Maryland Realtor
FRB: Beige Book--Richmond--July 28, 2004
Although realtors reported that interest in home buying had backed off as the summer vacation season arrived, the pace of home sales in the District remained fundamentally strong. Contacts in the Washington, D.C., and Fairfax, Va., areas reported brisk home sales, though they noted some growth in inventory. A contact in Washington, D.C., told us the market for condominiums and co-ops, however, remained "plain crazy." Reinforcing the strong tone, a contact in Fredericksburg, Va., said home sales in her area continued to be robust and a Greensville, S.C., realtor said sales there were "unbelievable." A realtor in Northern Virginia said home prices were still going up but "not stopping a thing." A homebuilder with operations in both Virginia and the Carolinas, however, said he had noticed that customer traffic in new homes had diminished somewhat. On the price front, homebuilders continued to report higher prices for lumber, concrete, sheet metal, and steel. ... [Read More]
FRB: Beige Book - Richmond
Residential realtors reported slower home sales in late October and November, as a greater proportion of their clients adopted a "wait-and-see" attitude in the face of stock market fluctuations and uncertainty over the outcome of the presidential election. A realtor in Richmond, Va., characterized the local housing market as steady but added, "houses are sitting [on the market] longer." In Baltimore, Md., a realtor reported that the residential market remained healthy, but noted that growth had slowed since late summer. Realtors in Rocky Mount, N.C., and Greensboro, N.C., reported slower sales growth and larger inventories of homes. Home prices were generally steady across the District but several realtors expressed concern that prices could soon decline in markets where inventories are building. ... [Read More]
FRB: Beige Book - Richmond
District residential real estate agents continued to report strong sales in late July and August. A realtor in the Washington, D.C., area said home sales had been "tremendous" in recent weeks. He noted that while the market for higher priced homes had softened somewhat, low- to moderate-priced homes were "absolutely gone" as soon as they came on the market. Likewise, a contact in Maryland said home sales in her area were very strong and a realtor in Virginia Beach, Va., said that the market there was "hot." A homebuilder in the Carolinas described home sales as "skyrocketing," particularly in the Charlotte area. Most realtors cited low mortgage interest rates as the driving force behind the solid sales results. Stock market declines were also said to be a factor--a contact in Virginia Beach commented that some investors "burned" in the stock market were finding a safer investment in real estate. ... [Read More]
FRB: Beige Book - Richmond
According to commercial realtors, leasing activity in the Fifth District picked up over the final two months of 2003. "Conditions are surprisingly good here--the year finished with a flurry," noted a contact in Columbia, S.C., where leasing activity in office, retail, and industrial space was strengthening notably. Activity was also on the upswing in Charlotte, N.C., where a realtor reported increased interest in industrial space. Strong conditions continued in the Washington, D.C., and Richmond, Va., retail markets--the Washington, D.C., contact was "pretty upbeat" about leasing activity and a Richmond realtor reported "smooth sailing" over the past two months. Overall, rents held firm and vacancies were down slightly across the District. ... [Read More]
FRB: Beige Book - Richmond
Residential realtors and builders throughout the District reported generally weaker demand in June and July. A realtor in Washington, D.C., said that, compared to a year ago, June sales were flat and July sales were substantially down. Realtors in Greensboro, N.C., and eastern West Virginia attributed slower growth mainly to higher mortgage rates. A homebuilder in Charlotte, N.C., reported more difficulty securing loans because, in his opinion, banks were tightening credit standards. Another homebuilder in the Carolinas, however, said that the prospects of higher mortgage rates in coming months had boosted his current business because more customers were committing to building ahead of the anticipated higher interest costs. ... [Read More]
FRB: Beige Book - Richmond
Commercial real estate activity was mixed since our last report. A contact in southern Maryland reported a slowdown in office and retail leasing; in contrast, a realtor in the Maryland suburbs of the District of Columbia said any Class A office space coming on the market was pre-leased. A realtor in Charlotte, N.C., told us that office construction continued in suburban areas, and that the supply of Class A office space was tight downtown. Vacancy rates generally changed little, except in Richmond, Va., where realtors reported that Class A space was being "eaten up," by a large financial services company. ... [Read More]
FRB: Beige Book - Richmond
Residential real estate activity expanded at a healthy clip in January and February. Realtors told us that homes in all price ranges were moving quickly and that a "seller's market" remained intact. Home sellers were said to be "getting their asking prices" in most areas, especially in Maryland, where multiple offers on properties were common. A realtor in Richmond, Va., remarked that the pace of house sales was "as fast as a race car." In some areas, strong demand for housing contributed to shortages of labor and building materials--particularly of drywall and insulation. Recent increases in mortgage rates have had both positive and negative impacts on residential real estate activity. A West Virginia realtor told us that some of her clients were getting nervous about rates going up and were trying to get in "under the wire," implying that higher rates may have stimulated activity there. On the other hand, a Charlotte, N.C., contact said that mortgage rate increases had caused "some w ... [Read More]
FRB: Beige Book - Richmond
Residential real estate activity rose at a moderate pace since our last report. A realtor in Washington, D.C., reported strong house sales. He said homeowners continued to receive multiple offers, often substantially higher than the listing price. Home prices, he noted, are "bumped up" each time a property comes on the market. Likewise, a Maryland agent said sales were up dramatically and business was "booming." An Asheville, N.C., agent reported that sales were about 15 percent higher than a year ago. But home sales were less buoyant in other areas. A realtor in Rocky Mount, N.C., said prices were stable and the inventory of homes abundant, but a high unemployment rate had slowed housing there. In addition, a Richmond, Va., agent reported slower home sales, stating that everyone seems to be "staying put." ... [Read More]
FRB: Beige Book - Richmond
Residential realtors and homebuilders reported steady to slightly higher home sales in recent weeks due to lower mortgage interest rates. Sales of homes in the low-to-middle price range showed the most improvement. A realtor in Asheville, N.C., said that recent sales in that area were well above year-ago levels with most of the strength coming from mid-priced homes. A realtor in Maryland said, "Sales are good and lower interest rates are making homes affordable." But not all housing segments were stronger. District realtors linked weaker sales of higher priced homes to concerns with stock market volatility and a slowing economy. Most homebuilders reported steady building materials and labor costs. ... [Read More]
FRB: Beige Book - Richmond
Residential realtors and homebuilders reported little change in home sales since our last report. Several contacts noted that sales of higher-priced homes slowed while sales of moderately-priced homes held steady. A realtor in Greensboro, N.C., noted a decline in sales of upper-end homes in that area and said that job insecurity in the wake of the bankruptcy filing by a local textile firm was still depressing the housing market. But a brighter note was sounded by a realtor in southern Maryland who said that sales activity across all price ranges had increased "incredibly" in recent weeks. His agency was so busy on New Year's Eve that he wondered why prospective clients were calling him and not "out partying." Several homebuilders in North Carolina reported lower lumber prices, but construction labor costs were generally stable. ... [Read More]
|