Gotta love those economists! A couple of months ago they were all on TV talking about the dreaded “Double Dip” for real estate. Now the local DC area economists are starting to talk about the impending housing shortage and what it is already doing to house prices. So what is the lesson here? Don’t listen to the experts. When you are ready to own your own place, or go buy a bigger one, Like Nike says, “Just Do It!”
A lot of people say that outdoor, winter activities on the Eastern Seaboard can’t compete with the offerings out West. And to some extent that’s true. The Rocky Mountains are much bigger than the local Appalachians and have plenty to offer. But that doesn’t mean there still aren’t great winter sports here. One just has to travel a bit for it.
I have been writing these market reports every week for different cities in Northern Virginia and I have watched the prices rise steadily from November/December 2008 through some time this past summer or fall. Now it appears that prices seem to have softened up again. It reminds me of when I first started buying stocks.
Washington D.C. certainly has fantastic architecture. No one, though, would consider this town’s buildings to be on par with some of the greatest cities in the world.
There is, however, one building in Washington that can rival any place on Earth in terms of beauty and grace.The Thomas Jefferson Building, part of the Library of Congress, is a must see for anyone that’s never been, as well as anyone who is interested in visiting one of the most elaborately ornate buildings in America.
The end of the year came to Arlington with a little more than a whimper, but certainly not a bang. Statistically December 2010 was almost identical to December 2009.
The good news is that during the year, although prices continued to drop, December’s average sold price was $592,267 compared with $548,048 in November. Where there’s good news you can usually find some cautious news as well.
This past Friday, I announced the winner of the second MyLife in Metro DC giveaway. I was thrilled to let Laura Dudley know she had won two tickets and a meet and greet to the Truth & Salvage Co. concert that night in DC. The concert was held at the Red Palace; a venue spawned from the merger of two existing bars: The Red & The Black and The Palace of Wonders.
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.
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? Well then, you are in luck, because a place like that just opened up this past summer in Falls Church.
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
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.