This week’s Q&A column is sponsored and written by Philip G. Matyas, Associate Broker of The Shannon Group and McEnearney Associates Realtors®, the leading real estate firm in Alexandria. The Shannon Group realtors are your “Eyes and Ears for Old Town” and the residential real estate market from McLean to Mount Vernon. For more information about this article or the current Old Town/Alexandria housing market contact Philip at 703-507-8655 or email [email protected]. You may also submit your questions to McEnearney Associates via email for response in future columns.
Question: How did home sales this January compare to January 2019, and what’s the forecast for this spring?
Answer: If you haven’t read my past two articles regarding a milder winter and the super opportunity for selling or buying into it, then read on and take the time to put your home buying/selling strategy into effect now before the traditional spring market (which I suspect will not be so traditional) begins in mid-March. Only once before in my 25 years of local residential real estate in Old Town have I witnessed such extended warm weather that produced the mix for such a hot winter market.
Just two months ago I wrote:
“I believe that the start of 2020 will begin with a housing market worthy of all the Old Town fireworks you will see explode over the Potomac River at the foot of King Street on First Night” and “It is quite possible spring-like sales could occur in early 2020.”
True to these words I have spent the past four weeks prepping an Old Town home to place on the market soon, having coordinated contractors to paint the exterior during the unusually warm days and interior spaces when the days were not.
As well, part of The Shannon Group’s concierge services included coordinating a staging expert, cleaners and window washers weeks ahead to take advantage of the perfect 2020 winter real estate storm — high demand (good for sellers), low inventory (good for sellers) and historic low interest rates (good for buyers to overcome the demand and low inventory challenges). Already this year, we have closed on 2 homes (with one taking only 16 days from ratification to settlement).
Have you or someone you know been thinking of making a move since December? The following are some healthy statistics to help in your decision making.
Alexandria’s “Perfect Storm” Market Statistics — January 2020 vs. January 2019*
In 2019, home listings inventories fell, the market tightened, buyer competition escalated and homes prices gently increased. In January 2020, the lack of available homes for sale resulted in a lower number being sold — 8.45% less than in January 2019 — but resulted in the average sales price increasing by 11.3% over January 2019.
For 2020, year-end Alexandria home sales prices are expected to increase by 5.6%.
By year’s end, The Northern Virginia Association of Realtors/GMU Forecast also expects 25.6% fewer units being put on the market than in 2019 and no more than 200 homes being added for sale in any month in 2020. (The NVAR/GMU Forecast is a consensus forecast developed by the Center For Regional Analysis at George Mason University in collaboration with the Northern Virginia Association of Realtors and data from Bright Multiple Listing Service.)
If you have any questions, comments or desire more information regarding the 2020 Forecast for Arlington, Alexandria, Fairfax, Falls Church or on the 2020 spring market, please email me.
With over 41 years of expertise, The Shannon Group has the knowledge and experience to guide you through the complexities of a sale. Our multi-level strategies for selling your home are designed for maximum exposure and financial gain. And our home buying strategies educate you along with way and produce winning results. We have properties coming soon to market and buyers looking to purchase in Old Town Alexandria, Rosemont, Del Ray and neighborhoods south along the George Washington Parkway.
Bring your home buying or selling needs to The Shannon Group’s Old Town experts, Joan Shannon and Philip G. Matyas. Contact us by email or call 703-507-8655 to set up an appointment to discuss your real estate needs and view homes from Historic Old Town to Mt. Vernon and beyond on our website Shannon-Group.com.
If you would like a question answered in our weekly column or to set up an appointment with one of our Associates, please email: [email protected] or call 703-549-9292.
McEnearney Associates Realtors®, 109 S. Pitt Street, Alexandria, VA 22314. www.McEnearney.com Equal Housing Opportunity. #WeAreAlexandria