There were 32 sales in the first three months of this year (14 condos, 2 THs, 16 detached). This is a slight increase over 2011 which had 27 sales (15 condos, 4 THs, 8 detached). While not a large increase, it’s a clear sign the market has improved.
[box type=”info”] NOTES: 2011 tax assessed values (TAV) were used given most properties were sold before 2012 TAs were available. Below #s are averages (unless noted otherwise) [/box]
*DOM: 54 (40 days excluding 1 listing in The Spectrum)
*Sold Price: $353K, 2% above 2011 TAV
*Seller Subsidy: 50% had Seller Subsidy, $5,271
*Price Difference: $6,136 (between List and Sold price)
*Sold Price: $604K, 11% above TAV
*Seller Subsidy: 1 sale had $6K SS
*Price Difference: $15,900 (between List and Sold price)
*Sold Price: $697K, 8% above TAV
*Seller Subsidy: 31% has SS; $1887
*Price Difference: $100,625 (List vs. Sold price)
NOTE: The price difference for detached was a lot higher compared to sales in 2011 and 2010. This was due to 2 listings that were terribly overpriced. They combined for nearly all of the price difference. They also greatly affected the Days on Market #. Excluding them, the price difference (average) was a mere $2,157K. Thus those other 14 houses were very well priced.
Rental Market Summary: The rental market remains tight, and rents have definitely gone up compared to the past few years. As of May 1st, there were only 7 Active rentals—6 houses, 1 condo. For ones that rented (Jan-March), there were a total of 11 (6 condos, 3 THs, 2 detached). They rented in just 23 days. And if you remove 3 condos that took longer, the average drops to 12 days. So the tight market we saw in 2011 continues unabated.
NOTE: Not all rentals are listed in MLS. Quite a few are done on-line (Craig’s List, Military by Owner, etc.). So these stats don’t show everything. However we’re confident they capture the overall trend.
Real Estate Moble App Article (Washington Post April 20,2012)
Our Take: No question, smart phones can make house hunting easier. They’re apt to be more popular with the “have to search it myself” crowd (regardless of age). It’s even better with an iPad as the size of the screen makes searching easier. A mobile app can be very useful when a buyer and his/her agent stumble upon a house while out touring that did not turn up in the original search. But until the number of larger devices surpasses smaller smart phones, a traditional “desktop” search is still the better way to go. Let’s be honest, download speeds and screen size really matter especially when looking at photos. And if you’re the type that does not like to reveal where you are and what you’re searching, then an app like this may not be for you.