HOA. 2010 taxes were $2,861.
]]>Welcome to 6810 Alexander Lawson in Belmont Station, a premier townhome community of Howard County, and on the doorstep of Baltimore. Convenient access to major transportation arteries of 95, 195, 695, 895, and 100 puts this community in an ideal location. Both the Columbia Mall and Anne Arundal Mall are just minutes away.
This 3 bedroom, 2 full bath, and 2 half bath garage townhome has it all and will surely impress. It features expanded bumpout for additional living space, a deck, 2 fireplaces, gleaming hardwood floors, designer paint scheme accented by crown and chair rail molding, bay window in the breakfast nook, center island kitchen with 42” cabinets, SS appliances, and granite counters. The Owners Suite is bright and spacious with room for a sitting area, walkin closet, and super bath featuring double vanity, garden tub, and shower. The lower level is finished with the 2nd fireplace, ideal for a den. It is roughed-in for a wet bar.
Belmont Station Condo fees are $120 per month. 2010 taxes were $4,420.
]]>Located in the desirable Cedarday subdivision of Belair, this fabulous Colonial offers quite suburbia living with close proximity to the shops, dinning and nightlife of Belair. This is a true gem on a premium corner lot.
This lovely Chelsea Federal boasts double staircase, 2 story foyer, 9ft ceilings on all 3 levels, hardwood floors, well appointed kitchen with granite island, sunlit breakfast area, sunroom, sunken family room with fireplace, and office/study. Upstairs are 4 bedrooms and 3 full baths, including an expansive master suite that includes a sitting area with gas fireplace, 2 walk-in closets and a garden tub. The lower level is unfinished, but features a 3 piece rough-in with walkout.
Cedarday HOA are $85 per month. 2010 taxes were $7,508.
This is a short sale by a Certified Distressed Property Expert. To learn more about this property, including current list price, or to schedule a showing please contact Dan Grady, ExecuHome Realty by pressing 9 now or dial me direct at 443-345-2787. You may also visit me on the web at www.MDShortSaleRealEstate.com to learn more about this property and see a video tour.
Thank you for your inquiry and happy house hunting!
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