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Latest Realty News from NAR

March 2019 Existing-Home Sales

  • NAR released a summary of existing-home sales data showing that housing market activity this March, fell 4.9 percent from February 2019. Despite February’s gains, sales of existing-homes dropped 5.4 percent from March 2018. March’s existing-home sales reached a 5.21 million seasonally adjusted annual rate.

  • The national median existing-home price for all housing types was $259,400 in March, up 3.8 percent from a year ago. This marks the 85th consecutive month of year-over-year gains.

  • Regionally, all four regions showed growth in prices from a year ago. The Midwest had largest gain of 4.6 percent followed by the West with a gain of 3.1 percent. The Northeast had an increase of 2.5 percent followed by the South with an incline of 2.4 from March 2018.
  • March’s inventory figures are up from last month 3.1 percent to 1.68 million homes for sale. Compared with March of 2018, there was a 3.2 percent increase in inventory levels. It will take 3.9 months to move the current level of inventory at the current sales pace. It takes approximately 36 days for a home to go from listing to a contract in the current housing market, up from 30 days a year ago.

  • From February 2019, all four regions showed declines in sales. The West had the biggest dip in sales at 7.9 percent followed by the West with a decline of 6.0 percent. The South fell 3.4 percent followed by the Northeast with the smallest drop of 2.9 percent.
  • All four regions showed declines in sales from a year ago. The West had the biggest drop in sales of 10.7 percent followed by the Midwest with a decline of 8.6 percent. The South fell 2.1 percent followed by the Northeast dip of 1.5 percent. The South led all regions in percentage of national sales, accounting for 43.8 percent of the total, while the Northeast had the smallest share at 12.9 percent.

  • In March, single-family sales were down 4.9 percent and condominiums sales were down 5.3 to last month. Single-family home sales fell 4.7 percent and condominium sales were down 11.5 compared to a year ago. Single-family homes had an increase in price up 3.8 percent at $261,100 and condominiums rose 3.6 percent at $244,400 from March 2018.

The Silent Generation: Downsizing Homes & Joining Senior-Related Housing

The Silent Generation, buyers aged 73 to 93 years, made up the smallest share of buyers by age at only seven percent of all home buyers in 2018. The median age for this group was 76 years old and they were born between 1925 and 1945. They tended to have the smallest families; 96 percent of these buyers had no children living at home under the age of 18 years and they made up the same share of single female buyers as Younger Boomers at 25 percent. Of the generations, buyers 73 to 93 years bought fewer multi-generational home at 13 percent. For those that purchased a multi-generational home, the reason was for the health and caretaking of aging relatives at 13 percent.

The Silent Generation had the smallest share of first-time home buyers at only four percent, which was expected for their age group. Correspondingly, they made up the largest share to move directly from a home that they owned at 82 percent. They also had the lowest median household income at $69,600, likely living off retirement funds. They managed their finances accordingly and bought homes with the second lowest median home price at $243,000. They also purchased some of the newest homes last year with a median year of 1996.

Buyers aged 73 to 93 years also bought new homes at 14 percent and wanted the amenities of new home construction communities (23 percent). These buyers were the most likely to purchase a duplex, apartment, or condominium at nine percent, or a townhouse at 10 percent. They were also the most likely to buy a home in senior-related housing at 29 percent. These buyers wanted a home convenient to friends and family (47 percent) and for the convenience to shopping (34 percent). They were the least likely to buy homes in an area for the quality of the school district, convenience to schools, or for the convenience to a job. They were also the least likely to compromise on the condition of the home (16 percent). The Silent Generation also bought frequently in a rural area at 23 percent.

The age group of buyers 73 to 93 years were the highest share among the generations to purchase for the desire to be closer to friends and family (27 percent) and for a smaller home (17 percent). They had an expected tenure in the home at a median of 10 years. They were the most likely to move due to a household member’s health and least likely to want a larger home.

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What Clients Say About Mary Sleeter

Mary was very helpful through the entire home buying process and was very knowledgeable with any questions we had. I would highly recommend Mary to anyone actively or casually looking on the market. Whether you are a family with children, looking to invest, or in the second stage of your life looking for a home after retiring- Mary is very flexible to your needs, warm and inviting. I highly recommend her for your next purchase! Erick & Megan Guerrero
We have availed ourselves of Mary's positively superb service twice already, helping us to sell our homes in 2002 and 2017. Mary is the best!! Her depth of experience in the Loudoun County VA real estate market is unsurpassed, having lived and worked here her entire career and seen it grow and helped it develop from rural, agricultural farm country to be among the fastest growing and wealthiest counties in the country. Mary's experience is a capstone on her professional, responsive, and superior service guiding her clients in real estate assessment, estimating, pricing, financing, negotiating and being there at every step to not just get the deal done, but to ensure her clients get the best deal over-all; analyzing each offer and being able to discern the risks and potentials associated with each aspect of an offer, not just the bottom line, but each offer's subtle nuances that only an experienced agent like Mary would pick up on... Mary is patient, responsive, informative, friendly, considerate - the consummate professional - and a friend we would recommend to anyone looking to buy or sell (or rent) property in Loudoun County Don Fraser & Bernadette Sullivan
Thank you for the professional way in which you handled the sale of our house & property. Your optimism and assurance during the difficult times kept us going. This is the third sale you have handled for us and we high recommend you both to anyone who asks. We also want to thank Joy for being helpful in answering our questions and just being Joy. Jim & Kathy H.
I just wanted to thank you for showing me my house and to let you know that I absolutely LOVE living in this neighborhood. My one year anniversary will be next month. Hamilton Acres has a country like setting and is a quiet neighborhood. I have met some of the neighbors. Thanks again for all your assistance and helping me find my dream home. I love it here! Stephanie H.
As newcomers to Loudoun County, Mary Sleeter made our move from Arizona pleasant and uncomplicated. We were unable to visit the area twice and had to rely on our initial weekend trip. Mary spent as much time with us as we wanted, and when it came time to purchase a home, we were ready. We purchased our home by fax, with Mary's patience and professionalism, it all went smoothly. It was painless because of Mary. Whether your time is limited or you've got a year to make a decision, Mary makes it easy!! Diane & Dan P.
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