EYA Company News | Robinson Landing | EYA | Tower Oaks | Cabin John Village | Riggs Park Place | Reston Station | The Townhomes at Michigan Park
By: Lisa Youngentob on February 18th, 2021
In this week’s Real Estate section, The Washington Post highlighted increased demand for new construction homes. Post reporter, Carisa Crawford Chappell said, “New construction has become the saving grace for a growing number of buyers drawn into the market by historically low mortgage rates fighting over a dwindling inventory of existing homes. And now that unfulfilled demand for resale homes is spurring a boom in the home-building market.”
From Robert Dietz, chief economist at the National Association of Home Builders (NAHB), “Typically, new construction is mainly purchased by move-up buyers ages 35-55. In fact, five years ago, the first time buyer share of the new home market was less than 20%. Today, it’s closer to 30 percent nationwide.”
With the demand for new home sales higher than expected, especially by first time buyers, sales of new construction homes have risen by 18.8 percent.
Margeau Gilbert, a real estate agent with Exit Right Realty in Laurel, cites this type of demand is not new, however, the historically low interest rates “has exacerbated demand. Even in the midst of Covid-19, the market is on fire.”
In the article, Mark Zandi, chief economist at Moody’s Analytics, "expects home building to continue to ramp up because of low mortgage rates and an improving job market post-pandemic.”
In response to the article, Preston Innerst, EYA Marketing LLC's Senior Vice President of Sales, added:
The increase in new home sales activity is evident across all of EYA LLC’s new neighborhoods. Our infill locations with great accessibility have always seen strong demand, but we have seen a noticeable increase during last 6 months in on-line traffic, in person traffic, and sales at all of our communities - which is driven by low resale inventory, continued low interest rates, and a growing frustration with having to deal with the competition and bidding wars in the resale market. The demand has been strong across all price points, from $600s and $700s priced homes at Riggs Park Place and Michigan Park, to elevator townhome product over $1 million in communities such as Tower Oaks, Cabin John Village, and Reston Station. Even the very high-end luxury condo market has seen strong interest, with our Robinson Landing community having sold 5 condominiums from $2.8 million to $4.5 million during the last 90 days. In the current Covid environment, our purchasers are also expressing an increased desire for “new” over “used” homes.
To read the full Washington Post article, click here.
Learn more about our active selling communities:
March 11, 2024
New EYA townhomes are coming soon to Bethesda, Maryland. Opening for sales this spring, The Brownstones at Westbard Square will feature 101 new townhomes with optional elevators in an ideal walkable location adjacent to brand new shops and restaurants. Click here to learn about the neighborhood and join the Preview List for all the latest updates.
March 5, 2024
We are thrilled to share that EYA co-founders Bob Youngentob and Terry Eakin were inducted into NAHB’s esteemed Best in American Living Hall of Fame last week at the International Builders' Show in Las Vegas. As part of the 40th Anniversary class, Bob and Terry, along with the other inductees, were recognized nationally for demonstrating their talents through advocacy, innovation, creativity and residential design excellence.
February 29, 2024
We are thrilled to celebrate our 50th new neighborhood with the opening of Northside in Potomac, MD! Since 1992, EYA has built more than 6,000 new homes across the greater Washington area, offering homeowners the best of life within walking distance. This exciting milestone comes following a period where we have opened four new communities in the last year, with two more scheduled to open in 2024.
February 8, 2024
EYA Foundation is pleased to announce the opening of its Spring 2024 grant-making cycle. Once a year, the foundation awards grants to non-profit organizations and private foundations working in the Washington metro area. Grant making priorities include contributions, donations, and sponsorships for programs focusing on disadvantaged populations, job training and education, beautification of neighborhoods, and the rehabilitation of support facilities for the under-served.