Barbara Patton, REALTOR

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McLean, VA
Barbara Patton, REALTOR

Real Estate Sales Agent with McEnearney Associates, Inc., Northern Virginia Licensed in Virginia and Florida.

Real Estate Agent in Northern Virginia, helping my clients buy and sell real estate in Fairfax, Loudoun, Prince William and Fauquier Counties.

12/22/2023

One of our favorite things about the holiday season in the DMV area is the twinkling of lights on a dark night. Georgetown, Old Town Alexandria, Leesburg, and even Annapolis are great spots to stroll the beautifully decorated and glowing streets and candlelight tours.

In addition to those charming street scenes, there are truly spectacular light displays that are destinations and events of their own! https://www.mcenearney.com/blog/holiday-light-displays/

12/19/2023

McEnearney Associates profiles the most important market indicators for the DMV area every month! This includes:

• contract activity
• interest rates
• inventory
• affordability
• direction of the market

The report highlights why these numbers are important and what they mean for the future of the real estate market. For a copy of the full report, visit mcenearney.com/market-in-a-minute.

12/18/2023

Contract Activity in Metro DC Area Shows Slight Decline with Encouraging Trends ⤵️

For the week of December 10-16, 2023, contract activity in the Metro DC area experienced a modest decline of 0.8% compared to the same period in the previous year.

• December traditionally represents the slowest month for contract activity, and this trend has persisted in the first half of the month. Despite the seasonal slowdown, the market has shown resilience with only a marginal decrease in contract activity.
• The recent drop in mortgage interest rates to below 7% last week has significantly mitigated the substantial gap observed throughout the year. Lower rates are likely to encourage potential homebuyers.
• While overall contract activity declined slightly, two tracked areas increased. Northern Virginia and Prince George's County posted positive growth.

Why it Matters:
• The noteworthy aspect for hopeful homebuyers is the substantial decrease in mortgage interest rates over the past six weeks, making homeownership more attractive. However, despite this positive development, the challenge persists in limited inventory. The market witnessed a 25% drop in new listings compared to last year's period, potentially limiting buyers' choices.
• The accelerated pace of home sales further emphasizes the tight inventory. Homes went under contract in an average of 38.5 days last week, marking a notable reduction of 10 full days compared to the previous year. The quicker pace of sales reflects the competitive nature of the market and the high demand for available properties.

12/15/2023

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

12/12/2023

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

12/11/2023

Contract activity for the week of December 3 - 9, 2023, in the Metro DC area fell by 5.4% compared to last year's seven-day period.

Key Takeaways:
· contract activity was down a bit last week, but it rose in two of the six areas. Loudoun County was up 11.5%, and Prince George’s County was up 18.1%.
· Once again, homes that went under contract last week sold faster than this time last year – an average of 41.6 days vs. 48.5 days last year.

Why it Matters:
· Through the first half of 2023, contract activity was off more than 25%. Even though contract activity is still down, buyers seem to be getting more used to higher rates, and the gap between this year and last year is narrowing. The fact that homes continue to sell at least a week more quickly than the corresponding times of last year means that the buyers in the market are ready to act when they see value in a home for sale.
· However, homeowners thinking of selling still need more persuasion. New listing activity continues to be off – last week, there were 1,218 new listings, down 17.9% from the 1,483 new listings this week last year.

12/04/2023

Contract activity for the week of November 26 – December 2, 2023, in the Metro DC area rose 8.6% compared to last year's seven-day period.

Key Takeaways:
· The jump in new contracts is encouraging because we haven't seen that very often this year!
· However, that increase came in just two of the six jurisdictions we track, and they had significant increases. Washington, DC, contract activity was up 44.3%, and Prince George's County was up 37.4%.
· And once again, homes that went under contract last week sold faster than this time last year – an average of 40.4 days vs. 48.9 days last year.
Why it Matters:
· We're also encouraged that mortgage interest rates have dropped a half point over the last month, making it a little easier on homebuyers.
· Inventory continues to be low – about 20% less than last year, and 27% fewer new listings came on the market.

11/30/2023

We are excited about the festive holiday parades, tree lighting, music & theater, craft shows, and other local celebrations this December. Check out these events in Maryland, Virginia, and Washington, DC. Happy Holidays! 🎄
https://www.mcenearney.com/blog/top-things-to-do-in-december-in-the-dmv/

Address

1320 Old Chain Bridge Road, Ste 350
McLean, VA
22101

Telephone

+17037315751

Website

http://www.barbarapatton.com/

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