Hill Slowinski • Real Estate: Blog

A Private Estate Home in Bethesda, MD

"The Waterford"

 7220 Armat Drive, Bethesda, Maryland 20817

Offered for $1,855,000

This luxury estate residence blends classic materials in a traditionally elegant yet very practical and comfortable home.  Key features include paneled library/study, elevator, in-ground heated pool with sub-meter, and five fireplaces. 

Multiple French doors lead to sunlit patios and mature gardens, which enjoy a warm Southern exposure for outdoor living and social events.  The highlights of the finished ground level are a wine cellar and reception hall, bar and family room, and a large area suitable for home theater or casual entertaining. 

The property is accented by details such as lush landscaping, ornamental iron, handmade brick, a marble foyer, crystal chandeliers and sconces, solid wood windows and doors.  There are six spacious bedrooms, six full baths, and two half baths, and many characteristics that make this a special place for family and guests alike.

For the Virtual Tour, please click HERE.  Photos, floor plans, brochures, and more detailed information is available at HillSlowinski.com.

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120 Evans Street, Rockville, MD  20850

OFFERED FOR: $595,000   MRIS #MC7577514

This home is a wonderful, warm, four-level split plus a large attic, thoughtfully updated through the years by long-time owners. 

Highlights include lots of light, an open main level floor plan, and refinished  hardwood floors throughout.  The kitchen has been renovated and provides convenient access through new Anderson French doors to the patio and a manicured back yard with garden area and new privacy fence.  Four bedrooms include master suite with grand new bathroom and glassed shower and three additoinal bedrooms and a full bath.  There is a spacious finished lower level family room with gas fireplace and hardwood floors. 

The home is in an excellent location in City of Rockville.  It is close to Metro, schools, parks, shops, dining, entertainment and theatres, bookstores, and much more in Rockville Town Center!

Walk score: 74!   See: www.walkscore.com                                    

For Virtual Tours, Details, and other listing information, see: http://www.hillslowinski.com/PropertyDetails.aspx?MlsCompanyID=2&MlsNumber=MC7577514

VoicePad: 1-240-575-1878.

Third Quarter 2010 Report: Stable Prices and Lower Inventories

Market Summary

This has been a frustrating market for many buyers, sellers, and real estate professionals. Buyers in certain price ranges and neighborhoods are finding heavy competition and multiple offers on well-priced homes, while certain sellers are suffering through months on the market without an offer or serious interest. 

The third quarter statistics show a 21% decline from Q3 2009; but with the strong first half of the year, year-to-date sales are still up by 14% over 2009.  Initially it was unclear whether the expiration of the Federal Tax Credit for First-Time Buyers would have a negative effect on the DC market, but it is now generally acknowledged that the expiration of the tax credit has dampened continuing sales growth.

The sales increase from August to September does give hope of a stronger October and November, as does the state of the inventory. The number of available homes and units had a modest gain of 2% in September, when in past years that increase had often been in the double digits. An even better indicator of the strength of the market is the effective inventory (homes and units for sale divided by number of monthly pending sales). 

Single Family

Pending sales of single-family homes in September rose 17% from August, but trailed September of last year by 12%. Through the third quarter, pending sales of homes under $800,000 were down 25% from last September, while homes over $800,000 were up 83%, an indication that the low-end has suffered due to the expiration of the federal tax credit.  In any event, the month certainly saw more success in the upper end of the market.

Through nine months of 2010, sales of single-family homes are up 21% from the same point last year. These gains are across all price categories, with the largest gains seen in homes under $200,000 (up 38%), homes between $700,000 and $800,000 (up 37%) and homes between $1,250,000 and $1,500,000 (also up 37%).

The number of homes for sale rose and the effective inventory fell to 3.82 months.  The inventory in the upper brackets continued to grow however, and the $1,500,000 and over range showed a substantially higher 7.68 months.  Prices of single-family homes have remained stable compared to last year with average prices for properties settled through September down 1% and median prices virtually even with 2009.

Condominiums and Cooperatives

Pending sales of condominiums and cooperatives were down 15% from last year however, with double-digit losses in many price ranges. There were 4.36 months of inventory at the end of September which puts this market somewhere between a buyers' market and a market in equilibrium.   Pending sales of units between $150,000 to $300,000 fell 54% from last year, while units over $1,250,000 fell 63%. Units priced between $700,000 and $800,000 did manage a 57% gain, while units between $400,000 and $500,000 saw a 32% gain.

Even with the sales pace slowing through the summer, year-to-date sales of condos and co-ops are ahead 2009 by 6%. The largest gains have occurred in the lowest and highest parts of the market. Sales of units priced under $150,000 were up 92% from last year, while units selling over $1,000,000 were up 49%.

There were 5.19 months of inventory, which unlike the single-family side, puts condos/coops closer to a market in equilibrium.  Units priced over $800,000 have 10.3 months of inventory, while units priced from $300,000 to $400,000 have only 2.9 months.  The sales and inventory numbers show the condo/co-op market trailing the single-family market.  Condo/co-op prices have increased for the year while single-family prices have remained flat. Average prices are up 2% for the year compared to 2009.  Median prices are up 4%.

Outlook

With low interest rates seemingly offset by tighter and sometimes inconsistent underwriting guidelines, the prospects for a quick turnaround are dim; but stable prices and low inventories still offer optimism for a solid fall market.  There were 4.36 months of inventory at the end of September which puts this market somewhere between a buyers' market and a market in equilibrium.  This is good news locally compared to the most recent national numbers which show a much higher figure of 11.6 months. Prices also reflect the comparative stability of the DC market, with single-family prices virtually even with last year and condo/co-op prices up slightly.

Adapted from a report prepared by Fred Kendrick, with data from the Greater Capital Area Association of REALTORS®

Increased Activity for Buyers and Sellers 

The local Washington, DC area housing market will shape up, the economic stimulus package will have a positive effect, and the Spring market will be much better than the Fall/Winter market just ending.  All those buyers who have been waiting patiently on the sidelines are poised to take action, and they will act. 

 Traffic on the Long & Foster websites in 2009 has increased substantially (e.g. on www.longandfoster.com alone, we went from 659,000 unique visitors in December to over 865,000 and 816,000 in January and February -- a 30% increase!).  So, buyers are looking, and sellers are competing to make their properties the best value.   

We have now seen loan limits move back upward.  FHA loans are back to last year's limit of $729,500 for most of our immediate area.  This means that a person with good credit scores could buy a home for up to $755,000 with as little as 3.5% down.  Fannie Mae and Freddie Mac will also be raising their conforming limits to $729,750 shortly.

There is also a first-time homebuyer's credit of $8,000 until November 30 (a true credit this time).  There are very favorable, historically low interest rates (~5%) for conforming loans available.  (See chart below.)  Jumbo loans are just beginning to fall to 6.25 %.  Arms are more attractive to buyers now, too.

My Advice to Clients:  Be realistic and act reasonably.  Homes are taking longer to sell, and transactions are taking longer to complete.  Both parties are looking for value.  From 2000-2008, DC area homes have appreciated about 90% - better than most of the nation. (See graph below.)

Sellers should price for a value better than a competing home for sale, and Buyers should offer a price lenders are willing to finance.  Appreciation will take longer to regain traction.  Compare the 1989-1997 slow appreciation period in the DC market.  While we may see price exceptions, it is unproductive to follow an exception rather than a substantiated trend.

WC & AN Miller Realtors, A Long & Foster Company

4701 Sangamore Road,  Bethesda, Maryland  20816

Cell: 301-452-1409  Direct: 301-320-8430  Ofc: 301-229-4000