Archive for June, 2009
June 30, 2009
It’s time for our monthly check-in of the S&P/Case-Shiller Home Price Indices (HPI). For the full source data behind this post, plus seasonally adjusted and tiered price data, hit the S&P/Case-Shiller website.
For an explanation of how the Case-Shiller data is calculated, check out their methodology pdf. Also remember that the data released on the last Tuesday of a given month is for the period two months prior (i.e. – April data is released in June).
Here are the basic Case-Shiller stats for the DC area* as of April:
April 2009
Month to Month: Up 0.8%
Year to Year: Down 16.9%
Change from Peak: Down 33.4% in 35 months
The following chart shows the DC area HPI scaled such that the May 2006 peak is 100% on the y-axis. Data on the x-axis is scaled to display the last time (pre-peak) the DC area HPI was at or lower than it was in the latest data (December 2003).
Of the twenty metro areas tracked by Case-Shiller, Washington DC saw the fourth-largest month-to-month gain in April. Only Dallas, Denver, and Cleveland came in higher. This is the first time since prices began falling that there has been any kind of uptick, but given that April was the beginning of spring, I think it would be quite premature to call this the bottom just yet.
Here’s a chart of Case-Shiller HPIs for all the markets that Redfin serves, so you can compare DC’s performance to other areas across the country:
To recap, we have seen the following interventions in recent months meant to boost the housing market:
- $8k first-time buyer tax credit
- 4.5% – 5% mortgage rates
- various moratoriums on foreclosures
- numerous federal programs encouraging loan workouts
The apparent result of this host of actions has been a flattening to very slight upticks seen in the chart above, in a month that is historically one of the strongest of the year for the real estate market. I guess you can color me underwhelmed.
And here’s our final chart, in which we line up the peak Case-Shiller HPI value for each of Redfin’s markets, so we can see how long each market has been declining, and how much it has dropped from the peak.
Spring bounce or the end of price drops? We won’t really know the answer until the fall…
*[Case-Shiller defines Washington DC as the entire Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Statistical Area, which includes all of the District of Columbia and all or part of the following counties: Calvert MD, Charles MD, Frederick MD, Montgomery MD, Prince Georges MD, Alexandria City VA, Arlington VA, Clarke VA, Fairfax VA, Fairfax City VA, Falls Church City VA, Fauquier VA, Fredericksburg City VA, Loudoun VA, Manassas City VA, Manassas Park City VA, Prince William VA, Spotsylvania VA, Stafford VA, Warren VA, and Jefferson WV.]
June 30, 2009
Let’s take our monthly look at which cities and towns have the most price reductions.
The following charts show the percent of MLS, FSBO or REO listings that were price-reduced at some point before leaving the market (either sold or removed unsold from the market) in the past 90 days. Cities/towns or neighborhoods in which the number of homes taken off the market was too small to provide believable estimates are excluded from ranking.
For those that are interested, I have uploaded the full data set in Excel format here. The downloadable Excel file also includes charts showing the top ten cities/towns/neighborhoods with the least reduced-price listings.
First up are the top ten cities with the most price-reduced listings:
Of the 221 cities/towns we ranked in the greater DC area this month, 112 had price-reduced ratios of fifty percent or more.
Getting a little more granular, let’s look at the top ten greater DC area neighborhoods for price reductions:
Of the 85 neighborhoods we ranked in the greater DC area this month, 26 had a price-reduced ratio of fifty percent or more. On average, the neighborhoods with more price reductions had lower closed prices per square foot.
The general trend in greater DC looks to be heading slightly toward fewer price reductions, however every city and neighborhood is of course different.
June 16, 2009
Let’s check in on our stats once again and find out where buyers are currently getting the biggest discounts off asking price. If you are a potential buyer, this will help you to know which neighborhoods may be softer in terms of sale price discounts off list price, and help you know where to look for potential bargains.
In the chart below, we have taken all sales data from last month in the greater DC area and sorted it by zip code. We calculated the overall difference between the sale price and the list price. Note that this reflects the final list price, after all price drops in the listing. Any zips with fewer than ten sales are excluded from the top and bottom ten rankings, but interested readers may download the full data summary in Excel format (xls).
For a quick look at where a given zip code is located, just type it into the Redfin search box, or drop by the handy USNaviguide.com zip code map.
Here are the top ten zip codes with the largest overall discount:
The overall discount dropped a bit in June from our previous update in April, down to 3.3% from 3.7%. The McLean, VA zip code 22102 easily took this month’s crown with a whopping 15.5% discount… off the average list price of just over $1 million.
Here are the ten zip codes with the smallest discounts:
Down in Triange, VA (22172) homes are actually selling for 4% more than list.
Is the zip code you’re shopping not on either the top 10 or bottom 10? No problem, just download the full rankings in Excel format and hit the “FullSummary” sheet.
Of the 6,156 sales we tracked in the 1-month period, 584 homes sold for 10% or more off the asking price, while 451 homes sold for 5% or more above the asking price.
June 12, 2009
Come out and tour this recently remodeled home perfect for a family in Reston.
Open House Dates and Times:
Sunday, June 14 1 – 4 p.m.
2516 Soapstone Dr Reston, VA 20191
4 BR/2.5 BA
Priced at $599,000
Listing Agent: Marshall Park
Seller Comments
Coffee Shop of Choice:
There are so many great places to sit outside and grab a cup of coffee in Reston. Between the Reston Town Center, the many Starbucks, and the cute little restaurants with outdoor seating… it’s hard to choose! My favorite actual brew is from Greenberry’s by the Home Depot.
Favorite Restaurant in the Area:
We love Lucia’s in the Fox Mill Shopping Center! There’s no better feeling than supporting a family owned business. We go there so much that they know our names and wave to us when they see us in the shopping center. They have great food to grab for any meal when you need something good and fast!
Another favorite and family owned business is Cafesano is South Lakes Shopping Center. They have yummy pizzas and this fantastic roasted vegetable dinner! It sounds too healthy but it’s awesome!
Favorite Places to Go:
We love walking around the paths of Reston. When we have a day with not much going on, we pack our water bottles and our little dog and head out for a few hours strolling along the paths. From our house you can go in many directions and explore parts of Reston that are not visible by car.
Best Features of the Home:
Even though our house is great, we think the best thing about it is the neighborhood. The people and the privacy are outstanding! The houses are spaced farther apart than many neighborhoods in Reston so it makes it feel like you have a community but you still have your own little enclave apart from the rest.
Favorite Room:
Our favorite room in the house is the kitchen. We love the way it turned out. There’s so much storage space and the appliances are top of the line and have so many excellent features! It makes cooking a breeze! Our Advantium microwave oven can cook two filets perfectly in 20 minutes! I’m not kidding! It’s relatively new to the market and has so many cool settings and menus to help get dinner on the table effortlessly!
Has there been any remodeling since you purchased the home?
We bought our house As-Is from the original owner and had to replace almost everything except for the walls and subfloor. So you name it, it has been updated. Down to the baseboard molding, door casing, interior doors, and closet doors. We’ve noticed that some listings say that a house has been remodeled and when we tour it, we find that they haven’t truly updated the house to complete the overall picture. They throw in some granite and some new vanities and call it a day. Not our place! We wanted the house to feel like a new house with all the bells and whistles. So please come tour our home! We know you will enjoy all the selections we’ve made! By the way, we tried to incorporate as many green features as possible (zero VOC paint throughout, renewable bamboo flooring, quartz countertop, toilets that can be adjusted down from 1.6 gallon flush to 1.4 gallons, energy star appliances and energy star lighting.
Most Romantic Spot in the Home or Neighborhood
We love the back deck because we have so much privacy. It’s nice to be able to have a cozy dinner together and enjoy the scenery and sounds. It’s also a great place to curl up with a book on a lounge chair.
What you will miss most:
It’s a tossup between the neighbors, the appliances, and how new and perfect everything is. We like to leave things in better shape than when we found them and we have done that with this house. We hope that another family will enjoy it and be thankful that someone else did all the work already. 
)
June 12, 2009
Come out and tour this charming home perfect for a family in the friendly Weatherly neighborhood.
Open House Dates and Times:
Sunday, June 14 1 – 4 p.m.
1020 Landon Ln Arnold, MD 21012
4 BR/2.5 BA
Priced at $799,000
Listing Agent: Taylor Connolly
Seller Comments
Coffee Shop of Choice:
City Dock Coffee . . . has wireless internet.
Favorite Restaurant in the Area:
- Deep Creek — excellent waterfront dining a short drive from home. We’ve canoed there and they have dockage for larger boats. I’ve also cut through the woods and walked there.
- Broadneck Grill is a great Mexican place and serves my favorite nachos, gazpacho with chucks of avocado, and yummy sangria.
- Garry’s Grill for great eggs benedict and overall breakfast variety.
- Cravings for breakfast anytime of the day
Favorite Places to Go:
Downtown Annapolis – for its historic architecture, restaurants, theatre and concerts, people watching, and shopping.
Annual Joust at St. Margaret’s Church — a great event with craft fair on the historic grounds of the quaint church established in 1692.
Down to the dock to enjoy the vast beauty of the Bay, watch the boats go by and enjoy the wildlife.
Best Features of the Home:
Flexible floor plan and location! Perched atop a small hill with winter water views from first and second floors. Our home also backs to the woods owned by the Weatherly community and faces a wooded lot. The yard is peaceful, private and beautiful and close to the community beach and pier with our own deeded deep-water boat slip.
Our home is located in the small, friendly community of Weatherly, which is at the very end of the peninsula, you’ll rarely see a car go by that you do not recognize. Many neighbors are home during the day and all take great pride and care of their properties.
We’ve loved all the benefits of a waterfront home without the waterfront price and taxes.
Favorite Room:
The master bedroom’s light-filled sitting area overlooking the koi pond and facing the Chesapeake Bay. There is a glass door to the upstairs porch and you feel like the captain of the house. I also like the multiple closets in the master bedroom and the tranquility and comfort of this spacious room that easily accomodates a king size bed and furniture.
Has there been any remodeling since you purchased the home?
Our first project in 2000 was the upstairs hall bath that features earth tone tile work and is very child/parent friendly. (I used to use half of the two-sink counter top as a changing table, which was nice having near a sink, and the shower head has a long hose and hook at arms reach for cleaning babies and toddlers in the bathtub.)
In 2004, after a few years of getting the feel of the home, we embarked on even more projects:
- Reorganized and update the kitchen;
- Expanded and upgraded the sunroom, which has served as both an elegant dining room and sitting area. All windows in sunroom were replaced and new glass door to backyard added.
- Living room, kitchen, and sunroom all wired for the stereo system.
- Installed new glass front door, remodeled front porch.
- Improved curb appeal with a fresh coat of paint, new lighting fixtures and carriage-style garage door.
- Re-finished and redecorated the finished portion of the basement, including new windows.
- New furnace (in one of the two basements two storage rooms).
- Top-of-the-line well water treatment system.
- New air conditioning system installed and moved from where it had been, near the deck, to an out-of-the-way side of the home.
- New copper pipes installed to move hose connection from the front of the house.
- In-ground sprinkler system professionally installed.
- Re-landscaped portions with many new evergreens, perrenials, and large rubber mulch play area.
- Fully fenced back yard.
- Finished half of garage for bonus room with air conditioning and heat and cable-ready.
- Replaced older sump pump.
- Added attic fan.
- Built laundry chute from second floor to laundry room.
Most Romantic Spot in the Home or Neighborhood
By the wood burning fire place in the den where we also gather with the children and pets on brisk nights and just watch the fire and listen to the crackling wood or roast marshmallows.
What’s in the neighborhood?
Weatherly is very social. You instantly feel welcome and there are many opportunities to meet and see your neighbors. The 2009 Weatherly Social Calendar includes parties and activities:
- Guinness Winterfest Party
- Ladies Bunco Night
- Cinco de Mayo Culdesac Party
- Friday Family Happy Hour at the Beach with bonfires
- Saturday Morning Ladies’ Yacking and Kayaking
- Horseshoe tournaments on the beach
- Independence Day Party
- Adult Halloween Costume Party
- Christmas Cookie Exchange
- Annual Christmas Party!
There is also the monthly book club and folks are always open to new ideas!
What you will miss most:
- Neighbors and friends who are there for you in good times and bad.
- Having opportunities to party like the good-old-days and being able to walk home.
- The first sounds and sights of spring — the ospreys’ call, frogs croaking, the ducks waddling around the neighborhood.
- My koi pond — ducks taking a dip in it, frogs re-emerging and sunning themselves on the rocks; watching the fish; seeing my young daughter playing for hours by the rocks and water with her bounty of toy animals; watching our pets drink from the pond.
- Spotting turtles and hummingbirds in the yard.
- Hearing the clanking of the sailboat masts or the fog horns from the pier and Bay.
- Beach bonfires
- Seeing the harvest moon rising over the Bay in the Fall.
- My garden — both working in it and enjoying the beauty of it as the seasons change.
- How festive and creative the neighbors are during the holidays and the pride they take in their homes.
- Knowing that I am in a safe community for our family.
- The wonderful friends the children have to play with.
- Watching the kids of the neighborhood grow . . . so fast!
- Limo rides to great concerts with my neighbors/friends.
June 12, 2009
Open House Date and Time:
Sunday, June 14 1 – 4 p.m.
319 Jackson St Arlington, VA 22204
3 BR/1.5 BA
Priced at $589,900
Listing Agent: Marshall Park
Seller Comments
Favorite Restaurant in the Area:
Favorite Places to Go:
Clarendon & Ballston restaurants, shops and nightlife, TJ Community Center park and playground fitness center with tennis and basketball courts
Best Features of the Home:
Completely renovated, corner lot, large fenced in back-yard
Favorite Room:
Kitchen
Most Romantic Spot in the Home or Neighborhood
Private backyard
What you will miss most:
Friendly neighbors, great commute
June 8, 2009
According to the MRIS, the database for real estate transactions and listings for Washington, DC, Northern Virgina and Maryland, Redfin agents Fernando Ferrufino, Marshall Park and Taylor Connolly are among the top 4% of agents who represented home-buyers for the metro Washington, DC region in May based first on number of deals, then by total dollar amount.
*Taylor closed four deals in May, but for one of his deals (MRIS # MC7006096) the MRIS lists the wrong buyer’s agent. We’re working on getting this fixed and when it is, we’ll re-pull these numbers and update this table.
Redfin clients work with some of the most active and successful agents in the metro Washington, DC region. Redfin agents are experts in the current real estate market and they know what it takes to help our clients buy the homes they want.
Our Clients Love Our Fanatical Service
We survey every client and track every transaction in a central customer database. For the surveys we received in May from our clients in the DC area:
- 27 clients responded to our customer-satisfaction survey and posted a review online, up from 16 in April.
- All 27 of those clients, or 100%, would recommend Redfin to a friend, the same as in April.
In these surveys, Redfin asks customers to rate the likelihood that they would recommend Redfin to a friend on a 0-to-10 scale. Customers who rated 6 or higher count as people who would recommend Redfin to a friend.
More People Are Out Looking At Homes And Making Offers
In May, our metro Washington, DC clients were busy seeing homes and making offers:
We also had a great home-buying class in May. Thirty-four people came to our office in Falls Church to learn about the home-buying process and meet our agents. Check out the slide deck from the class.
It’s Taking 37 Days To Close On A Home
In May, the time it took our clients in the metro DC area to close on their homes is holding steady from April:
- For our clients who bought re-sales, the average time from initial agreement on terms to the close of the deal was 37 days, the same as in April.
- All of our clients successfully financed their homes, the same as in April.
- 1 deal failed the home inspection, up from 0 in April.
- Of our closed deals, the average discount off list price for homes sold was 2.38%, down from 4.23% in April.
Look For Our June Report
We’ll be back next month with our analysis of the June numbers. Let us know what you’d like to see in that report.
June 4, 2009
Redfin is excited to welcome Karen Krupsaw to the DC team. Karen now heads our mid-Atlantic charge that includes Redfin lead agents Fernando Ferrufino, Taylor Connolly, Marshall Park and nineteen more field agents ready to help get you into homes.
“I’m excited to join a dynamic company that is changing the way people buy and sell homes. Lots of folks know that we have a great home search site, but my goal is to spread the word about our commitment to transparency and customer service to bring the Redfin model to even more people,” says Karen.
A Bethesda, MD native, Karen has held various leadership positions in sales and marketing in the home building industry for over 17 years. Most recently, she was Vice-President of Sales and Marketing for Bozzuto Homes, a Washington/Baltimore area home builder. Before that, she held the same position at WCI/Renaissance Housing, a Virginia home builder.
Read about Karen’s take on the DC-area real estate market in yesterday’s Washington Post.
