Eckington By The Numbers || Weekend 03.11.2023

Happy Sunday Eckington Neighbors!

I hope everyone is having a nice weekend. Please see the summary real estate numbers below, the link to download the printable PDF of the Eckington Sales Tracker & Open House Guide and a link to see all Active listings. 


A few notes about the numbers this week. This week in Eckington the active listings went from 35 to 32 with 12 closings taking place in the last 30 days which is up from 7 closings last week.  That means new listings are going active, moving off market and new stock is coming on. A decent sign for Sellers! This same 30 day period last year, we had 19 closings from February 10, 2022 to March 11, 2022.  If you look at the sales tracker you will see, we now have several homes sitting on the market for more than 30, 60 and even 90 days. Once a home sits that long on the market it becomes stale. Most impactful to a successful sale, the home stops showing up in searches for buyers actively looking. This keeps reinforcing in my mind that coming gate properly placed on the market is your best bet to a sale that will get you the most money for your home.

30-year fixed rates went up for the fourth week in a row, from 6.45% to 6.65%. We know the Federal Reserve will be raising rates at least one more time in March but we are hopefully getting closer to the peak rate in their fight to control inflation. 

​- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE //  https://eckingtonproperties.com/TRACKER

- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive

- SUBSCRIBE - \\ TO HAVE TRACKER EMAILED TO YOU WEEKLY //https://EckingtonProperties.com/SUBSCRIBE 

*Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS. Alex and I are working to try to get this resolved. It's only an issue for the live link not in our data tracking.


Thank you,
John

Eckington By The Numbers || Weekend 03.04.2023

Hi Eckington Neighbors!


What a beautiful Sunday morning in our neighborhood and a perfect day to pop in some open houses! Even if you're just a neighbor and not buying, it is always okay to just look. 


Please see the summary real estate numbers below, the link to download the printable PDF of the Eckington Sales Tracker & Open House Guide and a link to see all Active listings. 

A few notes about the numbers. This week in Eckington the active listings are up from 29 to 35 with 7 closings taking place in the 30 days. Last week we had 3 open houses scheduled in the neighborhood, this week we have 15. That is the start of some spring market activity.  Nationally, closed sales are down 37% year over year, but week over week they were up 26.7%. Buyers are out looking and listings are moving off market if priced right, however everyone is moving at a slower pace. In total it feels a bit more of a balanced market than what we experienced the last few years. That means if you sell your home now, you're likely to get a fair price, but also you're able to go find a home for a fair price. The issue we ran into the last few years was that folks didn't want to sell, only to find they couldn't find a home to buy without outbidding 10 other offers while paying a premium. 

30-year fixed rates rose for the third week in a row, from 6.32% to 6.5%. ​

- DOWNLOAD - \\ ECKINGTON SALES TRACKER & OPEN HOUSE GUIDE //  https://eckingtonproperties.com/TRACKER

- ACTIVE LISTING LINK - \\ TO ALL ACTIVE LISTED PROPERTIES IN ECKINGTON // https://EckingtonProperties.com/LiveLinkAllActive

 - SUBSCRIBE - \\ TO HAVE TRACKER EMAILED TO YOU WEEKLY //https://EckingtonProperties.com/SUBSCRIBE 

*Bright MLS has the borders incorrect. It incorrectly includes a section south of Florida in the MLS. Alex and I are working to try to get this resolved. It's only an issue for the live link not in our data tracking.


Thank you,
John

Eckington By The Numbers || Weekend 02.25.2023

A few notes about the numbers. This week in Eckington the active listings are up from 27 to 29 with 3 closings taking place in the 30 days. In our industry, most major indicators are down year over year, but the big issue that we’re facing is that demand is outpacing supply, with activity only down 18% from a very busy February of last year. We always struggle with a limited supply of homes in DC, so this is nothing new to us. If demand stays up and supply stays limited then logic says Sellers can get their homes sold for the right price. I believe that is what we are seeing right now.

30-year fixed rates went up for the second week in a row, from 6.12% to 6.32%. Rates are one of the biggest factors that keep folks from listing their home because those sellers then need to buy. Over the last months, most questions Alex and I receive are about the rates and mortgage products. 

Eckington By The Numbers | 02.18.2023

The number of properties listed as Active moved from 33 last week to 27 this week. It's hard to tell if we are building up for spring or just sort of clearing home stock as it comes. I am noting that if a home is priced correctly the home is moving off the market quickly. If a home is overpriced, the market is really turning its back on them and the homes are sitting much longer.  Now more than ever it appears to be very critical to price and present a home correctly to avoid any potential stalling. 

Eckington By The Numbers 2.11.2023

A few data notes. The number of properties listed as Active moved from 27 last week to 33 this week. We expect that number to increase as we head into warmer weather. The average number of days on the market is 62. For comparison, the average for all of DC is 59 days on the market. Last year at the same time it was 45 days on the market. We changed our summary tracking numbers. We added the average sales price per home type; 1 bedroom, 2 bedroom and single family home. We removed the median sales price. We feel these numbers are more informative to owners tracking their own value based on the current market. - John Coplen