Judy Radvanyi McVey, Realtor

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

Contract activity in the Metro DC area during the week of June 9 - 15, 2024, rose by 4.5% compared to the same seven-day period last year.

Key Takeaways:
· Just like last week, four of the six jurisdictions we track posted increases in contract activity. Only Prince William County and Washington, DC, were down.
· And just like last week, homes over $750,000 are faring much better than the lower price ranges. There was a 4.1% drop in activity for homes priced under $750,000 last week and a 26.1% increase for higher-priced homes.
· On the other side of the coin, there was a modest drop in contracts from just one week ago, down 3.4%.

Why it Matters:
· We're encouraged by the generally positive direction of contracts. The first quarter of this year was rough, but year-to-date total activity is down just 2.4%.
· Yet it's important to remember the interest rates hovering near 7% almost all year are keeping activity well below the levels achieved from 2019 through 2022. Low interest rates fueled exceptionally high demand in those years.

Happy Father's Day!

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

The fantastic variety available at Farmers' markets throughout the DMV area is much more than the home gardener can produce. In addition to fruits and vegetables, many markets feature artisan bread, butchers, pickles, sauces, preserves, yummy baked goods, and other specialty foods. We love supporting these local businesses and hope you will, too!

https://www.mcenearney.com/blog/farmers-markets-washington-dc/

Contract activity in the Metro DC area during the week of June 2 - 8, 2024, rose by 2.1% compared to the same seven-day period last year.

Key Takeaways:
· In a week when the 30-year mortgage interest rate fell by just four basis points, four of the six jurisdictions we track posted increased contract activity.
· Yet these continuing high rates significantly impact the market, making it tough for first-time buyers. Year-to-date, contract activity for homes priced under $750,000 is down 7.8%, while activity for homes priced above that mark it up 9.5%.

Why it Matters:
· Cash is king. Those buyers who aren’t as sensitive to the high mortgage rates are much more active in this market. Roughly 30% of all transactions are all-cash purchases.
· While it’s too early to say this is a trend, every jurisdiction has seen a significant increase in homes on the market. Most areas have about 40% more inventory than this time last year. If this continues, it may provide some welcome relief for purchasers, giving them more choices and perhaps easing the upward pressure on home prices.

Contract activity in the Metro DC area from May 25 – June 1, 2024, rose by 7.1% compared to the same seven-day period last year.

Key Takeaways:
· Five of the six jurisdictions we track posted increases in contract activity – Washington, DC was the lone exception.
· The date range covered included the entirety of the Memorial Day holiday weekend last year, so contract activity was suppressed because of travel. The seven days this year included only part of the holiday weekend, so the numbers are skewed slightly.

Why it Matters:
· This underscores the continuing health of the suburban markets relative to The District.
· Despite stubbornly high mortgage interest rates, suburban buyers are chasing inventory that remains right around a one-month supply. DC’s inventory is closer to four months’ supply, so homes stay on the market longer. Last week, DC properties going under contract were on the market for an average of 52 days; the suburban markets averaged 20 days.

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.

Contract activity for the week of May 19 - 25, 2024 in the Metro DC area was essentially unchanged – down just 0.7% - compared to the same seven-day period last year.

Honoring the heroes who made the ultimate sacrifice.

Contract activity in the Metro DC area during the week of May 12 - 18, 2024, fell by 12.5% compared to the same seven-day period last year.

Key Takeaways:
· All six jurisdictions we track posted decreases in newly ratified contracts.
· Contracts also fell 10% from just a week ago, with 1,167 contracts compared to the previous week’s 1,298.
· Nonetheless, we always consider anything above 1,000 contracts per week a positive, so the market is hanging in there.

Why it Matters:
· Despite modest contract activity, home prices in the suburban market continue to rise. Prices are flat in DC.
· The lower price ranges are most sensitive to interest rates that continue to be too high, and year-to-date contract activity for homes priced under $750,000 is off 8.6%. However, activity for homes priced at $750,000 and higher is up 8.4%.

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

New Listings | McEnearney Associates View all new real estate listings in the D.C. Metro Area. Contact one of our agents for more information today!

Contract activity in the Metro DC area during the week of May 5 - 11, 2024, fell by 6.1% compared to the same seven-day period last year.

Key Takeaways:
· Two of the six jurisdictions we track posted increases in newly ratified contracts. Last week's top performer, Loudoun County, saw this week's most significant drop at 32.0%.
· For the first time in over a month, the number of newly ratified contracts fell below 1,300 – but barely. There were 1,298 new contracts.

Why it Matters:
· As noted before, the market is holding up remarkably well, given stubbornly high mortgage rates, and homes are still selling quickly. The average days on the market for homes under contract last week was 22.1 days.
· However, it's also important to put these numbers in context. We compare contract activity to the same week the previous year and the same week for the last several years. The market is off considerably compared to every year since 2019.

Happy Mother's Day!

Open House Saturday 5/11 1-3pm & Sunday 5/12 12-2pm!

This spacious home with a light-filled interior has been meticulously maintained, providing a comfortable and inviting space with a serene backyard. ⤵️

📍3-level colonial, 5 bedrooms, 5 full bathrooms, 2 car garage on 1/2 acre lot.

👉 Gleaming wood floors are on the main level, and new carpet is on the upper level. This home also features separate living/dining rooms, a two-story entry and family room, and two stairways. The large kitchen with a center island, stainless steel appliances, and granite counters is a chef's delight.

👉 The main level also boasts a bedroom/office, full bathroom, eat-in breakfast area, and access to the deck. The large primary bedrooms each feature two closets, a spa-like bathroom, and a tray ceiling.

👉 There are three additional bedrooms, including one with an en-suite bathroom and a Jack-and-Jill bathroom connecting the others. The lower level, perfect for an au pair or multi-generational living, offers a bright and spacious walk-out basement with a separate full bathroom, kitchenette, and laundry facilities.

👉 And all of this is set against the backdrop of a lush setting, just minutes away from major roads (Rt 620, 286, 28, 29), shops, and the amenities of Fairfax and Clifton and George Mason University.

Send me a message for more information or to schedule a tour!

May marks the time of year when you see more and more people outside, soaking in the fresh air and sunshine! Check out our selection of the best events around Washington, DC, Maryland, and Northern Virginia this month.

Contract activity in the Metro DC area for the week of April 28 – May 4, 2024, fell by just 1.1% compared to the same seven-day period last year.

Key Takeaways:
· Three of the six jurisdictions we track posted increases in newly ratified contracts, led by Loudoun County’s 27.8% jump.
· This is the fourth consecutive week with at least 1,300 new contracts

Why it Matters:
· Mortgage interest rates rose again last week, and while the market didn’t exactly shrug off that increase, it is taking it in stride.
· Despite higher rates, economic uncertainty, and inflation, contract activity year-to-date is down just 2.8% - and Northern Virginia has now edged into positive territory. DC is lagging behind the rest of the metro area, with a 14.7% drop year-to-date.

Happy Cinco de Mayo!

After a whirlwind weekend, we received multiple offers on this amazing home in Vienna, which was under contract 44 hours after showings started! ⤵️

So, How did we do it?

✔️ We had the home professionally photographed
✔️ We created a video of this special home
✔️ We priced accordingly and did not overprice
✔️ We set a deadline for offers

👉 We work hard behind the scenes for our clients. If you are thinking of selling your home and are overwhelmed by the process, we would love to chat and develop a plan tailored to your specific needs.

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