District Prices Remain Strong Even Though Settlements Drop Slightly

County Contracts and Settlements Increase for Third Consecutive Month

 

Article From GCAAR

District condo and single-family prices continued their upward climb in May, even though condo and single-family settlements dropped and single-family inventory increased slightly. Montgomery County prices decreased and inventory rose in both areas compared to the same time last year. Condo and single-family contracts and settlements increased in the County for the third consecutive month and are higher than May 2014.         Washington, DC The days on market was down by 5 days (12.50%) compared to May 2014. The median price for condos rose 4%, with single-family homes increasing by 7.4%. Inventory dropped 1.7% for condos, but increased by 0.7% for single-family homes. Contract activity dropped slightly, 0.9% for condos, and but rose by 7.2% for single-family homes. Condo and single-family settlements dropped in May, by 4.8% and 2.1% respectively compared to May 2014.   Montgomery County The average number of days on market was up by 8 days (20.51%) compared to May 2014. Median condo prices dropped by 2.2%, and single-family homes dropped by 3.8%, compared to the same time last year. The amount of available inventory increased in May, with a 34.9% increase for condos and a 14% increase for single-family homes. The number of condo contracts rose by 8%, and single-family contracts saw a 9.9% increase. Condo settlements increased by 5.7% and single-family settlements increased by 10.8% compared to May 2014.

District of Columbia May 2015 May 2014 Change Average Days on Market: Condo &  Single-Family Homes 35 40  -12.50% Condo Median Price $434,900 $418,000 4.0% Condo Total Active Listings  674 686 -1.7% New Condo Contracts This Month 446 450 0.9% Condo Settlements This Month 375 394 -4.8% Condo Absorption Rate (Total Active Listings /New Contracts) 1.51 1.52 -0.7% Single-Family Median Price $639,000 $595,000 7.4% Single-Family Total Active Listings 603 599 0.7% New Single-Family Contracts This Month 490 457 7.2% Single-Family Settlements This Month 381 389 -2.1% Single-Family Absorption Rate (Total Active Listings /New Contracts) 1.23 1.31 -6.1% Montgomery County May 2015 May 2014 Change Average Days on Market: Condo &  Single-Family Homes 47 39 20.51% Condo Median Price $220,000 $225,000 -2.2% Condo Total Active Listings 739 548 34.9% New Condo Contracts This Month 323 299 8.0% Condo Settlements This Month 261 247 5.7% Condo Absorption Rate (Total Active Listings /New Contracts) 2.29 1.83 25.1% Single-Family Median Price $445,000 $462,438 -3.8% Single-Family Total Active Listings 2779 2438 14.0% New Single-Family Contracts This Month 1131 1029 9.9% Single-Family Settlements This Month 961 867 10.8% Single-Family Absorption Rate (Total Active Listings /New Contracts) 2.46 2.28 7.9%

June 2015 E-Newsletter

Our E-News Letter Click Here to Read Entire Letter


Changes to Settlement Documents and Procedures

You may have heard that the "sky is falling" over the changes to settlement documents and procedures coming August 1st. Fear not. Without going into specific, sometimes confusing, details, it is a positive change for the consumers. The documents lenders and settlement agents will be required to produce are easier to read and more straightforward than before. After a little time we are sure it will be "business as usual".

The whole idea behind the law was to help consumers understand clearly the costs associated with settling a real estate transaction and the actual cost of acquiring and paying a mortgage. The new required disclosures help make this information easier to understand. In addition, estimates given by lenders before closing can not be exceeded. If the actual costs exceed the disclosures from the lender, the consumer is protected against any "overages". It is easier to see the actual payments of a loan over time, and what the payments are going to, like principal, interest, taxes, and insurance.

Now, it's not all good news. There are more stringent time contingencies that must be followed. If the time restrictions are not met, settlement could be delayed. It will become even more important to have an experienced agent working with experienced settlement agents, and a lender that is prepared for the changes. That's where we come in. With the "team" of professionals we have worked with over the years, your future transactions should be just as easy as before, with more clarity for you. The changes in  the law and procedures mean a lot more work for the lenders and settlement agents, with more benefit to the consumer. It looks like Congress may have gotten one thing right.

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On a personal note, we congratulate our eldest daughter, Callie Carnemark, who graduated from William and Mary Law School in May. She'll be staying in the area for at least another year, clerking for a Circuit Court Judge in Rockville come August. Between now and then, it's bar review...

Way to go Callie!

From left to right: Eileen Nalls, Madeleine Carnemark, Callie Carnemark, Lottie Nalls, and Adele Carnemark. 

Sincerely,

Barbara, Tom, Marc and Susan

Nalls Home Partners

DC Metro pending sales and prices hit highest May levels in over a decade

New Blog from RBI - The Washington DC Metro housing market enjoyed a strong May with sales at the highest monthly level since June 2014, pending sales and prices at the highest May level in a decade, while median days-on-market remain exceptionally low.  Click Here to Read Full Blog Post From RBI

New Listing in Burnt Mills - Expansive Sun-Filled Rambler with In-Door and Out-Door Pool!

Click Here to View the Virtual Tour

 

11013 LOCKWOOD DR, SILVER SPRING, MD 20901

List Price: $424,500

Wonderful rambler on a half acre lot. Light, bright and spacious. Hardwood floors, large rooms including first floor family room. Garage has been converted to indoor "Walking Pool", plus additional outdoor in ground pool. Fully finished basement has in law suite including rec room, kitchenette and full bath. Fabulous patio, great for entertaining. Fabulous location for commuting. Must see!

Barbara Nalls
Nalls Home Partners - Long and Foster Real Estate, Inc.
7700 Old Georgetown Road, Suite 120
Bethesda MD 20814
Barbara cell: 240-602-9035
Office: 240.497. 1920

Our E-News Letter for May 2015

Wow! We Won!!

I am very pleased to share with you that we were honored at the Long & Foster Awards Luncheon (held this year at the lovely Chevy Chase Club) to be recognized as the Top Listing Team of 2014. I swear, you could have knocked me over with a feather because I had no idea we had placed so high among such an extraordinary group of agents. We're incredibly happy and proud of the work we do with all of our clients, sellers and buyers, and we obviously couldn't have done it without you. I honestly think I have the best job in the world because we get to work with all of you. Shout out to Becky Vogel, who does our internet marketing, and Marc Hershkowitz, who does, well, basically everything. From Tom and I: great job, many thanks, and let's do it again next year!

Barbara with the president of the company, Boomer Foster on the left, and Paul Foster on the right.It's a good thing that we placed in more than one category, because the picture accepting the big award is just. not. good....

But a colleague took this one clowning around afterward, 

and it's sort of more fun anyway.

 
The whole wonderful group invited from our office.

We really do work with the best agents in the world. 

Happy Memorial Day,

Barbara, Tom, Marc and Susan

Nalls Home Partners

 

   Click Here to View the Entire E-News Letter For May 2015

Market Minute Graph Montgomery County - From Long and Foster Reports

April 2015 E-News Letter From Nalls Home Partners

Getting Organized!

 Click Here to View the Full E-News Letter

We get a lot of comments  from other agents that our listings dependably show well. This is a high compliment in our business. It means that an agent won't have to preview a listing prior to showing and can depend on a positive experience for their client, whether or not it's the right house for them. 

Of course, great staging goes a long way toward making a listing "the" right house and the best a buyer saw that day. Agents appreciate that too. It is a business after all. 

As nice as it is to receive the compliment, the real hero isn't one of us - it's you, our amazing, hard working, world class decluttering champions! If there was a staging / de-cluttering Olympics, Nalls Home clients would take the gold every time. 

So I know you'll enjoy these little organizing / de-cluttering gems I found on One Kings Lane the other day. It's like clean house porn and I love it. You might have to sign in to see them, but you can always unsubscribe if you don't like their stuff afterward. I actually do - but then of course, I love houses. 

Ideas for tough, clutter prone spots

Ideas for a tidy garage  

How about the kids toys / play room. Is this even possible?"

Clutter cures" Everyone say "yay!"

Barbara, Tom, Marc and Susan

Nalls Home Partners