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Real Estate News in Burke - July 21st, 2016
06/2016 Market Statistic Data from MRIS = Metropolitan Regional Information System.
Burke average detached = single family home sold price: $ 610,226 = =6.39 % increase YOY = year over year.
Burke average town home = attached home sold price: $ 390,472 = +6.43 % increase YOY.
Burke average condo sold price: $ 282,300 = +6.65 % increase YOY.
Average Days on Market: 18 vs. 24 a year ago = -25 % decrease YOY.
Average Sold Price to Original List Price: 99.1 % vs. 98.9 % a year ago = +0.26 % increase YOY.
Most homes sold in <10 days on market.
4 cash buyers, 43 conventional loans, 10 FHA loans, 23 VA loans.
Inventory: 84 active listings vs. 106 a year ago = -20.75 % decrease.
Pendings = Properties Under Contract: 103 vs. 92 = 11.96 %.
Please copy and paste link below in your browser to see detailed report for Burke.

http://184.106.219.108/report/mls/1/drp?action=pdf&uid=14064744124996&sid=9c6000a7-c4c8-53f9-762b-53d518e73562&agg_type=MONTHLY&f_id=1000&loc_type=5&loc_id=22015&time_period=201606

News for Burke, VA - October 15th, 2015 12:15pm
09/2015 Market Statistic Data from MRIS = Metropolitan Regional Information System
Burke average detached = single family home sold price: $ 540,092 = -2.20 % decrease YOY = year over year.
Burke average town home = attached home sold price: $ 349,727 = -0.07 % decrease YOY.
Burke average condo sold price: $ 265,279 = -11.20 % decrease YOY.
Days on Market: 42 vs. 30 a year ago = +40.00 % increase YOY.
Average Sold Price to Original List Price: 97.9 % vs. 98.5 % a year ago = -0.67 % decrease YOY.
Most homes sold in <10 days on market.
1 cash buyers, 29 conventional loans, 6 FHA loans, 5 VA loans.
Inventory: 123 active listings vs. 126 a year ago = -2.38 % decrease.
Pendings = Properties Under Contract: 60 vs. 63 = -4.76 % decrease.

http://184.106.219.108/report/mls/1/drp?action=pdf&uid=14064744124996&sid=9c6000a7-c4c8-53f9-762b-53d518e73562&agg_type=MONTHLY&f_id=1000&loc_type=7&loc_id=601708&time_period=201509

News for Burke, VA - March 20th, 2015 4:30pm
02/2015 Market Statistic Data from MRIS = Metropolitan Regional Information System

Burke average detached = single family home sold price: $ 562,161 = 6.91 % decrease YOY = year over year.
Burke average town home = attached home sold price: $ 372,275 = 6.32 % increase YOY.
Burke average condo 2/2015 sold price: $ 279,000 = 0.32 % increase.
Days on Market: 50 vs. 49 a year ago = 2.04 % increase
Average Sold Price to Original List Price: 98 % vs. 98.2 % a year ago = 0.26 % decrease
Most homes sold in 11-20 days on market.
3 cash buyers, 15 conventional loans, 6 FHA loans, 7 VA loans.
Inventory: 50 active listings vs. 55 a year ago = 9.09 % decrease.
Pendings = Properties Under Contract: 55 vs. 62 = 11.29 % decrease.

http://184.106.219.108/report/mls/1/drp?action=pdf&agg_type=MONTHLY&f_id=1000&loc_type=5&loc_id=22015&time_period=201502

News for Burke, VA - July 27th, 2014 12:19pm
Burke average detached = single family home sold price: $ 598,433 = 2.01 % increase YOY = year over year
Burke average town home = attached home sold price: $ 335,473 = 1.02 % increase YOY.
Burke average condo sold price: $ 261.626 = 12.02 % increase YOY.

Please copy and paste link below in your browser to see detailed report for Burke in Fairfax County, prepared 07/2014
http://184.106.219.108/report/mls/1/drp?action=pdf&agg_type=MONTHLY&f_id=1000&loc_type=5&loc_id=22015&time_period=201406
National Market Conditions
2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

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Fall 2018 Market Update
If you can qualify for a mortgage, now is a great time to buy a home in Burke. Interest rates are still low which makes a home purchase a great opportunity especially when considering the tax advantage a home owner might have. Interest rates are supposed to rise in 2016. Financing is still tight, best rates are available with a credit score of 740+. Why rent when you can buy for similar monthly payments? Call the local real estate expert Martina Burns now for more information at 703-650-8533 or toll free at 866-361-6655
Average Sold Home Price: $625,000

Average Time on Market: 10-30 days

Best Selling Price Range: $650,000 - $699,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Decreasing

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: No Change

Multiple Offers? Yes

Multiple Offers Commentary: Homes are still selling fast in prime locations but only for up-dated, mint, move-in condition homes, close to public transportation. Those homes are selling in < 10 days on market.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Very tight market

Housing Inventory Comments: 06/2016 Market Statistic Data from MRIS = Metropolitan Regional Information System. Burke average detached = single family home sold price: $ 610,226 = =6.39 % increase YOY = year over year. Burke average town home = attached home sold price: $ 390,472 = +6.43 % increase YOY. Burke average condo sold price: $ 282,300 = +6.65 % increase YOY. Average Days on Market: 18 vs. 24 a year ago = -25 % decrease YOY. Average Sold Price to Original List Price: 99.1 % vs. 98.9 % a year ago = +0.26 % increase YOY. Most homes sold in <10 days on market. 4 cash buyers, 43 conventional loans, 10 FHA loans, 23 VA loans. Inventory: 84 active listings vs. 106 a year ago = -20.75 % decrease. Pendings = Properties Under Contract: 103 vs. 92 = 11.96 % http://184.106.219.108/report/mls/1/drp?action=pdf&uid=14064744124996&sid=9c6000a7-c4c8-53f9-762b-53d518e73562&agg_type=MONTHLY&f_id=1000&loc_type=5&loc_id=22015&time_period=201606 Please note the statistic below is for single family homes, 4 bed rooms or more, only!

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Washington DC

Housing Hot Spots: Everything inside the Beltway or within 5 miles and close to Metro or VRE.

Contact Information
Martina Burns RE/MAX
703-650-8533
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15 year fixed rate: 3.90%
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15 year jumbo rate: 4.12%
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Real Estate Professional, Martina Burns  RE/MAX Martina Burns RE/MAX
RE/MAX Allegiance
Specializing in Burke Real Estate
6084-A Franconia Road
Alexandria, Virginia 22310
703-650-8533
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(Because current market conditions can change rapidly in any given marketplace,
please check with Martina Burns RE/MAX for current Burke, VA market conditions before acting on this information.)
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