Scott Haney, Realtor

12/14/2022

It's an exciting month of festive holiday parades, tree-lightings, music and theater, craft shows, and other local celebrations! Here are a few of our favorite things to do in Maryland, Virginia, and Washington, DC. https://www.mcenearney.com/blog/top-things-to-do-in-december-in-the-dmv/

This December we are so excited for the festive holiday parades, tree-lightings, music and theater, craft shows, and other local celebrations of the season. We even relish a nip in the air so we can warm ourselves with a cup of hot cocoa and a fresh-baked treat. Here are a few of our favorite things...

12/13/2022

Take a look at the newly listed homes at McEnearney Associates! To view the full list, please visit mcenearney.com/new-real-estate-listings.

12/12/2022

For the week of December 4 - 10, 2022, contract activity in the Metro DC area fell by 30.1% compared to the same seven-day period last year.

Key Takeaways:
With record low mortgage interest rates this time last year, the customary seasonal slowdown in the market did not occur. We’re now seeing the return of a more normal pattern of considerably lower contract activity in December.
That seasonal slowing has extended to new listing activity as well. The 30% drop in contracts was mirrored by a 30% drop in new listings on the market.
Homes that went under contract last week were on the market for an average of 44.5 days. While that was 11 days longer than last year, it was comparable to 2019 and a bit faster than 2018.
Why it Matters:
It’s important to remember that homes are still selling, and many are selling quickly.
Interest rates drove the market in 2021 and early 2022 as buyers rushed to take advantage of historically low rates. Now the market is driven by value – if buyers believe a home is priced correctly, they will act. Almost 40% of the homes under contract last week were on the market for two weeks or less.

12/09/2022

Take a look at this weekend's open house guide! For more information on these homes, visit mcenearney.com/open-houses-new.

12/05/2022

For the week of November 27 – December 3, 2022, contract activity in the Metro DC area fell by 34.7% compared to the same seven-day period last year. Even though, once again, all six jurisdictions had significantly fewer contracts, the 34.7% drop is the lowest percentage drop since mid-September.

Key Takeaways:
• A little stability in mortgage interest rates goes a long way. After a highly volatile last three months, rates have remained steady over the last couple of weeks.
• Even though the current 30-year fixed rate is hovering right around 6.5% when it was 3.11% last year, that stability has given buyers a little more confidence.
• And once again, we saw a 25% reduction in the number of new listings coming on the market compared to the same week last year.

Why it Matters:
• Remember that COVID took a lot of the seasonal variation in the market we typically see, so the drop in contract activity now is primarily a reflection of an expected seasonal slowdown.
• This is a market driven by purchasers seeking value. The frenzy of last year, when buyers would seemingly pay just about anything, is over, but they will act when the value is there. An amazing 43% of all resale homes that went to settlement in November sold at or above their original list price.
• The opportunity for sellers is clear: price reasonably, and buyers will find you. Overprice, and buyers will run the other way.

11/28/2022

For the week of November 20 - 26, 2022, contract activity in the Metro DC area fell by 42.9% compared to the same seven-day period last year. All six jurisdictions had significantly fewer contracts.

Key Takeaways:
· The 42.9% drop in contract activity is a bit worse than the previous week’s 37.6%, but it was still better than any of the four weeks prior to that.
· The market continues to run anywhere from 17% to 30% 25% below the activity of comparable times of 2018 and 2019 – but homes are selling rather quickly.
· And has been true for the last couple of months, there were 25% fewer new listings that came on the market last week.

Why it Matters:
· As we enter will shortly enter what is historically the quietest month of the year, we can expect a continuation of fewer contracts and fewer listings compared to last year.
· Remember that many homes are still selling in less than a week and above list price – but not nearly as many as last year.

11/21/2022

For the week of November 13 - 19, 2022, contract activity in the Metro DC area fell by 37.6% compared to the same seven-day period last year. Once again, all six jurisdictions had significantly fewer contracts, but this is the first time in a month with a drop in contracts less than 40%.

Key Takeaways:
• After four consecutive weeks with drops in contract activity above 40%, the 37% decrease is encouraging. It might have something to do with a noticeable reduction in mortgage interest rates last week.
• The market continues to run about 25% below the activity of comparable times of 2018 and 2019 – but homes are going under contract several days faster than in 2018 and 2019.
• And has been true for several weeks; 25% fewer new listings came on the market last week.

Why it Matters:
• Even though contract activity is down, it could be a lot worse. In reality, homes cost almost 50% more than last year because of higher rates and home prices. Buyers are still hanging in there.
• Pricing matters now more than ever – those buyers still in the market will not offer on overpriced homes.