The Wethman Group’s Real Estate News – September 2018

September 2018

The kids are back to school, and we’re back to the hot real estate market!
Activity picked up after Labor Day, and we’re seeing more of the same this month. August stats appear to be in line with prior years’, and no worse. The Median sales price is up ever-so-slightly, and inventory year over year remains about the same. Typically in September we see a little pop in inventory as sellers try to get a deal done before the holidays and year end.
Anecdotally, we’ve been seeing some softness in certain market segments, particularly the $1.2M+ single family detached market. It’s too soon to say whether this is a blip or the start of a larger trend, but market dips typically do start in the upper brackets, evidenced by longer days on market. Builders largely target this market at the expense of the mid-range single family market, adding insult to injury. We’re seeing similar pockets of relative ‘softness,’ and an increase in listings selling for just slightly below list price, unlike the bidding wars of the Spring.
Our local wild card, with 3 jurisdictions in the running, continues to be the Amazon HQ2 search. Rumors abound as the Amazon Board dined at the Renwick Gallery last week. Our inventory issue would be wildly exacerbated if our area ‘wins’.
Want a more in depth discussion of your targeted area? Just give us a shout!
Thinking of buying? It’s better to start sooner than later, even if your target move date is months away…with a lot of buyers ‘waiting until next Spring’, it’s a great time to find a great home with less competition from other buyers!

 

 

 

 

HOME CARE CORNER 

Zillow has come out with a report on the ‘paint colors that sell’ and the verdict is that black or charcoal front doors sell better. Reach out to us for painting advice, whether it’s on colors or contractors, before painting for a sale!

 

CLIENT APPRECIATION EVENTS

Save the Date: Pie Day- Tuesday, November 20th

Our annual pie day open house will take place the Tuesday before Thanksgiving at Katie and Kenny’s house (we know, we can’t believe it’s time to plan for fall already either!). Clients, save the date on your calendar to stop by for a bite and a drink and bring home an apple or pumpkin pie for your Thanksgiving celebration. It’s one of our favorite events each year, and we look forward to sharing it with you!

Also, Save the Date for our Breakfast at the Movies with Santa -Saturday, December 1st

As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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The Wethman Group’s Real Estate News – August 2018

August 2018

MARKET UPDATE
Up, up, up! Prices and sales volume increased like the temperature in July for the local area housing market. Each year the DC housing market tends to peak in volume and price in June, with July starting to show a taper down to a lull in August and then a nice little pop again in September into October before quieting down significantly at the holidays for winter. Each month represents some seasonal differences (for more information on WHY, join our next first time home buyer webinar to learn about the factors that affect the real estate calendar year) which is why you’ll always see us comparing figures from the same month in the previous year.
Median home price reached the highest July price of the decade, up 3.4% from July last year, but down a seasonal 3.4% from the June all-time high the month before. As you may remember, we reported last month that sales volume (new pending sales and closed sales) was down in June from the previous year, which is somewhat out of sync with current trends. July saw the uptick in sales volume from last July we were expecting to see, with 3.2% more new pending sales in July this year over last July- again the highest July in over a decade.
If you’ve been following our newsletter for a while now, you may be able to guess what is at play AGAIN here: inventory! Our quick explanation (and what we are seeing play out with our clients) is that in June many buyers frustrated with the low inventory, just didn’t buy.
July inventory saw a few more new listings- up 1.6% over July 2017 (but down a seasonal 13% from June). However, active inventory for July (the properties remaining available for purchase) decreased again year-over-year for the 27th straight month, down 6.4% from July last year, meaning buyers scooped up all those new listings plus some. We are still 14% above the lowest inventory of the decade in 2013, but buyers are feeling the lack of choice and what we are seeing is some creative deal making and buyers revising what their “dream” property looks like rather than continuing to wait on inventory that just isn’t increasing.
We are helping buyers understand the current market, how to approach the search and prioritize trade-offs and walk away with the keys to their new home all the time! With interest rates holding steady, many of our buyers are gearing up for the little pop in inventory we usually see each September.
Thinking of selling? With near historically low inventory, it’s a great time. There is still time to get your house ready for the September shoulder season before buyers go into hibernation. Regardless of whether you are thinking of buying or selling, get in touch to start the conversation so we can come up with the best strategy and outline a potential timeline for you!
CLIENT APPRECIATION EVENTS
Save the Date: Pie Day- Tuesday, November 20th
Our annual pie day open house will take place the Tuesday before Thanksgiving at Katie and Kenny’s house (we know, we can’t believe it’s time to plan for fall already either!). Clients, save the date on your calendar to stop by for a bite and a drink and bring home an apple or pumpkin pie for your Thanksgiving celebration. It’s one of our favorite events each year, and we look forward to sharing it with you!
As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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The Wethman Group’s Real Estate News – July 2018

July 2018

MARKET UPDATE
Is the summer housing market as hot as the weather? It is if you measure by price! June set a new all-time high for median price in our area at $471,000, up 3.5% compared to June of last year. But sales volume, closed sales, and new pending sales were all down from June of last year. By now you can probably guess what is driving these market behaviors: inventory!
New listings were down 6% from June last year and down 11% from May. The lack of new listings coupled with continued quick absorption meant active inventory was 6% below June of 2017, which was already low. We are still above the all-time lowest active inventory seen in our area in 2013, but significantly below the 5 and 10 year averages. Without properties to buy, the desirable properties that DO come on the market are either priced at a premium or may get bid up, which is why we see the rise in median price. Sales volume is down simply because there are fewer properties to buy or would-be buyers are getting priced out.
Properties that are well priced are still moving quickly! Average Days on Market (DOM) for June was 10, up from 9 in May, but down 2 days from June of last year.
Interest rates are holding steady, which is good news for buyers still hoping to make their move by the end of summer. Despite the competitive market, our clients are still finding places they love! Thinking of buying? Even with all of the competition, we think many buyers will be better off buying now than waiting until next year (when interest rates will likely be higher and inventory will likely be even more squeezed). We are always happy to talk through your plans and see if that is true in your circumstance.
With the continued emphasis on inventory, and seasonality in your favor, if you are thinking of selling, get in touch now to have us create the best strategy for you!

CLIENT APPRECIATION EVENT

Annual Baseball Game
We had a wonderful time with clients at the Nats’ game on Sunday, July 8th as the Nats took on the Marlins. The weather was perfect and the company even better! We are so grateful for everyone who works with us or sends us business. Your support is everything to us and this is one way of showing our thanks! If you’d like to join us for our next event, use us when you are buying or selling your home, or refer a friend who is looking! We’d love to have you be part of the tribe!

As always, if you or someone you know has a real estate need, please reach out. We are here to help!

The Wethman Group


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The Wethman Group’s Real Estate News – June 2018

June 2018

MARKET UPDATE
May was another record-breaking month in the DC Metro housing market. Prices ticked up to the highest in a decade, but not by much, rising just 1.1% $5,000 over May last year, but up a seasonal 3% or $15,000 over just last month. This is correlated with the lowest active inventory we have seen in May since 2013, despite new listings being up a seasonal 3% from last month, those new listings are being absorbed in record time. Median Days on Market (DOM) is down to just 9! Half of the homes that come on the market now are under contract in less than 9 days! This is 1 day fewer than last year and in line with the 9 day average we saw in 2013.
Interest rates bounced up and down over the past month, but have ended up back in the same starting point, which is good news for buyers still hoping to make their move by the end of summer. Despite the competitive market, our clients are still finding their home of choice and we are handing over keys all the time! Thinking of buying? Let us walk you through what this market means for your search strategy, or get started by attending our upcoming free webinar THIS WEDNESDAYJune 20th (registration details below). For many buyers, depending on your individual circumstance, we still think buying this year, even with all of the competition, will be better than waiting until next.
With the continued emphasis on inventory and seasonality in your favor, if you are thinking of selling, get in touch now to have us create the best strategy for you to sell for top dollar! The market is hot, but taking advantage of that competition requires the right marketing strategy and team to optimize your exposure to buyers. Check out our listing highlights below- 2 recent listings sold within days of hitting the market!
CLIENT APPRECIATION EVENTS
Baseball Game- Sunday, July 8th– Clients, it’s that time of year, you’ve received your invitation to our annual baseball game and you’ve responded! The event has proven so popular we are already on a waitlist for tickets, but we are determined to make sure we can get as many clients in a possible, so DO sign up for the waitlist if you are interested and root, root, root for the home team with us! If you haven’t received your invitation, please email us at events@wethmangroup.com and we’ll get you sorted out.
UPCOMING CLASSES
First Time Home Buyer Webinar: THIS WEDNESDAY, June 20th at 7pm
Our popular First Time Home Buyer class covers deciding to buy, financing, your home search, trends in the local market, and even the implications of the new tax law! If you want a refresher before diving into the Spring market, join us for this free class and send your friends who are thinking of buying! Register here to join.
Senior Seminar: Downsizing and Preparing Your Home for Sale
We joined TAD relocation last Thursday at Grand Oaks Assisted Living for a special seminar for seniors preparing to downsize and thinking about selling their long-time home. We had a great response and would love to share this information with any groups who are interested! Let us know if you have a group (or individual) who would benefit from downsizing information. We’d be happy to reach out!
As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group
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JUST LISTED: 3625 10th St N #104

Stunning 2BR/2.5BA + 1 den at The Monroe!
Rarely available, light-filled unit with 11ft ceilings, large windows, custom light fixtures, crown molding, and gleaming hardwood floors.
This unit features over 1600 sq ft, with an open floor plan and lives like a home!
Gourmet kitchen with granite counters, custom backsplash, stainless appliances, island & open to dining/living area. Perfect for entertaining!
Den with closet off living area could be used as 3rd bedroom.
Expansive master bedroom w/large walk-in closet, 2nd closet & ensuite bath with double sinks, soaking tub & tiled shower.
Sizable second bedroom, across from master, with attached bath and large closet.
Half bathroom off the hallway, and spacious laundry room (with full-size W/D) and room for storage!
This unit features updates throughout, and has been impeccably maintained!
Garage parking & storage included.
Building amenities include secured entry with concierge in the lobby, community room, exercise room, courtyard area and roof terrace with city views.
Convenient first-floor access with separate entrance to N Monroe St.
Unbeatable location, just a block to VA Square/GMU Metro, Quincy Park, and plenty of restaurants & retail!

Units at The Monroe have sold from $660K up to $950K depending on size and upgrades. The larger units with over 1700 sq ft sell for $800K and above. Given the size, upgrades, and location of our unit, we have listed for $850K.

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Contact us for a private showing or more details!

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