Sterling, VA Market Report 1/17/10

Did someone say DECEMBER?  You know December, the month when nobody buys real estate? This year was no exception. The normal seasonal softness that we experience each December was with us again.  See the details for Sterling below:

• Homes for sale: 360 for sale in December (Way down from the 478 for sale at the end of June, July and August and down from 374 in December last year.)
• Homes sold: 77 sold in December. (Down from 121 in December last year when there was tax credit in place.)
• Average sold price: $330,012 (down from $364,091 one year ago.)Average days on market: 56 (way up after having been in the high 30s all year and was 39 days one year ago)

Last year at this time we still had a homebuyer tax credit in place. So the comparisons are hard to match.

Are prices falling? One month does not make a trend so we will see what the rest of January brings. With stable employment and low interest rates, I cannot imagine why prices would not be stable. Sterling is still way above the December lows of two years ago. Sterling has a great housing stock of all sizes, prices and ages. At the present rate of sales and inventory, Sterling has between a four and five-month supply of homes, and six is considered a balanced market.

Commentary and analysis provided by David Hess, Executive Vice President.
Search for homes in Sterling, VA and the entire DC Metro: www.averyhess.com

Something Good is Brewing in Falls Church

A movement is afoot at local bars, and many establishments are moving their draft beer selections past the typical cheap triumvirate of Coors, Miller and Budweiser. Nowadays, restaurants stock their bars with kegs of craft brews coming from California to Colorado.

But what if you want something with a decidedly local twist, something that’s brewed right here in the D.C. Metropolitan area and something that can hold its own with the finest drafts from across the country?

Well then, you are in luck, because a place like that just opened up this past summer in Falls Church.

Mad Fox Brewery sits on the ground floor of a new condominium development on Broad Street, five blocks west of the intersection of Broad and Lee Highway.

The brewery is massive, taking the shape of a giant “L.” In the far left corner there is a cluster of tables for dining, but the bar dominates the rest of the space. The bar area is split into three sections. Running along the inside wall is the actual bar. Along the outside wall, wood booths are nudged up against floor to ceiling windows. And in the middle are long family-style tables for eating and drinking.

While it sounds like a lot, the area is well spaced, with ample room to sit and move about. The interior of the brewery is tastefully done, with walls painted a dark hunter green in the dining area and a soft yellow at the bar. The whole space is trimmed with dark mahogany.

The brewery puts its work right out in the open. Upon entering, visitors are greeted by five giant stainless steel storage tanks, filled with suds ready to imbibe. The metal containers are massive with each holding the equivalent of 30 kegs of beer.

The selection of beer at Mad Fox is wide-ranging. At any given time, the brewery has ten beers on tap, and they run the gamut of international flavors. On a recent visit, German style-kölsches were listed next to English extra special bitter ales and Belgian hefeweizens.

With so many unique brews on the menu, it may seem like too much for a small local brewery to do well, but Mad Fox handles its hops deftly. India Pale Ales ring with hoppy flavor and stouts taste deep and rich. And there is almost always a specialty beer on tap, something you’ve probably never experienced.

This month the brewery features “Jack the Ryepper,” which is brewed using three different kinds of malt (rye, crystal and barley) instead of just plain barley. The combination gives the beer a great depth.

If you want to investigate the numerous different flavors on tap, the best way to go about that is by ordering the sampler. At Mad Fox, that consists of four very generous pours of any of the beers on the menu. The glasses are much more than a taste and let drinkers fully experience each beer.

Even better, the sampler comes in at an easy to please $6, which is right in line with the brewery’s pricing for all its pints. In fact, every pint at Mad Fox costs the same amount. From the German Altbier to the American Pale Ale, every single glass is just $5.50, very reasonable for top-quality beer.

And if you ever feel guilty about indulging in a round of drinks, just know that Mad Fox also helps with a good cause. All the leftover and spent grain from the brewing process is donated to local farms to use as feed. So drink local and enjoy!

-David

Washington, DC – Market Report 1/12/2011

Things are starting to SHINE in Washington D.C.

Washington D.C. – Did you know that the number of days on the market has dropped to an average of 78 days?  This is down 8.24% since last year; the reason is the number of homes on the market has decreased.  Less inventory means HIGHER PRICES.  We are not out of the woods yet but it is getting better.  Selling your house in today’s market can be difficult. It is for that reason that every seller should take advantage of each and every chance that appears.

The Average SOLD price of a home is up 8.96% over this time last year.  $558,797 can buy you A DECENT HOME in DC – Now we couldn’t have said that 4 years ago!  It is time to speak with your real estate agent and mortgage professional today and see whether it is the right time for you and your family to make a move.

Here are four reasons you should consider selling in the first 90 days of 2011.

1. Interest rates have spiked up.

Rates have jumped over 1/2 point in the last several weeks. The short term result of increasing rates is a surge of buyers jumping off the fence to purchase in fear that rates may continue climbing upward. This is a short window of opportunity. If rates fall again, buyers will jump back on the fence. If rates continue to rise, it limits the number of buyers who can qualify at each price point. Now is the best time to sell your house.

2. If you are moving up, you can save thousands.

If your family goal is to sell your current house and take advantage of the fabulous selection of properties currently available to buy the home of your dreams at a bargain basement price, DO IT NOW! Prices will continue to soften in most markets. However, if you are buying, COST should be more important than PRICE. Cost can be dramatically impacted by rising mortgage interest rates. Do the math and decide if now is the time.

3. During the winter months, the buyers are serious.

We all realize that buyers are not quick to pull the trigger on the purchase of a home today. There is no sense of urgency with the supply of eligible properties at all time highs. However, at this time of year, the ‘lookers’ are either staying warm (in the North) or just busy with other priorities. The home buyers left in the market are serious and are more apt to buy. Less showings – but to more motivated purchasers.

4. You have less ‘discounted’ inventory with which to compete.

This year, sellers of non-distressed properties have been given an early holiday present. With banks trying to rectify their foreclosure procedures, there has been a large supply of discounted properties removed from competition. No one knows how long it will take banks to return to the normal flow of foreclosed properties to the market. However, until they do, every homeowner has a better chance of selling their property.

Bottom Line

If you are looking to sell in 2011, there may not be a more opportune time than right now. Serious buyers, great move-up deals and less competition from super-motivated sellers and foreclosures creates the perfect selling situation. Don’t miss it!

Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.

Search for homes in Montgomery County, and all of the DC Metro: www.averyhess.com

Alexandria, VA Market Report – 1/10/11

November did not produce any dramatic change in the market for the City of Alexandria. The biggest issue here is the absorption rate, which is about 8 months.

Absorption rate is best explained as how long  it will take to sell all the properties currently on the market, given the rate they have been selling, if no new properties came on the market.  So eight months means we have a lot of inventory to sell.

The bad news is that buyers have not been rushing out to make purchasing decisions.  With excess inventory prices continue to fall, but we are starting to see a leveling off and indications are that interest rates are going up and will continue to climb. Those buyers waiting for prices to continue to fall will end up paying for it in higher interest rates if they don’t do something soon.

The average sales price, while up substantially from November 2009, was down 2% from the previous month. The average days on the market continues to be around 2 months. Buyers are still making offers and sellers are accepting just under 94% of their list price, down a little from last month.

While the inventory is declining slightly the number of pending contracts is down as well. Most analysts agree that the outlook for the coming year sees improvement in the market. Alexandria will see the benefits of an upturn in the market. Buyers should be prepared to enter into the market while the conditions for making wise decisions still exist.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the City of Alexandria, and the rest of the DC Metro: www.averyhess.com

Past, Present and Future at the National Portrait Gallery

Washington D.C. contains such a multitude of wondrous galleries and museums that it’s nearly impossible to visit them all. One that can’t be missed, though, is the Donald W. Reynolds Center for American Art and Portraiture or, as it’s more commonly known, the National Portrait Gallery.

The gallery resides inside the Old Patent Office, which itself is worth a trip to see. Stretching an entire city block just west of the Verizon Center, the building features soaring columns and a massive dome, taking cues from Ancient Rome’s Pantheon.

The building just underwent a massive, seven-year long renovation and now boasts an amazing glass-enclosed courtyard that is one of the most attractive sights in the city.

Inside the building is one of largest collections of art in the entire country, split into two separate museums: The Portrait Gallery and the Smithsonian American Art Center. Each entity gets about half of each floor, but one can wander through the both of them with ease.  Admission to both museums is free.

A trip to The Portrait Gallery begins in contemporary times, with the exhibit “Americans Now,” which runs until July and features stark portraits of famous living U.S. citizens. The collection is eclectic; a snapshot of author Joyce Carol Oates hangs next to a smiling picture of rapper LL Cool J and tennis star Andre Agassi and adjacent to a drawing of Michelle Obama.

A few steps past that exhibit and visitors are whisked to our country’s founding era, with a marble bust of Andrew Jackson and paintings of the framers of the Constitution.

Head up to the next floor to reach the Civil War period.  You’ll find prominent war heroes drawn in dark and gloomy tones, reflecting the mood of the era. On the other side of the floor resides landscapes from the Gilded Age, as artists imagined the burgeoning American Empire. One of the most amazing scenes from the collection is Albert Bierstadt’s The Sierra Nevada’s in America, a sweeping vista of icy peaks and sparkling lakes — his view of what the world west of the Rockies looked like.

Also on the second floor is the Hall of Presidents, which contains portraits of every single American leader, from George Washington to George W. Bush. It’s an amazing collection of work that shows the transition of art from the 1700s to the current decade. The exhibit begins with George Washington’s iconic Landsdowne painting and ends on a decidedly postmodern note, with a trippy and surreal mosaic of Bill Clinton.

Just past the hall is another exhibit from modern times, where you’ll find works from Georgia O’Keefe next to prints by Andy Warhol.  Here you’ll also find some of the performance art from the late 80s and early 90s. One such piece, by Felix Gonzalez Torres, is merely a pile of candy. Visitors are encouraged to take a piece. The sweets represent people diagnosed with HIV, and the candy’s slow dissolving process in your mouth mimics the slow suffering of AIDS victims. Whenever the pile gets low, the stock is replenished, signifying the seemingly endless nature of the disease.

The third floor of the gallery is again a study in contrasts. One begins by entering the Great Hall, unchanged from when it first opened in the mid-1800s. It was once the largest room in America and it served as a showcase for models of recently granted patents. The hall is beautiful, with a tile floor full of inlaid Fleur-de-Lis’s and hand-carved columns working their way to the ceiling.

Past the pre-Industrial room is an exhibit from one of America’s most talented artists: Alexis Rockman. The artist paints massive landscapes that are otherworldly visions, combinations of the past, present and future. His most prominent work is Manifest Destiny, a massive 8’ high by 24’ wide painting of a decaying Brooklyn, flooded due to global warming. In the sky fly birds from modern times. In the water below swim creatures that don’t yet exist. The work is stunningly bright — a visual odyssey that absolutely must be seen. The Rockman exhibit runs at the museum through early May.

Rockman’s work envisions what may become of the world and is a fitting end for a trip to the National Portrait Gallery, which already does a fantastic job showcasing the past and present.

- David

Rockville, Maryland Market Report – 1/4/11

Although November 2010 sounds like such a long time ago, it really has only been around 45 days.  Remember we all had the holidays just around the corner and FLASH -Here we are in a brand new year with many positive things to look forward to.

Looking back – Rockville, Maryland had an increase in Average Sales price in November 2010 in comparison to November 2009.  This was not a small increase either – prices went up from $382,927 (2009) to $435,976 (2010).  This was due in part to less inventory and favorable interest rates.

The number of active listings is down from 495 in November 2009 to 461 in November 2010.

Overall Montgomery County’s Housing Market is well on its way to a slow but sure recovery.   The Average Sold Price of $468,000 is up 16.15% from November of 2009, and up 5.31% from last month.

Here is another bit of good news.  The average Sold Price to average List Price Ratio is 93.09%.  Of course I would rather see 98% (or even 100%) of List Price but 93.09% is not bad at all!

Market data and commentary provided by Kathy Fleskes, Managing Broker, Rockville Regional Office.

Search for homes in Montgomery County, and all of the DC Metro: www.averyhess.com