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3rd quarter stats show continued price increases, volume decreases
Bright MLS Broker Public Portal and Homesnap Agreement Ending
Bright subscribers receive access to CoStar’s Homesnap Pro and Pro+ app services through an underlying contract between Homesnap and an entity called the Broker Public Portal (BPP). BPP was originally conceived to create a national consumer home search experience on behalf of the MLS industry. Subsequently, through the BPP, MLSs across the country entered into an agreement collectively to offer Homesnap to their subscribers. The agreement between the BPP and Homesnap will end this month (October 2022).
Because Bright offers our subscribers the Homesnap mobile app’s Pro and Pro+ services through the BPP agreement, that means Bright subscribers were at risk of losing access to Homesnap Pro and Pro+ in the Bright MLS market area.
So what’s next for Bright and Homesnap?
- Bright has reached an agreement with Homesnap through the remainder of 2022. This ensures that you will have access to the Homesnap app services in Bright’s service areas through December 31, 2022.
- Bright is actively engaged in discussions with the Homesnap team for a longer-term agreement beyond December 2022, if we can ensure that your data is protected and continues to be used to support your businesses.
Bright MLS understands that many subscribers utilize Homesnap as part of their business toolkit. Bright MLS will keep you informed about the progress every step of the way.
Sentrilock Update: Establishing Security Questions
Effective Tuesday, October 18, 2022, SentriLock is implementing an extra layer of security to the SentriKey® Real Estate website and mobile app. Users will be asked to establish security questions and verify their cell phone.
Security questions will offer a secure validation of your account in addition to your PIN. Users will select from 10 predetermined questions and enter your personalized answers. Once those answers are saved, a cell phone verification prompt will be activated. *SentriLock has been notified that users are not receiving verification texts when attempting to verify their cell phone number. At this time, Sentrilock’s IT team is working closely with phone carriers to ensure that our verification messages are not being marked as spam by the carriers and are being delivered. Sentrilock users can skip this prompt for the time being, until carrier issues are resolved.*
Customer Support will use these questions to validate a user’s identity if they cannot remember their PIN or password. This will provide them with a faster, more efficient experience and eliminate the need for a PIN/Password reset email.
There will be a 28 day grace period for users to establish security questions. After the 28-days, users must initiate the security questions or you will not be able to access the SentriKey® Real Estate® website or app. Please establish your security questions to the SentriKey Real Estate website or app so you do not lose access.
Below is a step-by-step process of the security and phone verification process.
If you are a existing customer, you will:
- Receive a pop-up screen prompting you to make a selection on the SentriKey® Real Estate website or in the mobile app.
- Answer two questions from the predetermined list.
- Be prompted to verify your cell phone number. Note: If your account features a verified cell phone, this step is omitted and you will see a green checkmark next to the field.
- Receive a cell phone verification prompt. If your cell phone is already verified you will not see this field.
If you are a new customer, you will:
- Complete account activation
- Select and answer two questions from the predetermined list as part of your initial account activation.
- Be prompted to verify your cell phone number. Note: If your account features a verified cell phone, this step is omitted and you will see a green checkmark next to the field.
- Receive a cell phone verification prompt once you successfully activate your account.
If you have any questions, call Sentrilock’s Customer Support team at 513-618-5800 or email the team at support@sentrilock.com.
Prices keep going up while demand for housing cools
The local real estate market continues its march toward moderation as demand continues to fall but prices are still climbing compared to last year. Total sold dollar volume was down more than 23% in September of 2022 going from more than $325.5 million last September to just over $249.1 million this year. Units sold decreased nearly 30% with more than 200 less homes sold this year compared to last. There were 785 sales in September of 2021 compared to 552 for this September. Median price remains high, clocking in at $420,000 versus $378,000 last September, representing a nearly 11% year-over-year increase.
“The market is a roller coaster right now,” states FAAR Board of Director Pia Contreras-Sanchez. “Every Monday I wait for the good or bad news on the release of new mortgage rates. It is difficult to explain to buyers that we must look for houses in a lower price point as their money doesn’t go as far with higher mortgage rates. But there are bright spots in the market for buyers. We are seeing more home inspections, seller concessions, and price reductions. For sellers, even though the market is moderating, most have built good equity over the past few years. It really is a good time to buy or sell!”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased another 80% this September, coming in at 23 days versus just 13 last year. However, even these large percentage increases are adding just one or two days to the average and are still slightly below the historical 5-year average of 30 days.
Active listings continue to increase, jumping more than 17% over last year with 1,038 homes on the market at the end of September 2022 versus 884 last year. Breaking the 1,000 active listings threshold on the market places inventory close to 5-year averages but still presents a very competitive market, especially in the price brackets of $400,000 and under. New listings were down again this month, with 775 new homes coming on the market compared to 873 last September. New pendings remain down with 557 new contracts ratified in September compared to 788 last year, representing a nearly 30% year-over-year decline.
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2023 Expo REmix Photos
REALTORS enjoyed refreshing, reconnecting, and refocusing their business at this year’s Expo REmix thanks to top-notch speakers, value-loaded classes, and over 100 vendors! Thank you to our sponsors, Fairway Independent Mortgage, 9Hammers, MBH Settlement Group, and Bright MLS. Check out photos from the day here!
2023 Board of Directors Election Results Announced
2023 FAAR Board of Directors announced
Election Results
2023 Leadership
Electronic balloting began August 9, ended September 14 at noon
Results were announced at a general membership meeting at 3 PM at the FAAR Expo.
President
Carol Sondrini
President-Elect
Randy Walther
Vice President
Dawn Josemans
Secretary
Kardin Lillis
Treasurer
Lauren Tate
Immediate Past President
Deb Ellis
Directors
LeAnn Black
Michelle Caldwell Thompson
Abby Fitzsimmons
Gary Gardiner, Jr.
Tamar Myers-Moffatt
Matthew Rathbun
Affiliate Director
Sherrie Shaw
Local housing market continues to moderate
The local real estate continues to moderate from its meteoric rise over the last two years. While prices remain high and inventory remains below historical trends, the market continues to slow with double digit decreases in sold volume and units sold and double digit increases in days on market. Total sold dollar volume was down nearly 14% in August of 2022 going from more than $362 million last summer to just over $313.4 million this August. Units sold decreased 21% with nearly 200 hundred less homes sold this August versus last year. There were 876 home sales in August of 2021 compared to 691 in August of this year.
FAAR Board Member Matthew Rathbun comments, “The market is complex and its interpretation can largely differ based on the price-range and type of property that a consumer is seeking to buy or sell. We still suffer from a lack of inventory in the mid-level to affordable housing price ranges. Some sellers are still experiencing multiple offers and favorable terms in the average priced markets. Buyers and Sellers need to speak to an experienced and professional REALTOR® to get an idea of how the market will impact the seller or buyer in their unique position.”
Median price remains high, clocking in at $427,000 versus $390,000 last August, representing a nearly 10% year-over-year increase. While prices remain high, the market is seeing trends that indicate we could be approaching a point where prices will start to moderate as sellers ask more than buyers are willing to pay. Since early 2020, sellers had been consistently getting 100% if not more than their asking price, however that trend has started to reverse with August seeing sellers receiving on average 98.7% of asking price.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased a staggering 83% this August, coming in at 22 days versus just 12 last year. This increase puts days on market more in line with historical trends for August, which sits at 26 days.
Rathbun continues, “Higher priced homes and the luxury market are seeing extended days on the market as most buyers in that range have elected to remain in place and not move up. Buyers are regaining some control of the buying process as they did prior to 2020 and benefitting from reasonable and competitive negotiation positions, home inspections and housing options. Sellers are still seeing strong offers by well-qualified buyers at or near asking price, when asking for a fair market price.”
Active listings continue to increase, jumping 8% over last year with 979 homes on the market at the end of August 2022 versus 901 last year. The market is still seeing about 300 less homes on the market than the 5-year average for August, but supply is coming back to levels that local agents are used to seeing. New listings were down again this month, with 722 new homes coming on the market compared to 941 last August. New pendings remain down with 591 new contracts ratified in August compared to 849 last August, representing a 30% year-over-year decline.
Are you registered to vote?
November 8th is Election Day! We are always voting in VA with odd year state elections and even year federal and various local elections. Voters throughout the Commonwealth will see seats for the U.S. House of Representatives and some localities like Bowling Green, Orange, Colonial Beach and Port Royal will see Town Council elections. If you need to check your registration or find your polling place, click the button for the VA Department of Elections below.
This year may look very different for some folks at the U.S. House of Representatives level as the Commonwealth just went through a redistricting process. This process ensures that each congressional district is balanced for population. If you want to know what’s changed, check out FAAR’s redistricting webinar from back in the spring.
New licenses taking a long time to process at DPOR? We want to hear from you.
One of the most exciting events here at FAAR is New Member Orientation, when FAAR leadership and staff meet with agents starting their real estate career. While many of these agents begin their journey into real estate very shortly before orientation, we recognize that the path to licensure entails awaiting approval from the Virginia Department of Professional and Occupational Regulation or DPOR. For some, that wait can last several weeks, potentially delaying a smooth launch into the business.
FAAR has made several inquiries with the Virginia REALTORS® on behalf of brokers throughout the region for licenses that seem unduly delayed. Virginia REALTORS®, through their government relations team, has worked tirelessly over the years to build strong relationships with elected officials and government agency staff. Those relationships helped FAAR members directly early in the pandemic when the association quickly worked with the Governor and his administration to deem real estate an essential service. It also helped when licensing times were taking an extended number weeks due to staff shortages caused by the pandemic. Virginia REALTORS® advocated for flexibility on the background check requirements during pending application processing.
While we understand that license application volumes will ebb and flow, we want to ensure that when our brokers are experiencing long wait times for license applications, valuable information is getting to Virginia REALTORS® so they can identify potential problems and check on those individual licenses. In order to quickly and efficiently identify extended wait times and communicate that up to the state, FAAR is establishing a “License Hotline” for brokers to utilize.
- For licenses that have reached 21 business days of review time without being issued, submit information to the FAAR License Hotline.
- Visit faarmembers.com/brokers/ and click on the License Hotline at the top of the page.
- Fill out the form with the broker’s name and contact info, the license applicant name, the license applicant number if available, and the number of days that the license has been waiting for review.
- FAAR will communicate directly with Virginia REALTORS® so that they are aware of issues FAAR brokers are having and can make a specific inquiry with their administration contacts about that individual license.
- FAAR will report back the status of the license or facilitate direct contact from either Virginia REALTORS® or DPOR.
Press Releases
February real estate market breaks price record
February 2022 was a record-setting month with the area’s median price eclipsing $400,000 for the first time in history. The local market continues to be very challenging for buyers and for sellers who don’t have a well-defined next step. FAAR Board Member Michele...
Low Inventory Continues to Plague Housing Market
January 2022 continues to see the same issues that have been plaguing the local real estate market for many months, namely low supply. A lack of choice in the market coupled with steadily rising prices and a brutal blast of winter led to decreased sales in the month...
FAAR Releases 2021 4th Quarter Home Sales Report
Fredericksburg Area Association of REALTORS®Market Report Key Takeaways Economic Conditions Economic conditions in Virginia continued to improve in the fourth quarter, with broad-based jobgains and another drop in the unemployment rate. The employment picture also...
High Prices, Continued Low Supply Close Out the 2021 Housing Market
While many Realtors® have experienced moderating of the real estate market in recent months, 2021 as a whole was a more frenetic market than its record-setting predecessor of 2020. “2021 saw the trend continue of extremely low inventory coupled with very...