Spring Update

from THE HATFIELD WEIR GALE TEAM

APRIL 2022

The Market is Heating Up

The 2022 Spring Market is upon us and there’s never been a better time to sell.  

Despite stubborn inflation, a bear market for stocks, and sagging consumer confidence, the real estate market in the Washington Metro area remains one of the strongest in the U.S., where sellers continue to have a distinct advantage.  The demand has increased astronomically over the last year, with Bright MLS reporting a decrease of 46% in the number of properties for sale in D.C. from the fourth quarter of 2020 to the fourth quarter of 2021.

And while mortgage rates increased almost one point during the first quarter of 2022, the uptick is creating an urgency for buyers now, before rates may go higher.  Bright MLS reports 145,310 showings of houses and condos for sale in the D.C. region in January 2022, a 42.5% jump from showings in December 2021.

Market Indicators

Year to Date Averages as of April 5, 2022

Maryland

(20814, 20815, 20816, 20817)

Single family homes

Average Sales Price: $1,628,535

Percentage of List Price: 105%

Days on Market: 20

Condominiums and Co-Ops

Average Sales Price: $469,183

Percentage of List Price: 98%

Days on Market: 49

Washington, D.C.

(20007, 20008, 20015, 20016)

Single family homes

Average Sales Price: $2,289,186

Percentage of List Price: 103%

Days on Market: 32

Condominiums and Co-Ops

Average Sales Price: $609,444

Percentage of List Price: 98%

Days on Market: 49

We’re happy to share a more detailed analysis of your neighborhood. For more information about buying and selling, call us at 202-297-0169 or send us an email at team@hatfieldweir.com.

Property Primer: Closing Costs

Want to know more about the process of buying and selling a home? Rob Rothstein of Paragon Title walks us through the ins and outs of closings costs in this short video.

You can contact Rob by phone at 202-506-2828 or email at Rob@ParagonTitle.com.

Charity of the Month: Hug the Trees with Us

One of the many unique benefits of living in the Washington area is the abundance of parks, green spaces, and trees.  

Many species of wildlife depend on trees for habitat. And along with the ability to produce oxygen and the power to remove harmful gases like carbon dioxide from the air we breathe, trees reduce the amount of storm water runoff, which reduces erosion and pollution in our waterways and may reduce the effects of flooding.

The District of Columbia recently passed emergency legislation to prevent illegal cutting of heritage trees. We want to encourage the preservation and growth of the trees of Washington. 

Would you like to plant a tree on your property and receive a rebate?  Contact Casey Trees to apply. 

We’ll make a donation to Friends of the National Arboretum on behalf of all respondents who send an email to team@hatfieldweir.com with the subject Hug the Trees.

A Pink Pasta Dish for Spring

A simple tomato cream sauce with pasta and chickpeas makes a sumptuous dinner for a cool April evening.  Made with ingredients you’ll likely have on hand; this recipe can be prepared and served in 25 minutes. And it’s easily adapted to a vegan option with dairy-free short noodles, cheese, and oat milk.  Heidi says, “It’s even better the next day!”

In The News

Interior rendering of The Margaux at New Carrollton Metro Station

Amazon Makes Commitment to Affordable Housing in the Washington Region

The Amazon Housing Equity Fund recently committed $81.7 million in low-rate loans with guaranteed affordability for 98 years to create affordable housing near two DC Metro stations. Amazon is funding $25.4 million to Urban Atlantic for construction of The Margaux to include 291 new apartments adjacent to the Metro station in New Carrollton, Maryland, and $56.3 million to the Gilbane Development Company for construction of The Atworth, creating 451 new apartments at the College Park Maryland Metro Station on the new Purple Line, and within walking distance of the University of Maryland and the Discovery District.  Both developments are designed to create vibrant mixed-use commercial and residential destinations.

Primavera! Immersive Art Exhibitions

Immersive art is becoming more popular, and PIXELBLOOM is a cherry blossom inspired exhibit, now in its fifth year as part of the National Cherry Blossom Festival. In fact, Washington currently has four immersive, audiovisual productions that invite visitors to jump into the metaverse. Read more about them here.

Photo and design by Jeremiah Brent for Architectural Digest

Design Trends: RENOVATION!

Inspired by the need for more space to work and learn remotely in 2020, home improvements and renovations boomed in 2021, and the $281 billion market is expected to continue to grow in 2022.

Leading national designers predict continued innovation and investment in the home office, with state-of-the-art technology to accommodate a professional backdrop for web-based visual calls and meetings, and designed to also serve as a guest room or sitting area.  

Attention to layout, color, and light is the key to creating rooms that help boost productivity and provide a place for relaxation and solitude. Bold color, textured fabrics, and interesting wallcoverings, including grass cloth, are making a comeback.  

Larger windows and doors allow more natural light indoors and connect with nature. Year-round, livable outdoor rooms include heat sources, air circulation, and shade designed and constructed with durable yet comfortable performance fabrics, finishes and surfaces that are easy to maintain.  

Featured Listings

3251 Prospect Street NW #404

Georgetown

$2,250,000

Click here for a virtual tour.

Call us at 202-255-2490 for more information.

3193 Porter Street NW

Cleveland Park

$1,795,000

Click here for a virtual tour.

Call us at 202-487-4294 for more information.

We’re here for you!

The Hatfield Weir Gale Team of Washington Fine Properties consists of four dynamic agents who are skilled in preparing and introducing properties to the market, adept at negotiating transactions, and caring and sensitive in our work with clients. Our team approach allows for unrivaled client coverage. We are consistently ranked by Washingtonian as one of the top teams in Washington, D.C., and by Real Trends as one of the top teams in America.

Have a question or concern?

Email us at team@hatfieldweir.com, or give us a call.

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