For those living in the Washington DC metro area, there has been an almost 5 percent increase in home prices since 2009 on average across the region, while the rest of the country continues to see price declines. The months supply of homes in most close-in counties and DC is hovering between 3.5 to 5 months. Anything below a 6 month supply is historically a Seller’s market.
Prince George’s County Housing Inventory Declining!
The inventory trend of existing fee simple homes in Prince George’s County is declining.
This translates to a 4.8 month inventory supply of homes. The market is gradually normalizing. Tighter inventories always lead to future price increases as demand begins to outpace supply. Historically, a balanced market is a 6 month supply of homes. Anything greater than 6 months is a Buyer’s market. Anything less, is a Seller’s market.
Nationally, the supply of for sale homes is returning now to 2005 levels. See graph from Calculated Risk. While there is still a shadow inventory of foreclosures and short sales, the trend is a diminishing supply of homes and a reduction of inventory. In addition, the supply of new homes is now less than any amount since 1963, when records began to be kept.
First Four Lots have been released! Call Jeff Cohen for more details 240-304-0815
Here is our latest video showing the status of completion at Phase 1 which is almost complete! We are proud to announce Haverford Homes development of Phase II at Piscataway Landing. Phase II will include estate style homes on large 1 and 2 acre lots.
[youtube http://www.youtube.com/watch?v=BEFEBZ4ulGY&w=420&h=315Currently we are clearing, and building the Stormwater Management facilities. Haverford Homes will keep you updated on the status of Phase II development with video updates frequently. Stay tuned and like us on facebook to be the first to see instant updates and new specials.
Bernanke urges Congress to establish clear path for housing recovery.
by KERRI PANCHUK,
Federal Reserve Chairman Ben Bernanke told Congress that creating a full-fledged alternative to Fannie Mae andFreddie Mac would be difficult in the near-term, but he urged lawmakers to lay a “clear path to a new housing financial system.”
Bernanke said a finalized blueprint for the next housing system could spark confidence in the private sector, kick-starting private-label securitization activity. The Fed chair suggested a housing recovery is impossible without a plan.
Ole Ole Ole Ole
Ole Ole Ole Ole
FIESTA!
Me mind on fire, me soul on fire
Feelin’ hot hot hot
Sounds like the 1987 release of Buster Poindexter’s version of Hot Hot Hot….and describes todays delightful weather forecast of course.
Do you want to know what else was hot? Yesterday’s Brokers Open starring Kathleen Rollins of Village Settlement, Inc and Laurent Berman of Eagle Bank.
Cars lined the street, brokers and agent talked shop, and an enormous spread of food was served. If you missed this one, pick yourself up and wipe the tears away, because we can promise there will be others. Stay tuned and thank you to all who made this event such a great success!
We are putting the final touches on our newest entrance monument feature at Piscataway Landing. We have had great success in our first few months of our opening, and currently have 5 remaining lots in the first phase which has a total of 17 lots. We have had a great draw of traffic from those “large lot lovers.” It’s quite a natural response, considering we are one of the only builders in Prince George’s County building and developing 1-2 acre lots starting in the high $300′s. If you haven’t yet visited, it’s worth a trip! Jack Lightner (our Production Manager), may even have one of his famous banana breads waiting for you in the model home….-)
Take an exciting ride down Floral Park Road, and arrive at Arya Drive where the progress at Piscataway Landing is well underway. Check out the video!
