2018 vs. 2017: A Q1 Market Comparison

04/30/18 • -1 min

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Today let’s review the first quarter market of 2018 and see how it compares to the first quarter of 2017.

The average sold price for Virginia in the first quarter of 2018 is up 3.48%, which is great news for homeowners. Homes are selling on average at $511,066 this year versus just $498,880 last year. Sold units are down 2.85%; we are in a low-inventory market, so fewer homes have sold in the first quarter than last year. The average days on market is down 10.17% as well. 2017 saw an average of 59 days, whereas 2018 saw 53.

In the state of Maryland, the average sold price is up 1.93%, which is a smaller gain than Virginia, but a gain, nonetheless. The number of units sold is also down 5.37%, with 4,785 in 2017 and 4,528 in 2018. The average days on market is down as well; it dropped 3.57% from 56 days last year to 54 days this year.

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We see fewer homes to sell, which is why we see fewer homes closing this year compared to 2017.

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Washington, D.C., is not doing as well as Maryland or Virginia. The average sold price is down 3.67% from last year, going from $677,408 to $652,560. The number of units sold is also down 1.25%, or an average decrease of 24 units. The days on market did see an increase of 2.38%, however. In terms of average sold price, I wouldn’t panic about the drop; if you look at the median sold price, it’s still up 1.23%. It could be that fewer luxury homes have sold in D.C. and that the average sales price is skewed a little bit.

In addition to the specific market trends, I wanted to share a bigger picture of how we’re doing compared to 2008, when we were experiencing a recession. For the last 10 years, the number of active listings has been going down, though the closed sales were pretty stable. The inventory has shrunk over time, and yet demand has been the same. We see fewer homes to sell, which is why we see fewer homes closing this year compared to 2017.

If you have any questions about these reports, about your neighborhood, or about your property, please feel free to reach out to me. I can go deeper and explain exactly where we stand in today’s marketplace.

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We see fewer homes to sell, which is why we see fewer homes closing this year compared to 2017.

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Previous Episode

4 Ways to Add Value to Your Home

No matter when you plan on selling, you can always add value to your home. Here are a few of our top tips.

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Many of you have asked me about what you can do to improve the quality of your home so that you get the most amount of money in the shortest amount of time when you decide to sell. Here are four things I would do if I were to sell a house right now:

1. Fix anything obvious. If you have rotten wood or a dripping faucet, take care of it. It’s going to show up in the inspection anyway. They are cheap fixes, but they can bring your home a ton of value. Changing the carpet and redoing some paint will get you at least a 10x return on your investment.

2. Fix up your kitchen and master bathroom. The other rooms don’t matter. These are the two places you need to focus on and spend your money. Repaint the cabinets, add new counters, or add a new backsplash. There are a lot of ways we can spend a little money to get a lot of value in return. If you plan on living in the house for the next three to five years, I think it’s a great idea to do it now so that you can get some mileage out of your improvements before you cash in.

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A nice, fresh coat of paint on your front door is a great idea.

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3. Curb appeal. If you’re about to list your home for sale, you need nice, brown mulch. Professionally cleaning your windows and porch is a good idea. So is a nice, fresh coat of paint on the front door.

4. Change the windows. Energy efficiency is really important to buyers. They are looking at utility costs closely, and the house with new windows looks so much better. However, if you’re not looking to be in the home for the next three to five years, it’s probably not worth the investment.

I hope this list was helpful to you. If you have any questions for me or need any help buying or selling a home, don’t hesitate to reach out and give me a call or send me an email. I look forward to hearing from you soon.

Next Episode

10 Expensive Day-to-Day Mistakes You May Be Making as a Homeowner

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Here are the top 10 most expensive mistakes you might be making on your home:

1. Using traditional light bulbs. Did you know that if you change from traditional light bulbs to LED light bulbs, you can save as much as $150 over the life of each light bulb?

2. Ignoring a leaky faucet. If you know you have a leaky faucet and think it is no big deal, consider this: One wasted drop per second equates to 3,000 wasted gallons per year.

3. Using the wrong-sized air filter in your HVAC unit (or not replacing it regularly). You should change your air filter every 30 or 90 days, depending on which air filter you use.

4. Not using a customizable thermostat. There is no need to heat or cool your home if you’re not there. Nest or Honeywell thermostats have programmable functions that you can control with your smartphone to help you save energy.

5. Not adjusting the vents in your house. If you have a forced-air central heating system, as many homeowners do, you may be overheating or overcooling certain rooms if you are not adjusting the vents in them.

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There is no need to heat or cool your home if you are not there.

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6. Overwatering the lawn. Inspect your sprinkler system to make sure you don’t have a broken sprinkler head. This can lead to overwatering your lawn.

7. Setting your water heater temperature too high. Unless you have a tankless water heater, you’re heating your water 24 hours of the day. Again, you do not want to burn unnecessary energy or keep your water at too high of a temperature during the summertime, so adjust your water heater temperature accordingly.

8. Having leaky windows or doors. If you can see the sun in the gap between any one of your window frames or door frames, you need to cover that gap.

9. Paying a handyman. You do not have to pay someone $200 to change a few light bulbs. Just do it yourself and save even more money.

10. Ignoring your roof’s shingles. If they are curled or some of them are missing, this is one of the exceptions to mistake No. 9. Missing shingles can cause your roof to leak, which then means you have bigger problems to worry about.

As always, if you have any questions about this topic or you are thinking of buying or selling a home soon, please feel free to reach out to me. I would be happy to help you.