This Month in Real Estate August 2017

August 15, 2017 by · Leave a Comment 

Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.

The Wethman Group’s Real Estate News

August 1, 2017 by · Leave a Comment 

July 2017

Greetings!

We’ve seen cooler temperatures in our area here recently, and a bit of a cool down in the housing market. The spring market may have just peaked–June saw the most homes sold in a single month in our area since 2005. The median sales price, however, dropped slightly from May’s all-time high. As you can see from the chart below, it was still a June record, and the second highest monthly median price on record.  Despite June’s aggregate numbers, on the ground we’re starting to see certain price points and locations level off, and there are some disappointed sellers.
Buyers remain active. The market saw an influx of new listings in June, up 4% from June last year, but down 3.5% from the number of new listings we saw added the previous month in May. The number of listings that remain active and available to buy is still down 7.3% from this month last year, for the 14th consecutive month of year-over-year decreases in active listings. With interest rates remaining low, and pricing trending upward, buyers are out finding their homes among the inventory that is available.
As mentioned above, those buyers are starting to have more leverage in the market. We’ve recently seen less competition over individual listings, listings sitting on the market slightly longer, and buyers able to negotiate some favorable terms. Certain pockets of DC and Arlington remain fairly strong, but in other areas, the market is becoming less competitive. Perhaps it is just the annual seasonal lull, or we may be beginning to see a bit of a leveling off of the frenzy. As always, contact us for more specific data by zip code or price point to strategize timing.
Thinking of selling? Start a conversation with us now about timing. Inventory is still low and the market in our area experiences a nice little pop of activity most years around September. If you’ve been considering a change, let us work with you on a strategy to make the most of the current market conditions.

Client Appreciation Day at the Nats Game
On Sunday, July 9th, clients and friends who’ve referred us shared a gorgeous day at the Nationals game. The sun was shining, the temps were in the high 70s, and the Nats beat the Braves 10 to 5! Smiles all around. Want to join us next year? Buy or sell with us, or refer your friends our way. We have an amazing group, and we’d love to add you!
Love us? Review us! Your reviews mean so much to our business. Share your experience online at Yelp, Zillow, Angie’s List, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group

 

This Month in Real Estate June 2017

June 21, 2017 by · Leave a Comment 

Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.

The Wethman Group’s Real Estate News

June 21, 2017 by · Leave a Comment 

June 2017

Greetings!

The temps are hot and so is the market! The median sales price in our area reached the all-time high for any month on record, topping the previous high of $446,000 reached in June 2016. New contract activity was up over 4% over last May’s record.
May finally saw a nice increase in new listings, up 8.7% over last year, and 5.5% over last month, but it wasn’t enough to make up for the already low level of inventory we have been seeing. A lot of new listings are snatched up within days of entering the market. Median Days on Market (DOM) at 10 days- the second lowest mark in a decade (9 days in 2013). Which means active listing (those available to buy) in May were still down 10.9% from this time last year and at the lowest May level since 2013.
We’re seeing multiple bids on most properties that are priced to sell, and significant offers over asking in a few pockets of DC and Arlington. Even though the market is competitive, we have a lot of happy buyers right now! Making the most attractive offer isn’t just about competing on price. There are many components that play into the strategy of an offer. If you are thinking of buying, let us guide you on how to put your best foot forward in this hot market. Set up a conversation with one of our buyer agents to come up with a strategy that is tailored to your goals.
Thinking of selling? Now’s the time! Inventory is still at the lowest level we have seen in 4 years and prices are reaching record highs. Buyers are well informed and ready to move. If you have been considering a change, start the conversation with our listing team to figure out your how to position your property to maximize your return.

Upcoming Event: Client Appreciation Day at the Nats Game
To show our appreciation for our business, we’d love to take you out to the ballgame! Join us as the Nationals take on the Braves, Sunday, July 9th at 1:35pm. Tickets are on us, but you must RSVP. If you are a current or past client, or have referred clients to us, and haven’t yet received your invite, reach out to us at baseball@wethmangroup.com and we’ll get you squared away!
Love us? Review us! Your reviews mean so much to our business. Share your experience online at Yelp, Zillow, Angie’s List, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude! This quarter’s winner: Meghan Hurley! Meghan got 3 entries for her awesome reviews on Yelp, Zillow, AND Facebook. Thanks, Meghan!
As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group

 

The Wethman Group’s Real Estate News

May 23, 2017 by · Leave a Comment 

May 2017

Greetings!

The Spring market is in full swing, with lots of activity on the buyer side, but the real story is still low inventory. The median sales price in our area reached the highest on record  for the second month in a row, easily beating last April’s record by 4.1%, and up 3.9% from last month. However, new pending sales were down 8.3% from this time last year, and down 2.5% from last month, coming in under the 5 year April average. So what gives? Inventory!
April new listings were down 13% from April last year and down 6.7% from last month! This is below both the 5 and 10 year April average, but still above the 10 year low we saw in 2012.
This low inventory means the market is moving FAST as buyers are competing for the listings that DO hit the market. Average Days on Market for April was 10! That’s down from 14 days last April and from 15 days last month.
We’re still seeing multiple bids on most properties that are priced to sell, and significant offers over asking in a few pockets of DC and Arlington. Even though the market is competitive, we have a lot of happy buyers right now! Making the most attractive offer isn’t just about competing on price. There are many components that play into the strategy of an offer. If you are thinking of buying, let us guide you on how to put your best foot forward in this hot market. Set up a conversation with one of our buyer agents to come up with a strategy that is tailored to your goals.
Thinking of selling? Now’s the time! Inventory declining now at the peak of the spring market is huge. Buyers are out and ready to move, but not finding many options. If you have been considering a change, start the conversation with our listing team to figure out your how to position your property to maximize your return.
House it Going? Real Estate Q&A Happy Hour: Tuesday, May 23rd in Clarendon
 
Questions about Buying or Selling? Just want more information about what we are seeing in the housing market? Join Katie for an informal chat over drinks at Spirits of ’76 Tuesday, May 23rd. Stop by with your questions any time between 5-7pm.

Clients and Friends Who Have Referred to Us
SAVE THE DATE: Baseball Event, Sunday, July 9th
Mark your calendars for Sunday, July 9th, and watch your mail for more details on reserving your tickets.
Love us? Review us! Your reviews mean so much to our business. Share your experience online at yelp, zillow, angie’s list, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group

This Month in Real Estate May 2017

May 16, 2017 by · Leave a Comment 

Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.

The Wethman Group’s Real Estate News

April 25, 2017 by · Leave a Comment 

April 2017

Greetings!

The Spring marketing is kicking in, with very slight increases in inventory, and multiple offers.  The March median sales price in our area reached the highest on record (since 1997) up 5.3% from March last year. Sales and pending sales were at the highest level in a decade and the inventory level declined for the 11th month in a row (but is still above the 5 year average). Median Days on Market (DOM) in our area for March was 15. That is down 12 days from this time last year!
We’re seeing multiple bids on most properties that are priced to sell, and significant offers over asking in a few pockets of DC. Properties are moving FAST and often competing with other offers on terms.  But not everywhere…why is that?
As the Stephen S. Fuller Institute reports, the main driver is the local job market. While we have enjoyed low unemployment in our area for many years, we have not seen an aggregate increase in real wages in some time. The already large gap in affordability in our area doesn’t leave much room for price growth when wages are not growing as well. If you are looking to buy, this is potentially good news. Mortgage interest rates have retreated again to the lowest rates since last November (if perhaps temporarily) despite the Fed’s increase in the benchmark rate in March.  Even though the market is competitive, with the right strategy and team of negotiators (that’s us!) you CAN be successful in this market.
We continue to urge our past clients who have been on the fence about selling to make a move. Inventory remains tight, even now, entering the peak of the housing market. Buyers are out and ready to move! If you have been considering a move, start the conversation with our listing team to get an idea of what this market means for your specific property.
Client Appreciation Event: Afternoon at the Winery
On April 1, we were joined by a great group of clients and referrers for a wine tasting and picnic at the Winery at Bull Run. Over the course of the afternoon, we tried 10 wines (some many times!), and lots of great food. This was our first event at the winery, but we are already talking about next year. If you aren’t on our event list yet, it is easy to get an invite- buy or sell with us or refer a friend!

Clients and Friends Who Have Referred to Us:
Save the Date: Baseball Event, Sunday, July 9th
Our next client appreciation event is our annual trip to a Nats game. Mark your calendars for Sunday, July 9th, and watch your mail for more details on reserving your tickets.
Love us? Review us! Your reviews mean so much to our business. Share your experience online at yelp, zillow, angie’s list, or on Facebook, and you will be entered into a quarterly drawing for a $100 gift card. Plus, you will instantly receive our deepest gratitude!
As always, if you or someone you know has a real estate need please reach out. We’re here to help!
The Wethman Group

This Month in Real Estate April 2017

April 17, 2017 by · Leave a Comment 

Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.

This Month in Real Estate March 2017

March 15, 2017 by · Leave a Comment 

Here are just a few of the national real estate numbers we are tracking for you now. For more info contact us.

The Wethman Group’s Real Estate News

March 7, 2017 by · Leave a Comment 

March 2017

Greetings!

Whether it is the weather, or stabilized interest rates, the 2017 DC Metro housing market is off to a roaring start! January closed sales in our area were up 11.5% over last year, to the highest volume in a decade and median sales prices was up 3.9% over last year.
Inventory remains low, which means we are seeing new listings move FAST! We had two of our listings go under contract the first week this month- one in just 2 days! Overall in our area, Median Days on Market for January was down 10 days from January last year. New listings saw an increase of 12.8% over January of last year, but active listings (those remaining available on the market) were down 12.7% compared to last year and 3.1% from last month, meaning those new listings were gobbled up quickly. January inventory levels reached the lowest since 2014.
I know we have been saying this for months now, but if you are considering selling this year and have some flexibility in your move plans, now is a GREAT time! Buyers are looking and inventory is low. We are seeing big turn outs at our open houses and fast offers on our listings. Start the conversation with our listing team to decide on the best time to list given your goals and circumstances.
Buyers, over the next month or so we are expecting a seasonal uptick in inventory (though based on data we’re seeing, you should still expect the market to move quickly), which means the property you’ve been waiting for could come on the market. Get ready by learning about the home buying process ahead of time, and getting pre-approved with a lender. We are hosting our popular First Time Home Buyer Class in a few weeks, details below, and work with some fantastic lenders, so ask us for recommendations. If you can’t make the class, reach out with your questions- we are here to help!
Past clients, the best thanks we can get is your reviews and referrals! Leave us a review on zillow, yelp, or facebook to be entered into a drawing for two free Caps tickets (they’re doing great, by the way)!
Client Appreciation Event: Afternoon at the Winery
Wine Tasting and Picnic for Wethman Group clients!
Saturday, April 1st 12pm-3pm
Join us for an afternoon at a local winery to sip and learn about a variety of wines and enjoy our warm spring weather. Clients, watch for your invitation this week or contact us for your free tickets.
Upcoming First Time Home Buyer Class
Tuesday, March 21st, Capitol City Brewery Register Here
As always, if you or someone you know has a real estate need please reach out. We’re here to help.
The Wethman Group

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