Podcast- January 27, 2023

Tom Whalon:
I'm Tom Whalon
I'm Jay Day of Jay Day and the Day Home Team of Real Estate Teams. Working our way through January with our Real Estate podcast. We love doing these. We like to keep you up to date. What's the latest Jay?

Jay Day:
Right, so last time we went over statistics, I had a whole bunch of data. This time I just wanted to focus because there's a lot of information and there's a lot of changes that have happened from our last time of reporting numbers. So this one we're going to focus specifically on Frederick County and drill into the details there. This is fresh data from this week. Want to give you an idea of where things are and what's going on. So when we look at homes that are coming soon, meaning you can't go see them yet, they're just people that have decided they're putting their house on the market as being advertised. We are at 38. We were at 20 last time. So there's an increase in the coming Soons. The median price for those is $467,000 and like I said, we've got about 38 of those that'll be ready to roll active.
The inventory of active homes is 166 down from 194. So our available homes has dropped a pretty good amount. When we look at it as well, we have a median days on market of 46. The median price is $439,900. That is up from where we were the previous month. And of those homes, 68 of those have had reductions. So that's 40. Almost 41% of the inventory has had a price reduction. Just to give you a little bit of an idea. Now, contracts get this. Last month when we talked about the numbers, 173 homes under contract today. Well, I'm sorry not today. When I pulled this a couple of days ago, we are at 2 25. So that is a significant increase of homes that went under contract compared to the last 30 days when we chatted about this before. Also, a good thing to note, the homes that are went under contract, the median price is up to 399,900 from 395,000. So we're seeing an increase in price on the homes that are going under contract. The median days on market is 18, before it was 20. So they're selling faster, the prices are higher and there's a huge increase. Now, this one was sort of a shock, but not really because most of the people that were taking their home off the market did it right before the holidays. We've had in the last 30 days, 173 people take their homes off the market just in Frederick County.

Tom Whalon:
In Frederick County,

Jay Day:
Just in Frederick County. And before when we pulled the stats last, it was 149. And those interesting thing is it was after only 44 days of being on the market. So not even a month and a half of exposure 44 days is the number of days before they gave up. Now, sold the sold decreased, and that's not a shock because again, this falls into the holidays because the homes that would've went under contract in December and right before Christmas fall into this. So we went from 224 to 141. Again, seasonality is what I'm going to put that one to. And then we go to more details on the sold. And this is information that I think is really important. So of what sold about a third of the homes that sold, which equals 46. 46 of those sold above less price. So they sold for higher than what the home was listed for. The median price on that was $360,000. So what that shows us is the homes that are below the median price for the area, the more affordable homes are the ones that tend to be selling quickly and selling for more than the asking price. So it's a lot more competitive if you're in that lower price range. I understand.

Tom Whalon:
Exactly what you're saying. Why only you would know, buddy, you're the expert. I have no idea why this would be happening right

Jay Day:
Now sold below list. So these are homes that sold below what they were listed for. That was almost 38% of all the inventory. That was 50 plus homes. And the median price for those was $415,000 with 30 days of being on the market. Now, there's another category that they sold at the price they were listed at, and that number is 42 homes, which is down from 65. However, that's 29.79% of the inventory. So about 30% of the home sold for what they were listed for, and the median days on market was 16. So what that shows you is realistically those people, they either made an adjustment to get the price where it needed to be, or they were priced right because they got their home under contract and sold within 16 days. So a little over two weeks. Now, another interesting number that I started talking about with our last podcast that we gave stats on is Homes with Seller help.
And if this is your first time listening to the podcast, what that means is the seller has closing costs regardless. But back during Covid, we used to have a thing before that where you would see the seller paying some of the buyers closing costs. That disappeared pretty much almost completely. Now we're starting to see it happen again. So 55 of the hundred 55 of the homes that actually closed had the seller paying some of the buyers closing help. The prior to that, it was 107. Yeah, but we're still looking at 39% of all the homes that sold in the last 30 days. The seller paid some of the buyer's closing costs.

Tom Whalon:
Can I ask, is this the same in Pennsylvania, West Virginia, Virginia, and Maryland?

Jay Day:
It is very different in each area. I mean, honestly, Tom, it even drills down to the neighborhoods. So when we're meeting with somebody, whether it's a buyer or seller, let's say I'm meeting with a seller and they live in let's just say they live in Deerbought. What we do is we'll pull up all the stats for what has sold in Deerbought and we'll say, okay, so over here in Deerbought you have this type of home. And of the 10 that sold, eight of them gave closing help. So you have an 80% chance that you're going to be expected to pay closing help. Now, if you're a buyer, we do that same thing. Let's say you were a buyer and you wanted to buy in Lake Linganore and you wanted to be in Aspen, the part of Lake Lainganore. Pull up all the sales that were in Aspen, and then we'll show them, okay?
So of the eight sales that happened, none of them had closing help. So you cannot expect that you're going to be able to get closing help in this neighborhood at this current time based on inventory and what's been happening. So it's not even a throwing spaghetti against the wall. Look at this statistically and say, what is the expectation? Because I know when we're meeting with sellers, we tell them, Hey, here are your odds of having to possibly do closing help based on the county stats, and then drill it down to, sometimes it depends. If they're not in a neighborhood, we could look and say, okay, all the homes that sold between four and four 50 that we're detached in Frederick County did this. So we give them real stats because to me, we can't make up arbitrary numbers. I know some people will just pull numbers out of where but I'm not a believer in that. To me, the past helps predict what the expectation and things can be. So if we have access to the data, why would we not just use the true data and give like, Hey, here's really what the situation is,

Tom Whalon:
Boys and girls. That's why you got to call Jay thinking about buying or selling any kind of real estate. It is so it changes so quickly, so fast, and it's so localized. These guys will give you everything you need.

Jay Day:
Oh yeah. So if you're listening to this and you are interested in knowing what the stats are in your neighborhood or your county, your city, whatever it happens to be, just reach out to us. I mean, you can go to our website day home team.com and just say, I'm just curious. You could email us [email protected] and say, I just, I'd like to see what the stats are, what's happening in my neighborhood?

Tom Whalon:
It can be real easy to fantasize, man, I'm going to get a half a million. I know I'm going to get this. And then, yeah, you call the Day Home Team and not to ruin your dreams or anything, they'll just set you straight.

Jay Day:
Oh yeah, real talk. Don't, there's no BS with this. It's a straight shooters give you the truth. And again, it's based on data. The data doesn't lie. No, it doesn't. To me, that takes all the emotion out of it. Here's really where it is. Here's going on. I would love to get you, like let's say for example, it was a buyer that needed to be in lingo and say, I would love to be able to get you closing help, and we can try. However, I have to set the right expectation. The expectation is that nobody has paid it in X amount of months in this area. And the agent that's listing the house, they should have done their due diligence and they would've set an expectation with the seller of, Hey, I don't think you're going to have to pay closing help because nobody has done it in, and I'm making these numbers up.
Now, let's say no one is paying closing help over in this neighborhood unless it's new construction, but all the resales, it's been three years since anyone's paid anything. So again, setting the right expectation in my opinion, is extremely important. Got it home the week I do we've got 667 Crosswinds Drive in Charles Town, West Virginia. This is just a great home listed at $464,000. Give you some information on it. Prepare to fall in love with this gorgeous colonial, which features updates galore. Highlights of this immaculate home include a two-story entryway claiming hardwood floors and a newly renovated kitchen with oversized center island granite countertops and a spacious pantry. All new stainless steel appliances, the main level boast of formal living and dining room, as well as a sizable family room featuring an eye-catching accent wall. The upper level host your primary suite and a soaring ca with a soaring cathedral ceiling walk-in closets, A luxurious en suite bath with double vanity, soaking tub walk-in glass shower.
Also on the top floor, there are three additional bedrooms with great closet space, lush wall to walk, carpeting, an additional full bath and a walkout lower level that hosts a rec room, a full bath, a bonus room. Updates for this home. Include a new roof and shutters in 2019. New deck boards in 2020. Master bath remodeled in 2019. Guest bath remodeled in 2020. New kitchen and appliances 2021 driveway resurface 2022. You know what that sounds like. A house that has everything that needs to be done is already completed. Now, I also want to add this Saturday the 28th, 1:00 PM to 3:00 PM We do have an open house, so you don't need to just go to WFRE.com and take a peek on there. You can actually go out, see this house without an appointment from one to three. We'll have an agent out there ready to answer any questions you have. So if you're interested in this great home stop by the open house, or if you'd prefer a private tour, you can always click on Schedule a tour when you look at the home that we show on WFRE.com. I'm Tom. I'm Jay. Thanks for listening

Tom Whalon:
To our Real Estate podcast. Tell your friends all about it.