March 23rd, 2012 Categories: Market Updates
Contracts activity is on fire compared to this time last year. Take a look at the numbers – plus a look at median home price trends since 2009. Have home prices dropped off of a cliff during this time period? You may be surprised.
February 13th, 2012 Categories: Market Updates
Housing inventory is typically low this time of year, but it seems like nothing’s available. In this months’ review of the Montgomery County real estate market, we take a look at inventory snapshots from over a year to see if inventory is in fact low, or if we just have really picky buyers (spoiler alert – inventory is in fact super low).
The video also takes a look at contract activity over the last three months of 2011 compared to the same period in 2010. Overall, contract activity is up a little. Dig a little deeper, however, and see that some areas are doing much better (or worse) than others.
It can be frustrating for buyers right now, but it’s a great time for sellers to enter the market. Inventory will definitely increase as springtime approaches. Contact us anytime if you are planning to buy or sell and we’ll let you know exactly what’s happening in your areas of interest.
January 3rd, 2012 Categories: Market Updates
In 2011, did the market go up? Did it go down? Yes and yes. The direction of the housing market depended on the home’s price range, type and area. Here’s a detailed run through of it all.
Take a tour of Montgomery County and quickly get up to speed on home prices throughout the county.
October 20th, 2011 Categories: Market Updates
Compared to August, September was a relatively stable month – the key word being “relatively”. Congress was quieter, but the stock market was still very volatile. For buyers, interest rates were at historical lows which helped push overall activity up compared to last year. Still – all market segments are not trending the same way. Sales of upper bracket homes are trending down reversing a positive trend from the end of last year.
This video update goes through the numbers.
October 2nd, 2011 Categories: Market Updates
Redfin released their Redfin Scouting Report this week which created quite a kerfuffle. With it, anybody on the web can enter an agent’s name in any of the areas they serve and see listings and sales by all agents – not just Redfin agents. By providing detailed agent statistics, Glenn Kelman, Redfin’s CEO, proclaims it “will help you make a better choice about which agent to hire, and hopefully that choice is more often to hire a Redfin agent”.
Well I don’t like it for a number of reasons. My initial objection was that Redfin didn’t have explicit permission to use MLS data in this way. To participate in our MLS (the Metropolitan Regional Information System, or MRIS), competing brokers agree to a common set of rules in order to share listing data to the great benefit of all consumers. That’s how I’m able to provide my visitors with a complete set of all homes for sale in Montgomery County. Redfin broke these rules when they published a view of sales data by all agents for all brokers without explicit permission. MRIS agreed this wasn’t right so they pulled the plug on it. Consumers may not be sympathetic to that argument, but this issue may not be so much about limiting consumer transparency as it is about one broker breaking the rules to serve its own interests.
Here’s what Redfin’s scouting report won’t tell you: Redfin is not very good at selling homes. That’s what our MLS data says. If true, why would Redfin Read the rest of this entry »
September 17th, 2011 Categories: Market Updates
August was a crazy month. As unemployment stayed stubbornly high, the congress took it upon itself to create the federal debt-default crisis. As that crisis passed by, a credit downgrade from S&P was simply too much sending the stock market down over 10%. Only to come back up. Only later to be greeted with an earth quake and hurricane Irene. Ugh – my head’s still spinning.
I suppose we should be grateful that any homes sold in August as a result. Homes sold, but the stats tell me that the market took a step back in August. This video update goes through the numbers.
August 16th, 2011 Categories: Market Updates
The stats for real estate contracts for July have been crunched. Compared to July 2010 contracts were up 24%. That’s a big number, but what does it tell us? It’s a good thing, that’s for sure. However, comparing anything to 2010 is tricky given the effects of the federal tax credit. In this video, we review activity over the last five months and see how it compares to last year.
With all the craziness in Washington (dept ceiling hostage crisis, federal credit down-grade), stock market ride and general discontent, it will be interesting to see how August pans out.
Contact us anytime if you are planning to buy or sell in Montgomery County, or have any questions about our real estate market.
July 26th, 2011 Categories: Market Updates
It’s hot outside, and the market’s hot – or not – depending on where you’re at in Montgomery County, Maryland. Here’s an overview of the current state of our market.
Overall Contract Activity
OK, let’s jump into the numbers. The first metric to review is the total number of contracts from March through June. The rush to get the 2010 tax credit distorted the timing of last year’s activity, but hopefully looking at a four month period will Read the rest of this entry »
June 14th, 2011 Categories: Market Updates
Last year’s federal tax credit may be long gone, but the effects are still with us when market statistics are reported. As a result, don’t panic – or rejoice – if you see headlines like the following:
- “Contracts in April Down 40% from April of Last Year” (the market continues to crater)
- “Contracts in May up 28% from Last Year” (the market is soaring! yeah!)
- “Sales in June significantly below Last Year” (again, cratering)
In early 2010, inventory was super low, and buyers went a little crazy and rushed to get homes under contract by April 30th. As a result, last year’s monthly metrics were really distorted. The chart below tells the tale. Until we’re well past monthly activity from early 2010, take any headline with a grain of salt.
June 13th, 2011 Categories: Market Updates
Here’s a video review of the Montgomery County real estate market in June 2010.
Sales of upper bracket homes have suffered over the last couple of years, yet 2010′s numbers show signs of a turnaround. Is this the beginning of a recovery for this segment of the market, or are we seeing a dead cat bounce (apologies to cat lovers)? Let’s take a look.
Most Expensive Sales in 2009 and 2010
Before we dig into the numbers, let’s look at the five most expensive sales in 2009 and 2010. Read the rest of this entry »