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In January 2009, the real estate market remained slow. The average days to sell a property increased, while the average sales price and buyer demand (or absorption rate) remained low. The increase in the sales that we experienced in December did not continue in January. The number of sales dipped last month. We are starting 2009 off with an abundance of homes for sale, just as we had last year. However, this year should be different due to the low interest rates on home loans, low home values, government financial incentives to first time home buyers, and the strengthening on our overall economy.
Attention Buyers and Real Estate Investors! I now believe that we are entering the strongest buyers market that we have seen in a long time. Sales prices should remain flat for the entire year, while the number of sales will steadily increase. Once the foreclosure/short sale listings are sold we will start to return back to a balanced real estate market.
Absorption Rate - 1.1 out of every 10 homes for sale sold last month
The average absorption rate remained the same in January, changing only slightly from 10.45% in December to 11.3% in January. We are now approaching the 2009 Spring real estate market. It is an excellent time to buy a home! The inventory is high and demand is low. I now expect these market conditions to remain for the entire 2009!
Days on Market - The homes that sold last month were on the market for 115 days
The average time to sell a home increased in January, changing to 115 days from 103 days in December. It now takes over three and a half months to sell a property in the current market.
Sales Price - The average home sold for $13,000 less last month
Montgomery County ($421,840; 2.22% drop)
Fairfax County ($360,721; 10.58% drop)
Arlington County ($466,478; 10.75% drop)
Washington D.C. ($495,380; 10.86% jump)
Baltimore County ($265,095; 6.86% drop)
Prince Georges County ($252,315; 3.84% drop)
I expect to see property values to remain flat for the entire 2009 year!
Number of Sales - The average number of sales decreased last month
The number of sales decreased 31.28% in January. I expect to see the number of sales increase steadily through the 2009 year.
By: Adam Iobst A-Team Realty, LLC
For Additional Information visit http://www.a-teamhomesales.com/
Recent Real Estate Market Trends
In December 2008, the real estate market remained slow. The average days to sell a property remained high, while the average sales price and buyer demand (or absorption rate) remained low. The good news is that the number of sales in December increased about 10%! This is good news because we currently have an abundance of homes for sale in the D.C. Metro area.
Attention Buyers and Real Estate Investors! I now believe that we are entering the strongest buyers market that we have seen in a long time. I believe that sales prices will remain flat for the entire year, while the number of sales will steadily increase. Once the foreclosure/short sale listings are sold we will start to return back to a balanced real estate market.
Absorption Rate - 1 out of every 10 homes for sale sold last month
The average absorption rate remained the same in December, changing only slightly from 10.5% in November to 10.45% in December. We are now in the Winter 2009 real estate market. It is an excellent time to buy a home! The inventory is high and demand is low. I now expect these market conditions to remain for the entire 2009!
Days on Market - The homes that sold last month were on the market for 103 days
The average time to sell a home remained the same in December, changing slightly to 103 days from 99 days in November. It still takes over three months to sell a property in the current market.
Sales Price - The average home sold for $9,000 less last month
The average sales prices in the region decreased (2.2%) last month. Note the drop in the D.C. area last month. I now expect to see property values remain flat for the entire 2009 year!
Montgomery County ($431,397; 1.33% jump)
Fairfax County ($403,380; 1.39% drop)
Arlington County ($522,657; 1.87% jump)
Washington D.C. ($446,852; 12.49% drop)
Baltimore County ($284,627; 2.17% jump)
Price Georges County ($261,422; 1.13% drop)
Number of Sales - The average number of sales increased last month
The number of sales increased 9.82% in December. I expect to see the number of sales increase steadily through the 2009 year.
By: Adam Iobst A-Team Realty, LLC
In November 2008, the Washington D.C. Metro real estate market slowed down significantly. The average days to sell a property (99 days) and the absorption rate (10.5%) remained unchanged. The average sales price ($400,330) and number of sales (420) decreased.
If we continue to experience the same trends as we have in the past, the average sales price will remain flat (or slightly increase) in December, then drop during the first two months of 2009. The real estate market should pick up again in March 2009 with increases in both home values and sales activity.
Absorption Rate - 1 out of every 10 homes for sale sold last month
The average absorption rate remained the same in November, changing only slightly from 10.78% in October to 10.5% in November. We are now in the Fall/Winter 2008 real estate market. It is an excellent time to buy a home! The inventory is high and demand is low. I expect these market conditions to remain until March 2009.
Days on Market - The homes that sold last month were on the market for 99 days
The average time to sell a home remained the same in November, changing slightly to 99 days from 100 days in October. It still takes over three months to sell a property in the current market.
Sales Price - The average home sold for $23,395 less last month
The average sales prices in the region decreased (5.5%) last month.
Montgomery County ($425,742; 10.8% drop)
Fairfax County ($409,082; .15% jump)
Arlington County ($513,040; 5.23% drop)
Washington D.C. ($510,641; 8.6% drop)
Baltimore County ($278,591; 1.78% drop)
Price Georges County ($264,885; 3% drop)
I expect to see property values remain flat or decrease slightly for the remaining months of the year, decrease during the first two months of 2009, and then increase in March.
Number of Sales - The average number of sales decreased last month
The number of sales decreased 22% in November. I expect to see the number of sales remain flat or decrease slightly until March 2009.
In September 2008, the slow down continued in the D.C. metro area real estate market. The average sales price decreased significantly last month in all counties. The average days to sell properties increased slightly, while the absorption rate and number of properties sold decreased slightly last month.
The average absorption rate remained the same in September, changing slightly from 13.55% in August to 12.32% in September. The decrease in buyer demand in September is nothing new. A similar decrease has occurred 3 of past 4 years. We are now entering the Fall/Winter 2008 real estate market. It is an excellent time to buy a home! The inventory is high and demand is low. I expect these market conditions to remain until March 2009.
The average time to sell a home increased slightly to 104 days (7.2% jump) in September. It still takes over 3 months to sell a property in the current market. The average number of days to sell a property increased slightly in all counties track last month.
The average home sold for $45,717 less last month. The average sales prices in the region decreased significantly (10.12%) last month.
Montgomery County ($458,036; 10.36% drop)
Fairfax County ($382,948; 16.15% drop)
Arlington County ($511,748; 11.99% drop)
Washington D.C. ($520,296; 6.6% drop)
Baltimore County ($277,494; 9.54% drop)
Price Georges County ($285,632; 3.96% drop)
I expect to see property values decrease steadily for the remaining months of the year.
The number of sales decreased 4.94% in September. I expect to see a steady decrease in the number of sales for the remaining months of the year. All counties experienced decreases in the number of sales last month, except Prince Georges.
I invite your comments and would like to hear from other real estate professionals in the D.C. Metro Area. I will be posting my thoughts on the local real estate trends every month. I am currently building my referral network, if you are interested in joining please email me. I am taking on more seller and buyer clients right now for the Maryland, Northern Virginia, and Washington D.C. areas. So if you have a client interested in selling or purchasing in any of these areas I welcome your referrals. For a copy of my resume and client testimonials visit my website: http://www.a-teamhomesales.com.
Adam Iobst
A-Team Home Sales
(c) 301-785-7144 (f) 301-880-0068
Search Now at www.A-TeamHomeSales.com
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Key Realty Group, LLC
910 Clopper Road #210N
Gaithersburg, Maryland 20878
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