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

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.