Is it me or the market getting this HOT?

There were A LOT of clients and agents that were unhappy last week–bidding wars and multiple offer situations, on the flip side there were 93 agents and clients that were ecstatic. Although there were 90 new listings more clients were busy ratifying contracts!  90 new listings vs 93 ratified contracts (a ratified contract is a contract that both the buyer and seller have agreed on price and terms).  Over 50 of those sold had only been listed for a week or LESS!  The average days on the market is only 39.

Interest rates saw a slight drop last week Prompted by domestic and international into 10yr Treasury bonds. That drove down yields and long term interest rates with concerns over the crisis w/N Korea. You can still get a 30 yr fixed rate mortgage for 4.11%. You should lock your rates in ASAP.

Sales are HOT in Northern Virginia!

It’s been a pretty busy time here in Northern Virginia.  I apologize for not personally writing this article but I just knew I had to get it out–besides I am extremely busy 🙂  Inventory is low and we have so many buyers out now.  We are seeing some Open Houses with 100 guests. Then w/our listings, we are seeing multiple offers!  If you’re sitting on the fence waiting to buy, you should get off of it as soon as you can…call me!

March Surge Contributes to Significant Growth in First Quarter Residential Market

The first quarter of 2017 illustrates another year of significant market strength. With particularly strong sales in March, the first quarter of 2017 outperformed the prior year first quarter by 7.8 percent (rising from 21,213 transactions to 22,859). Likewise, first quarter volume grew year-over-year, from $6.492 billion in 2016 to $7.287 billion in 2017. The 12.2 percent increase in volume resulted from both significant gains in pace and steadily rising median prices. Median price for the first quarter rose 4 percent from 2016 to 2017, from $249,900 to $260,000.

Each month of the first quarter outperformed its prior year benchmark in sales. Annualized pace, the sum of all transactions for the preceding twelve months, rose for the tenth consecutive quarter. Relative to the prior quarter, the annualized measure was up 1.4 percent.

Year-over-year, first quarter home sales increased in all price bands except the lowest, where limited inventory typically restricts market activity. Sales pace and median price increased in every region of the state.

Though 30-year and 15-year fixed mortgage interest rates remain relatively low, they each continued to rise in the first quarter. The Federal Reserve Bank announced a raise in the key rate in March, acting on strong national jobs reports. The average rates for 30-year and 15-year fixed mortgage interest rates in the first quarter were 4.17 percent and 3.39 percent respectively. The prospect of rising rates may continue to spur greater activity in 2017.

According to 2017 Virginia REALTORS® President Claire Forcier-Rowe, “The start of 2017 has underscored the sustained strength of Virginia’s housing market and also illustrated the effects of evolving economic factors. Prices have inclined steadily as eager buyers enter the market and, with greater inventory in March, sales surged with their pent up demand.”

 

http://www.varealtor.com/sites/varealtor2.com/files/Virginia%20Home%20Sales%20Report.Q1.pdf

4910 Barbour Dr Alexandria, VA 22314

I’m very excited, I just got a new listing today.  It’s a 2BR 2BA end unit townhouse at Cameron Station.  It’s a really great location, immaculately kept.  Right now there a pretty cool lady and a gorgeous Golden Retriever that live there.  I so love other people’s dogs since I don’t have to pick up the poopies.  I was driving around there’s a pool. clubhouse, indoor basketball court.

Alexandria is an interesting town.  I really, really like the Old Town area, there are so many charming row houses.  It very nostalgic (as if I lived there in the 1700’s, LOL).  Unfortunately one of the things that I constantly think about while there is that there were so many slaves in this area, it leaves me melancholy.  When reading about how these poor people were bought and sold, seeing storefronts which are in a building that may be over 100 years old, I always wonder to myself ‘if this storefront could only talk.’

Speaking on we’ve been watching this show WGN, Underground, very compelling about the Underground Railroad, but I digress.

The area where the townhouse is, is moments from shopping and great little boutiques and the library.  It’s about 1 mile from I-395 which makes it easy to get into DC.  Well, I guess it depends on where in DC you are going.