Market Summary Table .. Page 3 Glossary ... Page 4 Su M Tu W Th F Sa Sunday, August 31 1 2 3 4 5 6 7 8 9 2014 14 15 16 21 22 23 10 11 12 13 17 18 19 20 28 29 30 31 24 25 26 27 COLLEGE PARK COLLEGE PARK COLLEGE PARK COLLEGE PARK REAL ESTATE MARKET REPORT Tania Ivey & Marc Cormier Keller Williams Realty 2101 Wilson Boulevard Suite 100 Arlington, VA 22201 www.Help2ownaHome.com www.MarcCormier.me Marc@Help2ownaHome.Com Tania.ivey@gmail.com 301 660-6272 703 564-4026 mddcvahotprops https://www.facebook.com/pages/Fairfax-County-Luxu Real Market Reports www.RealMarketReports.com COLLEGE PARK COLLEGE PARK COLLEGE PARK COLLEGE PARK REAL ESTATE MARKET REPORT Taking a closer look, we notice that the $250K - $300K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 9 listings. The median list price (or asking price) for all properties in this market is $245,000. A total of 66 contracts have closed in the last 6 months with a median sold price of $273,750. Breaking it down, we notice that the $250K - $300K price range contains the highest number of sold listings. Alternatively, a total of 34 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $0K - $50K price range has the highest number of off-market listings at 15 properties. "Current inventory is described as active." at the real estate market. Currently there are 26 sales pending in the market overall, leaving 29 listings still for sale. The resulting pending ratio is 47.3% (26 divided by 55). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked! The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply. 0 1 2 3 4 5 6 7 8 9 10 $ 0 K $ 5 0 K $ 1 0 0 K $ 1 5 0 K $ 2 0 0 K $ 2 5 0 K $ 3 0 0 K $ 3 5 0 K $ 4 0 0 K $ 4 5 0 K $ 5 0 0 K $ 5 5 0 K $ 6 0 0 K $ 6 5 0 K $ 7 0 0 K Properties For Sale Contracts Pending 0 2 4 6 8 10 12 14 16 18 20 $ 0 K $ 5 0 K $ 1 0 0 K $ 1 5 0 K $ 2 0 0 K $ 2 5 0 K $ 3 0 0 K $ 3 5 0 K $ 4 0 0 K $ 4 5 0 K $ 5 0 0 K $ 5 5 0 K $ 6 0 0 K $ 6 5 0 K $ 7 0 0 K Sold Off-Market College Park Number of Listings For Sale vs. Pending Contract College Park Num Sold vs. Off-Market (Last 6 mos.) Let's take a look 1 Real Market Reports www.RealMarketReports.com Updated 8/31/2014, RealMarketReports.com Copyright Tania Ivey & Marc Cormier Updated 8/31/2014, RealMarketReports.com Copyright Tania Ivey & Marc Cormier Sunday, August 31, 2014 Market Dashboard Marc@Help2ownaHome.Com Tania Ivey & Marc Cormier Keller Williams Realty 301 660-6272 COLLEGE PARK COLLEGE PARK COLLEGE PARK COLLEGE PARK REAL ESTATE MARKET REPORT Analysis of the absorption rate indicates an inventory of 2.6 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come onto the market in the future. Looking at the chart to the right, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for a median time of 35 days. Analysis of sold properties for the last six months reveals a median sold price of $273,750 and 11 days on market. Notice that properties in the $550K - $600K price range have sold quickest over the last six months. The recent history of sales can be seen in the two charts below. The median sold price for the last 30 days was $266,450 with a DOM of 9 days. Since the recent DOM is less than the median DOM for the last 6 months, it is a positive indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes. Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property. "The median list-to-sales ratio for this area is 98.0%." 0 20 40 60 80 100 120 140 $ 0 K $ 5 0 K $ 1 0 0 K $ 1 5 0 K $ 2 0 0 K $ 2 5 0 K $ 3 0 0 K $ 3 5 0 K $ 4 0 0 K $ 4 5 0 K $ 5 0 0 K $ 5 5 0 K $ 6 0 0 K $ 6 5 0 K $ 7 0 0 K Sold For Sale $0K $50K $100K $150K $200K $250K $300K $350K $400K Mar Apr May Jun Jul Aug 0 5 10 15 20 25 30 Mar Apr May Jun Jul Aug College Park Median Days on Market (DOM) College Park Median Days on Market (Sold) College Park Median Sold Prices 2 Real Market Reports www.RealMarketReports.com Updated 8/31/2014, RealMarketReports.com Copyright Tania Ivey & Marc Cormier Copyright Tania Ivey & Marc Cormier Updated 8/31/2014, RealMarketReports.com Copyright Tania Ivey & Marc Cormier Updated 8/31/2014, RealMarketReports.com Sunday, August 31, 2014 Market Dashboard Marc@Help2ownaHome.Com Tania Ivey & Marc Cormier Keller Williams Realty 301 660-6272 COLLEGE PARK COLLEGE PARK COLLEGE PARK COLLEGE PARK REAL ESTATE MARKET REPORT A M A M A A M M A A M M A A M M A A M M A A M M A M A M A A M M A M A M Date Range (Off-Market & Sold) = 03/02/2014 to 08/31/2014 Data believed to be accurate but not guaranteed. N/A N/A 6 N/A 1.1 1.3 3 1.2 N/A 2.3 Status = [1] ACTIVE; [2] CNTG/KO, CNTG/NO KO, CONTRACT; [3] EXPIRED, WITHDRN, TEMPOFF; [4] SOLD CityName = College Park PropertyType = Residential
273,750 $ 98% 284,087 $ 100% Market Medians 35 245,000 $ 11 289,000 $ 279,450 $ 34 66 Market Averages 53 211,075 $ Market Totals 29 26 47% 37 288,278 $ 284,553 $ 699,999 $ 745,000 $ 106% 1 16 16 699,999 $ 745,000 $ 106% 699,999 $ 699,999 $ 0 1 $700,000 + 0 0 0 0 $650,000 $699,999 0 0 0 0 $600,000 $649,999 0 580,000 $ 101% 3 575,000 $ 575,000 $ 580,000 $ 101% 1 3 575,000 $ 575,000 $ 0 0 $550,000 $599,999 0 530,000 $ 96% 54 519,900 $ 12 550,000 $ 550,000 $ 530,000 $ 96% 1 12 550,000 $ 550,000 $ 519,900 $ 0 1 $500,000 $549,999 1 54 54 499,958 $ 0 499,958 $ 0 1 $450,000 $499,999 1 54 449,000 $ 100% 7 449,000 $ 449,000 $ 449,000 $ 100% 1 7 449,000 $ 449,000 $ 0 0 $400,000 $449,999 0 365,158 $ 100% 63 389,900 $ 6 374,990 $ 374,990 $ 370,000 $ 99% 5 323,500 $ 98% 36% 322,921 $ 61 331,921 $ 4 275,750 $ 8 119 274,000 $ 31 335,000 $ 18 63 125 276,147 $ 39 289,450 $ 67% 275,000 $ 8 187,950 $ 100% 241,633 $ 6 67% 179,667 $ 5 63% 3 $200,000 $249,999 3 7 185,000 $ $150,000 $199,999 3 26 13 1 N/A 1 90% 156,000 $ 156,000 $ 156,000 $ 140,000 $ 90% $100,000 $149,999 0 Price Range Num # $50,000 $99,999 0 0 Days on Market Current List Price A = Average Value M = Median Value N/A = Not Available 29 ACTIVE [1] List- Sale Ratio Est. Mos. Low High 34 OFF-MARKET (last 6 mos) [3] ABSORPTION RATE (months of inventory) Num # Num # Num # 66 SOLD/CLOSED (last 6 months) [4] Days on Market Original List Price Final List Price Sold/ Closed Price MARKET SUMMARY TABLE 26 PENDING [2] $0 $49,999 9 39 33 Pend Ratio 2,341 $ 0 2,350 $ 15 0 1 0 0 156,000 $ 140,000 $ 10 182,280 $ 188,543 $ 186,369 $ 99% 187,450 $ 187,450 $ 7 212,000 $ 217,434 $ 6 219,450 $ 219,000 $ 100% 16 24 3 244,900 $ 4 218,589 $ 101% 99% 321,954 $ 97% 100% 366,758 $ 47 214,434 $ 290,230 $ 279,003 $ 282,400 $ 29 329,975 $ 329,450 $ 2 26 368,118 $ 331,604 $ 1 389,900 $ $350,000 $399,999 1 63 $250,000 $299,999 4 $300,000 $349,999 7 2.6 14 5 67% 2 3 Real Market Reports www.RealMarketReports.com Sunday, August 31, 2014 Market Summary Table Marc@Help2ownaHome.Com Tania Ivey & Marc Cormier Keller Williams Realty 301 660-6272 Favors Sellers Favors Buyers COLLEGE PARK COLLEGE PARK COLLEGE PARK COLLEGE PARK REAL ESTATE MARKET REPORT 1. PROPERTIES FOR SALE (ACTIVE) a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase agreement. b. Days on Market (DOM): The marketing period of currently active listings. This does not account for some listings which have had a previous listing period, but were re-entered as a new listing. c. Current List Price: The price that a property seller is currently asking. 2. CONTRACTS PENDING a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed. b. Pending Ratio: Sometimes called a list-to-pending ratio. This is a measure of how fast properties are going under contract vs. how fast they are being listed. Pending Ratio = P (Number of Pending Listings) A+P (Number of Active + Pending) (P) represents properties that buyers have chosen (A+P) represents the entire pool from which they have chosen 3. OFF-MARKET a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some owners may choose to re-offer their property for sale. 4. PROPERTIES SOLD (CLOSED CONTRACT) a. Number Sold: The number of properties that have gone to a closing in the last 6 months. b. Days on Market (DOM): The marketing time it has taken properties to sell in the last 6 months. c. Original List Price: The price at which a sold property was originally marketed. d. Final List Price: The price at which a sold property was marketed just prior to selling. e. Sold/Closed Price: The price for which a property sold. f. List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property. List to Sales Ratio = Sold Price Final List Price 5. ABSORPTION RATE / MONTHS OF INVENTORY a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months. For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of inventory before counting the additional properties that will come on the market. Real Market Reports www.RealMarketReports.com 4 Sunday, August 31, 2014 Glossary Marc@Help2ownaHome.Com Tania Ivey & Marc Cormier Keller Williams Realty 301 660-6272