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.

A Home Demanding Attention!

Recently Listed:

The Intrepid House

Situated on just over 2 acres, this 8,974 square foot estate is one that demands you to entertain in. How many homes have you visited that boast an Indoor Pool? Well the Intrepid House does not only have one but two pools. Yes separate indoor and outdoor pools and a detached pool house. The original builder of the home once made this home his primary residence while building a number of other homes in  the Harbor Hills Community.

Indoor Pool

Outdoor Pool

Aside from the pools the home has been recently renovated with 5 bedrooms, 4 full and 2 partial baths, 3 car extra deep heated garage with above guest quarters, and a wine cellar. The home also shows off a gourmet kitchen and two kitchenettes.

Kitchen

Sunroom

Family Room

Outdoor Fire Pit

Listed By: Patrick DeLeonibus

Offered at: $1,244,000

C:443.223.8340

A busy spring ahead of us! I'm telling you how to compete with the other buyers and sellers!

From the activity we have seen this winter we are bound to have a busy spring. Recently lower interest rates coupled with easing in lending. It is now easier and more affordable to get into a new home. Whether you are buying or selling it is important to talk about your needs earlier than later in order to position your purchase or sale correctly. 

Selling:

If you plan on selling in the spring you want to start getting your home ready now and talk to me about what needs to be prepared. It will be all about timing this spring. Do not wait around until the Spring inventory hits. You want to be one of the first on the market since there are already a lot of buyers looking. Remember these three points: Photography, Strategic Marketing and Staging. Photography gets people in your home, Marketing gets the correct people in your home, and Staging keeps the correct people coming back to view your home. I am not saying to hire a stager just create a neutral feel and make your home look like a hotel. If you follow these points as well as appropriate pricing your home will sell and sell quick.

Buying:

If you are purchasing you can still find great deals now and when the spring inventory arrives. Just like sellers you will want to be prepared and understand what you are looking for. Right now I am unable to predict if the amount of inventory coming on will exceed the amount of buyers. If this does happen we will not have a frenzy and multiple offer situation. If we do not meet the demand for buyers you can plan on making competitive offers. So how do you make a competitive offer to avoid competing for a home? It is important to be paired with an agent that understands the market. You will also want to make sure you are pre qualified with a letter in hand before you go out to look as well as a neighborhood/area defined. A majority of the buyers throughout this last year have been indecisive(kicking tires) and have no defined area of interest. When you have a defined area you are able to pull the trigger on a house before your competition. Why? Well because you understand what it takes to purchase in the given neighborhood. 

www.ListingDC.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.

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/