Update on the current real estate market for Alexandria, Virginia and Annapolis, Maryland

Alexandria Old Town 22314
For Alexandria Old Town as earlier suspected we are noticing a slow down in the number of homes going under contract and homes sold from the previous month of May. Currently for the month of June we have 32 homes under contract and 33 Sold. At this rate we are expecting a lower number of contracts for June than we had in May.  Expect for the entire 22314 market to experience a rise in DOM and the average sales to original list price to drop. This shift started to happen extremely quick in the last week of May continuing into June.

Current Conditions: Declining but a stable market

ALEXANDRIA OLD TOWN 22314

April

88 Contracts

68 Sold

May

79 Contracts

85 Sold

June

32 Contracts as of June 16th 2015

33 Sold as of June 16th 2015

193 Active Listings 

Annapolis 21401
However Annapolis (21401) is slightly different with plenty of new inventory hitting the market and new contracts for June projected to be even with the month of May but a lower than usual average sales price. With this lower average sales price and even projection of new contracts we could see the higher end listings $1mil+ take a little longer to sell, the DOM to rise and the average sales to original list price to drop across the board, but more specifically for the $1mil+ bracket. Currently for the month of June we have 34 homes under contract and 24 Sold.


Current Conditions: Neutral

ANNAPOLIS 21401

April

61 Contracts

42 Sold

May

72 Contracts

56 Sold

June

34 Contracts as of June 16th 2015 

24 Sold Half as of June 16th 2015

274 Active Listings

Now available on PatrickDeLeonibus.com are interactive graphics directly updated from the MLS for the following zip codes.

Alexandria, Virginia (22314)
Annapolis, Maryland (21401)
Georgetown, Washington, D.C. (20007)

All data for this article was pulled on June 16th 2015 and considered but not guaranteed to be accurate. Data provided by the MRIS and RealEstate Business Intelligence LLC.

How you get your home sold and knowing you sold it for the highest possible price with the best terms!

Just because a given real estate market has quick moving inventory does not mean you can just list your home and sell it. Well you can try, and most people do but don't you want to maximize your profits and know you sold it with the best terms?

It seems like when the market heats up owners will tend to tell their agent to list the house. Then without providing the proper attention to the property it sells. Yes it sold but did it sell for the highest possible price with the best terms? This is a question you should not be asking yourself when you get that contract in hand.

You still need to stage your home... or simplify it.

I am not telling you to pay a stager. Many homes will have the essentials but may need to eliminate certain pieces of furniture or items. This process may not require you to hire someone and you could tackle it yourself. However most agents now will cover some or all of the cost to have a stager come out and consult with you. It is an important conversation to have. 

You still need to market the property for maximum exposure.
It is still important to market your home the same way you would if the market was slow. Marketing and Photography does help increase the potential number of offers and the final sales figure. Buyers shop with their eyes now more than ever so that first picture counts.

You still need to price it right. 
Do not get greedy it will only hurt your end sales price. If you list high many buyers will just ignore your home and move on to the next and you will find yourself chasing the market as your home sits on the market. Just like staging many real estate agents will also have appraisers provide numbers on the projected value of your home.

You still need to make sure your landscaping is top notch.
Landscaping is important but not the most important tool to selling your home. It is important to consult with a landscape specialist if you have concerns about your outdoor space. However many times most yards can just use a clean up. There is no need to dump exorbitant amounts of money into your homes landscaping just before you list. Do what's necessary!

Make sure your home is getting the proper attention and avoid cutting corners to maximize your profits.

www.PatrickDeLeonibus.com
443.223.8340

Example of twilight photography

Spring is Coming Early!

All over the Washington Metro Area the real estate market is heating up earlier than previously expected. Currently we are experiencing high sales and inventory that is dwindling. There are a number of factors driving sales.

A few factors in play...

Transportation system in the DC Metro
Attractive reports on the outlook of the city
New development projects
Foreign investors
Large national investors
Positive outlooks for the Federal Government
Younger population demanding the urban lifestyle
Talk of rising interest rates for the new year

Georgetown Real Estate

If you previously thought about putting your home on the market in the spring time you may want to get it ready early. When buyers are biting they will tend to pay more when the inventory is lower. I expect this surge in demand to carry throughout the year. The undetermined factor is whether the inventory will match the demand and drive us to lower prices. 

As announced last week by major news outlets the Urban Institute predicts a population increase of at least 2,039,594 by 2030. Information like this being released does not slow down the real estate market, it gives it a nice kick in the butt as full steam ahead. 

I'm going to dub last week as "investor week", I heard from every investor I knew, asking me to find them their next project. Its a great time to live and move to DC.

www.PatrickDeLeonibus.com 

Market Movement and Positive Outlook

In this market place you will find the serious sellers, and buyers that want to pay a fair price.

As I just mentioned the other day we appeared to be in a buyers market but now as the statistics are being analyzed that shift is moving towards a more even market.

I'm going to take a moment and further explain and try to shed some light on the current uncertainty that we are experiencing.  The market is best explained as moving to an even market but with continued buyer uncertainty that shift is slow. It changes from day to day and sale to sale.  There can be micro markets being driven by specific situations like development and investment potential, and larger markets that consist of micro markets. All factor into the conditions of  "the market". It is important to understand the types of sales and volume of sales to realize the right time to buy or sell. Basic Econ 101!


Whats going on with the most stable market in the country?

"DC Market" and factors determining
News Flash you live in the nations capital! Did you think I wasn't going to say politics is a factor? Truth is elections are today and possible shift in power among the Senate. That being said we are also a short time away from a presidential election with a lot of emotions building. These do determine and push home sales in the country, more importantly the district.  Luckily, we are in one of the most stable markets in the country having the federal government in our city.

October Stats: 1001 Properties were listed on the market in DC for the month of October. 724 sales in October. Currently with a total of 1,436 active listings in DC. All stats are provided by MRIS and not guaranteed to be accurate.

"Alexandria City Market" and factors determining
Just a stones throw across the river from DC we are experiencing sales moving slightly higher and soon creating an even market. Inventory is creeping up as well as sales, making this a good time to buy. Buyers still know the inventory and are becoming very educated with the slower pace of sales. Sales are generally not moving over list price.

October Stats: 264 Properties were listed on the market in Alexandria City for the month of October.  183 sales in October. Currently with a total of 554 active listings in Alexandria City. All stats are provided by MRIS and not guaranteed to be accurate.

Positive outlook:
Be prepared for a possible uptick in national sales leading into the new year following the November elections and other positive world news for example slowing of new cases of Ebola and Financial Market positive gains. Yes Ebola in the US helps add to the uncertainty and uncertainty moves the real estate market.

Market Outlook: Heading to an even market.

Counter tops explained

Getting lost in all the choices for counter material? I will break down the Top 5 trendiest, most durable, and the easiest on your pocket. If you want to skip the descriptions here is my preference:

Top 5 Most Trendy
1. Marble
2. Quartz
3. Granite / Travertine
4. Concrete
5. Wood / Stainless

Top 5 Most Durable
1. Quartz
2. Granite
3. Travertine
4. Concrete
5. Soapstone

Top 5 Pocket Savers ($$$ to $)
1. Laminate
2. Tile
3. Recycled
4. Wood
5. Concrete

Notable Mention Material to Look for in upcoming applications: Vetrazzo

My Favorites

Quartz

Quartz - houzz.com

One of the more expensive materials, this option can really make your kitchen standout if you are going for the ultra high end look. Quartz is also the most durable, no need to seal it. Cut on it and place anything hot directly on the surface. Unlike many of the other materials quartz is engineered and not pulled out of the ground. 

Marble
Currently the trend in choices for material. Marble will scratch and chip easily. That being said it is more affordable than granite but I do not suggest cutting on the surface if you want it to last. With this type of material the waterfall counter top design for the high end applications is a must!

Marble - nwgranite.com

Vetrazzo

Vetrazzo - greenbuildingsupply.com

If you can afford the look it is a must have. Vetrazzo is the new green in counter tops. The material is just as strong as granite and only needs to be sealed once every 2 years. It is made from various types of recycled glass and bound by Portland cement. Vetrazzo has no harsh chemicals creating the true green counter top.

A Buyers Market

Washington DC, Alexandria and Annapolis Housing Market Conditions

   With more listings going on the market than sales being performed.  It makes sense that now is the time to buy your next home.  Take advantage of these low interest rates and have your pick out of all the homes available.

   If you are looking to sell use caution and do your homework to determine the market value of your home.  It is especially crucial in this type of market to not overprice your home.  Overpricing will turn the few potential buyers away from your home and sell your neighbors home.

www.PatrickDeLeonibus.com

DC Living allows for Backyard Destinations

Younger population moving in, and backyard destinations become ever so popular.

If you have lived in the DC area for a number of years you already understand the benefits of living here.  If you are new to the area WELCOME, you are bound to love it here.  After the dust settles from the nations politics DC is still home to about 632,000 Americans (2012).  Looking back at 1940 we had nearly 900,000 residents and now the population is trending back upwards with the desire to move back into the city and immediate surrounding neighborhoods.   So you ask yourself what is the drive for the population to move inward?  We are looking at the younger demographics... age 25 - 34 is now the largest age bracket in the District.  The younger population just graduating college or only about 7-10 years out want to be within walking distance or metro distance to work.  It is not because they are lazy it is merely because they realize if they want to be out in the suburbs they can travel to get there.  There are also other economic factors involved, which I wont get into but this is the general reason motivating their decision.  Traveling is not an issue nowadays with all the different types of car share programs and rental services provided.  All you have to do is get up and go...

Cabin in Somerset PA

I was recently in Pennsylvania enjoying a weekend by the creek which compelled me to write this article.  With further research I have realized we have plenty of travel destinations within three hours of living from the DC Metro.  Now we can enjoy these destinations when we want on our time.  Families are using these destinations to build or rent vacation homes, ranches,  or retreats but keeping their primary residence in the city.



Backyard Destinations

Golfing trip in PA

There are countless backyard destinations to enjoy within 2-3 hours of DC  a few of them are:

Deep Creek Lake
Deep Creek Lake which sits just 3 hours outside of DC in Western Maryland and 30 minutes off of Interstate 60.  Deep Creek is home to the Wisp Ski Resort, but if skiing is not for you make sure you check it out during the warmer months for the other land and water sports.  Deep Creek welcomes golfers of all skill levels with at least four golf courses in the vicinity.  You can always find cabins for rent or sale at deep creek lake.

Somerset PA Fire and Ice Festival
http://www.festivalsinpa.com

Somerset and Rockwood PA
Get back to nature in Somerset and Rockwood PA.  You are probably thinking, Where is Somerset?  Well Somerset and Rockwood are also very similar to Deep Creek, just 3 hours outside of DC but located in PA.  Somerset is another Skiing destination (Seven Springs Mountain Resort).  During the warm months Somerset and Rockwood will allow you to reach the outdoorsman in you. Fishing, Hunting, Rafting, and Camping are all at your disposal.

Maryland's Eastern Shore
The Eastern shore has a variety of quaint places to visit for either day trips or over night stay.  Some options include St. Michaels, Crisfield and Smith Island.  A number of Marylanders enjoy second homes in these destinations.               www.PatrickDeLeonibus.com

Crabbing Boats, Maryland's Eastern Shore
http://www.thehulltruth.com/

Patrick has been Ranked in the Top 100

Patrick DeLeonibus Speaking
at DC Rotary

I was recently pleased to hear that I was ranked in the Top 100 of Coldwell Banker Agents for the Greater Washington D.C. Metro Area.  I would like to thank all of you for helping me achieve this and I look forward to helping you achieve your real estate goals with the same elite level of service.  As we leave the summer months and head into the fall, it is a great time to consider your position in the real estate market.  Your business is always appreciated!

www.PatrickDeLeonibus.com

Demand of New Construction

     As we have seen in the recent months buyers in the market are demanding new construction in the DC Metro. There have been three notable developments reflecting this demand. 1055 High in Georgetown, The Oronoco in Old Town, and Potomac Yard in Alexandria. I mention these developments because of their attraction to today's buyers.

www.1055high.com

   
     Of the highest in starting price point, 1055 High demands attention. It is uniquely situated in the Georgetown neighborhood only housing seven units. These 7 units define style and ultra high end, ranging from $3.6 - 5.55MM. The development features an outdoor pool and views of the C&O canal. All seven units went under contract in June within 24 days from listing and all were cash buyers.

   

www.eya.com

     The Oronoco might be one of the most eye catching designs for new construction in Old Town. The idea was to convert the old Sheet Metal Workers Pension Fund office to 60 large one level condo units. While keeping the core of the building they were able to achieve just this and more. The terraced U shape building allowed EYA to build huge outdoor patios overlooking the pool. The complex has any amenity you could possibly want, from a children's playroom to a gym, yoga studio, and dog washing station. Now the design is being considered one of EYA's best builds in Old Town thus far. There are only 8 units remaining ranging from $1.6 - 4.5MM. I have to say since I have seen the view first hand, the $4.5 Million is worth every penny.

www.pulte.com

     Potomac Yard is one of the newer major developments in Alexandria. Prices currently starting in the $800's for townhomes and selling fast! While touring the new Pulte homes last week I was able to get the inside scoop on the hype of Potomac Yard. The 1st phase is almost completely sold out and there are now new plans for further development across Route 1 parallel to Potomac Yards. Residents are buying up these new homes based on the idea of a future metro stop at Potomac Greens expected in 2017. There are very few amenities available to the residents of Potomac Yard.

705 Miller Lane Potomac Greens Listed
at $1,085,000. 

     With the Potomac Greens townhome community an EYA development just on the other side of the metro I question the attraction to Potomac Yard instead. If I had to guess it would be the new construction alone that attracts buyers. Potomac Greens is one of the best kept secrets of Old Town, centrally located between Route 1 and the GW Parkway. You will find amenities like a walking trail, fitness center, pool, playground and club house. There are a number of resales in Potomac Greens that are like new and model home worthy. Just being a few years old the neighborhood appears to be under valued and a best buy for Old Town.

705 Miller Lane Potomac Greens Listed
 by Nancy Perkins Coldwell Banker.