I keep saying it… the market is improving, the market is heating up… and it keeps getting hotter. It’s not because the demand for housing is at a record high, but the opposite… the supply of available housing is at a low.
In Northern Virginia, June’s available inventory was roughly 20% below the typical June inventory levels for the last three years. Seasonally, we’re supposed to be seeing an uptick in inventory. But we’re not. Inventory levels are flat.
You can check out the graphs and numbers yourself on my web site – www.VickyChrisner.com – click on Market Statistics and then choose to review the stats for the DC Metro area, Northern Virginia, Loudoun or Fairfax Counties.
Unless this pattern adjusts itself, price increases will be unavoidable, and those potential buyers who are priced out of the market will return to renting… increasing rental rates.
Yep. The market is changing. Again. Which way will it go from here?
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If you’re thinking of buying, I wouldn’t wait too long, especially if you are an investor hoping to “buy low”… that window of opportunity may be closing soon.
If you’re thinking of selling and are interested in seeing a snapshot of what sales in your neighborhood are doing, go to www.SalesInMyNeighborhood.Info and order an automated report (yes, you must enter your real email but no you will not receive any spam – only the report you requested).
Better yet, I am happy to do a (manual) comprehensive market survey for you. You can schedule it online at www.MeetMe.SO/VickyChrisner. Pick a time that works for you, I have very flexible hours. Hope to hear from you soon!
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