DC Condo Inventory Drops

* Market Update From GCAAR Prices Show Slight Increase; Days on Market Continue to Rise in the County District condo inventory dropped in November as both jurisdictions saw modest price increases for condos and single-family homes. Montgomery County saw a slight increase in single-family contracts and settlements compared to November 2013, but inventory and days on market were higher compared to the same time last year.   Washington, DC The average days on market was down one day compared to November 2013. The median price for condos rose 2.1%, with single-family homes increasing by 3.3%. Inventory dropped 4.5% for condos, but rose 0.6% for single-family homes. Contract activity dropped slightly for condos, 0.4%, but increased 4.6% for single-family homes. Settlements increased 16.8% for condos, but dropped 2.1% for single-family homes compared to November 2013.    Montgomery County The average number of days on market was up 14 days compared to November 2013. Median condo prices saw a 1.5% increase, and the price of single-family homes rose by 0.6%. The amount of available inventory increased in November, with a 25.9% increase for condos and a 29.9% increase for single-family homes. The number of contracts decreased 4% for condos, but increased by 8.1% for single-family homes. Settlements dropped for condos, 12.2%, but increased by 1.1% for single-family homes compared to November 2013.

District of Columbia November 2014 November 2013 Change Average Days on Market: Condo &  Single-Family Homes 39 40 -2.50% Condo Median Price $416,250 $407,500 2.1% Condo Total Active Listings  621 650 -4.5% New Condo Contracts This Month 274 275 -0.4% Condo Settlements This Month 278 238 16.8% Condo Absorption Rate (Total Active Listings /New Contracts) 2.26 2.36 -4.2% Single-Family Median Price $620,000 $600,000 3.3% Single-Family Total Active Listings 662 658 +0.6% New Single-Family Contracts This Month 365 349 4.6% Single-Family Settlements This Month 278 284 -2.1% Single-Family Absorption Rate (Total Active Listings /New Contracts) 1.81 1.89 -4.2% Montgomery County November 2014 November 2013 Change Average Days on Market: Condo &  Single-Family Homes 58 44 +31.82% Condo Median Price $223,099 $219,900 1.5% Condo Total Active Listings 573 455 +25.9% New Condo Contracts This Month 217 226 -4.0% Condo Settlements This Month 173 197 -12.2% Condo Absorption Rate (Total Active Listings /New Contracts) 2.64 2.01 +31.3% Single-Family Median Price $462,900 $460,000 0.6% Single-Family Total Active Listings 2170 1671 +29.9% New Single-Family Contracts This Month 710 657 8.1% Single-Family Settlements This Month 562 556 1.1% Single-Family Absorption Rate (Total Active Listings /New Contracts) 3.06 2.54 +20.5%

Mortgage Rates Find New Lows for 2014

 

Mortgage Rates Find New Lows for 2014

 

Information from Freddie Mac

MCLEAN, VA--(Marketwired - Dec 18, 2014) -  Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling to new lows for this year as 10-year Treasury yields closed at their lowest level since May 2013.

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.80 percent with an average 0.6 point for the week ending December 18, 2014, down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 4.47 percent.
  
• 15-year FRM this week averaged 3.09 percent with an average 0.6 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.52 percent.
  
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.00 percent.
  
• 1-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.56 percent. 

Our E-Newsletter for December 2014

Our "Best of 2014" Picks

Click Here to View the Entire E-Newsletter

It's that time of year when we see the annual best of lists. Here are a couple of fun ones: 

Most expensive houses in the world, 2014 

And some seriously unusual contemporaries honored by AIA 

Along those lines, here are our won picks for favorite house, 2014: 

Barbara's Pick: 

 

3691 35th Street NW

"This wasn't my listing, but I showed it to a client over the summer and fell in love. Built in 1912, it was in nearly original condition, the late owner having been born in the house in 1926 and never having felt the need to make changes. Elegant, simple, utterly and completely charming, it was  a true Cleveland Park landmark. I heard bidding was very competitive and it sold way over asking. I hope the seller was looking down and smiling. 

Tom's Pick:

 

3829 Woodley Road NW

This wonderful house was listed by an agent in our office. It shows that old houses don't have to be torn down all the time. After a total interior renovation, it sold in one day, but it still had the old time charm.

Marc's Pick: 

 

1421 Highland Drive, Silver Spring

I love this house.  I've been in it many times over the years, as the seller is the father of some old friends of mine.  Through the years they have done some great things to the house, but it still maintains its old world charm (built in 1938).  The house includes a stunning kitchen renovation, large family room (used for many parties), and huge deck with a hot tub.  Very close to both Downtown Silver Spring and the 16th ST/Georgia Ave shopping areas, this home is also in a primo location.

Susan's Pick:

 

2101 Connecticut Ave NW #81, Washington DC

When I am showing in DC I feel like a kid in candy shop. DC's condo/coop market is so fun right now.This penthouse in Kalorama is a coop in a building noted for its charm and dignity. Entry Foyer with skylights, formal DR & LR (with fireplace) Den, 4 BRS 2 1/2BAS. In addition to the 3049 sq. ft. apartment a spectacular privately owned 2400 sq. ft. roof terrace 360o views of DC, VA & MD.  A truly unique and gracious home.

Becky's Pick

 

691 Harwood Road, Davidsonville

Barbara's clients bought this house which I absolutely loved! The property has a beautifully appointed home on 23 acres with a 5 stall barn and a separate carriage house. The house boasts spacious open rooms, large entertaining areas, and exquisite craftsmanship! The perfect countryside retreat while still within commuting distance to DC!  

Happy Holidays and a very Happy New Year to all of our friends, clients, family, colleagues, vendors and the Long and Foster staff - you all make this job a joy and a privilege. Thank you!

Barbara, Tom, Marc and Susan

Nalls Home Partners

 

   

Read some of the key articles related to the mortgage market, housing, and the broader economy.

• "Short-sellers in limbo waiting for mortgage forgiveness tax relief" (Los Angeles Times, November 16)
• "FHA loan insurance fund is back in the black, report shows"(Bloomberg, November 17)
• "Old foreclosure debt coming back to haunt former homeowners" (CNN Money, November 18)
• "Home Depot CFO ‘very encouraged’ by regulators’ mortgage-reform work" (MarketWatch, November 18)
• "Homebuilder confidence rebounds as buyers more enthusiastic" (National Mortgage News, November 18)
• "U.S. housing regulator to unveil mortgage fees framework in 2015" (Reuters, November 19)
• "Single-family home starts in U.S. rise along with permits" (Bloomberg, November 19)
• "Fixed mortgage rates fall for the second week in a row" (Washington Post online, November 20)