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

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.