The Spring market made a splash. No, we’re not trying to be “pun-ny” with the amount of precipitation we have been getting you would think that we would not be seeing as many sales in the Northern Virginia real estate market, but the fact of the matter is that we’re still in a hot market as we are dipping into the first days of Summer.
We’d love to see more inventory in the $400-599,999 range per the Northern Virginia Association of Realtors. They said, “in fact, nearly all price groups had fewer months of supply than last year, even if inventory increased” but especially the range I just mentioned. Homes in the 3 bedroom range showed a year-over-year decline, which lead to inventory decline.
In a nutshell, NVAR shared with the real estate market that closed sales from Winter to Spring were strong and new listings couldn’t keep up! This means that there was a demand for inventory (they said especially for mid-priced townhouses in the three bed variety!).
What does this mean for you if you’re a buyer?
There is not much inventory… be prepared to have a strong offer and a great agent to navigate the waters of a good offer for you.
What does this mean for you as a seller???
Bring it on! Inventory is needed! NVAR reminds us that “only homes listed at more than one million dollars had consistent year over year growth…” So, helloooooo luxury market sellers, now may be the time to sell if you have been on the fence. We have lots of buyers out there, and no inventory, and year over year gains.
Our Advon agents are here to help you when you’re ready, or to chat about the market… drop us a line.