Dear Neighbors and Friends,
We took off well-before the Fourth of July Holiday on June 30 to drive up to see my Mom who lives in Albany, NY. We also stopped off in New Jersey to see family there. No hugs and kisses because of social distancing but, it was wonderful to see loved ones in person and not just on a screen. We spent two nights in hotels and felt safe because they (Hilton Garden Inn and Crowne Plaza) have been keeping rooms vacant for days before filling them with guests.
Mel and I were reflecting on how, I was able to get away at the end of the month, as the last day of June is a very popular settlement date. New world is the answer. During this pandemic, I am not allowed to attend closings -buyers and sellers sign separately and I review the closing statements prior to their signing. I can fully take care of business virtually and review documents and solve problems even on the road – while Mel is driving – and that is exactly what I did.
Testimonials from Past Week
While on travel last week, a problem arose with my sellers (Elizabeth and Dennis D’eramo of 1530 Ingram Terrace) receiving their net proceeds in time. My Sellers could not get a helpful response and they asked for my help. I made a few calls and got immediate results.
Here is their message back to me.
“OMG! WE LOVE YOU! Thank you for your stellar work!”
—————————————- Keith Konecnik 2425 Blueridge Ave Silver Spring, MD 20902
Sold his home at 11404 Fairoak Dr.
“Excellent job. Kept me informed.Quick sale and got more than I expected.”
Seasonal Alert: 3G’s of Dry Basements: Gutters, Grading and Ground
It is that time of the year when we have occasional heavy downpours of rain. Make sure your gutters are clear and connected to downspouts that carry rain water away from your house. Proper grading of ground near your home is critical especially, during large scale storms. The slope should be at least one inch per foot diverting water to a runoff area. The quality of ground soil clearly affects the ability of the heavy summer downfalls to penetrate your house. You may need to consult experts to achieve the right mix of soil with clay content of 20-30%. Do not use sandy soil near the home foundation. These are very basic checks but, they are not always sufficient – stay vigilant.
Interest Rates Compared to the Prior Week
It was a busy week in the real estate market, with trends continuing to move in the right direction. Mortgage interest rates decreased slightly to 3.03% for 30 yr fixed.
Mortgage rates remain at all-time lows, giving many buyers more purchasing power, and with limited inventory, sellers have increased opportunities for successful sales.
7/20/20
7/13/20
30 yr. fixed
3.03
3.07
-0.04
15 yr. fixed
2.51
2.56
-0.05
5 yr. ARM
3.02
3
+0.02
My Proprietary Market Reports and Analysis
As indicated in our last newsletter, sales and listings are picking up in pace. Even though the Corona pandemic is far from receding, buyers and sellers are cooperating and practicing social distancing, masks and wipes, etc and sales are picking up across the country and especially here in Montgomery County.
Homes are selling at a fast pace in MoCo. Buyers are not just browsing. This new market is not made for sellers “to test the market and see what we can get”. It is made for seriously priced homes that force buyers to come out of quarantine and make offers. These buyers then come willing to pay full price and even escalate. Buyers realize that interest rates in the low 3% range make their affordability greater than they expected. My Team has been getting qualified buyers even lower rates!
Regional Market Snapshot: June ’20 YoY
June 2020
June 2019
County
#Units
Average
Price
%Price
Change
%Units
Change
# Units
Price
Washington, DC
788
$734,371
3.3%
-14.0%
916
$710,690
Montgomery County, MD
1,132
$585,967
1.1%
-17.5%
1,372
$579,752
Prince Georges County, MD
943
$353,325
8.9%
-8.5%
1,030
$324,592
Howard County, MD
410
$500,241
1.7%
-14.1%
477
$491,772
MoCo Market Update and Analysis
Comparing Jun’20, to Jun’19 Year-over-Year (YoY), closed Sales Volume in Montgomery County show the continuing impact of the Corona pandemic. Sales fell 17.4% compared to sales in June of last year! Active listings were also down a huge 39.2%. Prices were up a slight 1.4% and Days on Market (DOM) of Sold Listings was down again dramatically from last year, from an average of 37 days in June ’19 to just 27 days in June ‘20. This fast pace of sales continues while the supply keeps dwindling!
It is worthwhile to look back and compare June 2020 with the past month May 2020 – closed sales jumped 26% showing that a rebound may be taking place this despite the fact that active listings remain about the same (1,479 in June to 1,455 this past May). We Need Inventory for the many buyers contacting our Team!
Active Listings Fall 39.2% and Closed Sales were Down 17.5% in June’20 Compared to June’19.
Month
Active Count
#Sold
Sold Price
DOM
Jun-20
1,479
1,132
$585,967
27
Jun-19
2,433
1,372
$579,752
26
Change from 2019
-39.2%
-17.5%
1.1%
+3.8%
Highest-Priced Montgomery County Home Sales in June’20
Highest-Priced June Sales in Bethesda
Address
BR
BA
HBA
Close Date
Close Price
Finished SqFt
Lot SqFt
7613 GLENBROOK RD
6
6
1
6/18/20
$3,200,000
0
13,034
7608 MARBURY RD
6
7
1
6/11/20
$2,640,000
1,875
12,305
6911 RADNOR RD
6
7
2
6/1/20
$2,400,000
28,503
5327 FALMOUTH RD
6
6
1
6/3/20
$2,300,000
16,560
5404 WANETA RD
6
6
1
6/30/20
$2,195,000
5,382
18,327
Edgemoor
Pineview
Bradley Hills
7613 Glenbrook Rd
7608 Marbury Rd
6911 Radnor Rd
Sold Price: $3,200,000
Sold Price: $2,640,000
Sold Price: $2,400,000
Washington Fine Properties, Llc
Unionplus Realty, Inc.
Ttr Sotheby’s International Realty
Highest-Priced June Sales in Chevy Chase
Address
BR
BA
HBA
Close Date
Close Price
Finished SqFt
Lot SqFt
5204 KENWOOD AVE
5
6
1
6/30/20
$4,500,000
0
13,108
6405 SHADOW RD
5
6
1
6/29/20
$2,800,000
7,065
24,977
3201 WINNETT RD
6
7
1
6/24/20
$2,750,000
616
12,731
4824 DRUMMOND AVE
6
6
1
6/26/20
$2,695,000
8,525
4805 DORSET AVE
4
4
1
6/24/20
$2,400,000
4,140
12,288
Kenwood
Kenwood
Chevy Chase
5204 Kenwood Ave
6405 Shadow Rd
3201 Winnett Rd
Sold Price: $4,500,000
Sold Price: $2,800,000
Sold Price: $2,750,000
Long & Foster Real Estate, Inc
Ttr Sotheby’s International Realty
Ttr Sotheby’s International Realty
Highest-Priced June Sales in Potomac
Address
BR
BA
HBA
Close Date
Close Price
Finished SqFt
Lot SqFt
8605 RAPLEY GATE TER
6
8
2
6/30/20
$2,555,000
7,742
87,120
10041 COUNSELMAN RD
6
7
1
6/1/20
$2,495,000
2,093
52,882
10109 IRON GATE RD
6
8
2
6/30/20
$2,440,000
9,178
87,556
10000 NEWHALL RD
5
7
2
6/5/20
$2,100,000
8,998
45,711
10408 BIT AND SPUR LN
6
7
1
6/29/20
$2,026,000
7,696
91,476
Avenel
Potomac Village
Potomac Village
8605 Rapley Gate Ter
10041 Counselman Rd
10109 Iron Gate Rd
Sold Price: $2,555,000
Sold Price: $2,495,000
Sold Price: $2,440,000
Long & Foster Real Estate, Inc.
Long & Foster Real Estate, Inc.
Long & Foster Real Estate, Inc.
Highest-Priced June Sales in Silver Spring
Address
BR
BA
HBA
Close Date
Close Price
Finished SqFt
Lot SqFt
1907 LOCUST GROVE RD
5
6
2
6/30/20
$1,080,110
996
7,231
10901 JARBOE AVE
4
7
1
6/2/20
$995,000
6,030
34,846
2317 HERMITAGE AVE
5
6
1
6/26/20
$930,000
7,152
23,455
101 WOODMOOR DR
5
5
1
6/11/20
$875,000
8,469
1222 PINECREST CIR
4
3
1
6/29/20
$850,000
2,368
11,861
Woodside Hills
Burnt Mills Hills
Arcola
1907 Locust Grove Rd
10901 Jarboe Ave
2317 Hermitage Ave
Sold Price: $1,080,110
Sold Price: $995,000
Sold Price: $930,000
Pearson Smith Realty, Llc
Compass
Long & Foster Real Estate, Inc.
The Barbara Ciment Team is Engaged in This Market
It may be hard to believe but My Team was busy over the 4th of July Holiday weekend. I think it is because many people are still reluctant to travel and now find the time to either fix up their house for sale or, go out and buy a new one. In any case, My Team and I had a very busy and productive month for Covid-June 2020.
Let me mention my Team Associates first. Emily Lurie who usually is showing real estate from one end of MoCo to the other end, now has several listings that have kept her partially tied down with showings, contracts, inspections and several closings in July. Judi Shields specializes in matching buyers with all kinds of sellers and vice-versa. This past month she placed several homes under contract with owners who had just inquired to her and our Team as to “do you have interested buyers?” These owners did not list the homes in the MLS and the buyers and owners were happy to make a deal. Some owners prefer to sell their homes on an exclusive basis at their desired price and move on without the efforts needed to prepare, stage and maintain their home for Covid-Safe showings and try for an over-the-top price that might not materialize. Similarly, buyers are sometimes satisfied to pay a small premium to get their choice. Brooke Charner has been working with in-town and out-of-town buyers. She reports that inventory is lacking and is conscientiously tracking several areas.
Meanwhile, I was busy taking new listings, handing off referrals to my Team and I also was engaged with showings, contracts, inspections and several closings in July.
In summary, My Team has remained relatively active in Covid-2020 with 4 Homes for Sale/Rent, 31 Homes Sold/Rented, 11 Homes Under Contract.
We Need Inventory for the Many Buyers Contacting our Team!
If you’re thinking about selling or buying, let me know.
I’m happy to answer any questions you might have and walk you through the virtual real estate process that we have at Long & Foster.
Thank You, Thank You, Thank You!
My Team is well aware of the fact that most of our transactions come from referrals from prior clients, customers, friends and neighbors. In appreciation of your support, we try to provide you with real estate informative newsletters, cards and websites. Please feel free to reach out to me with any questions you have about the real estate market and let me know how I can help you.
On behalf of My Team, I want to say a heartfelt, Thank You!
As always, stay safe and healthy. Barbara
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