The word this past month used to describe the real estate market would be stable.
Although we are at an 8 year high in inventory levels, we didn’t see the rapid increase in inventory like we have experienced since May which is a good thing. One area that we saw an increase in was in distressed property inventory. Even though nationwide there are fewer foreclosures and short sales, we have more of them on the market here locally. They are nowhere near previous levels but they are up 22% since the last week of June. We will continue to monitor this for you and let you know of opportunities that are available. We also did see a slowdown in sales which we don’t like to experience. It was the fewest amount of sales for a month since January of this year but their numbers were virtually identical week to week so they were stable. So, when you have high inventory levels coupled with fewer sales, we have seen more stable prices which is good for buyers. It helps to keep housing affordability levels high for our buyer clients. Owners are seeing the need to properly price their houses to make them competitive with the rest of the marketplace. In addition to these market conditions we saw rates decline which helps keep the market stable as well. Lastly, one area of surprise we experienced was the past week at our listings. We saw an uptick in showings and buyer interest in our listings on line and in phone call inquiries. This is good news as activity leads to sales.
On another note, we have a group of agents from different companies in our area that meet monthly. These agents are in the top 5% of agents across the entire country in regards to sales. We discuss the local market, inventory levels, buyer preferences, seller expectations, listing activity, and many other real estate related topics. In this Platinum Club group meeting this past month we discussed the fall market and what our expectations were about the upcoming season. The sentiment is the fall market will be a solid market in regards to sales. We were all optimistic about what the market is going to bring and seeing activity at our listings pick up this past week may be the start of the momentum our region needs. We will keep you posted.
Please let us know if there is anything we can do to help you or if you know of someone who may need our help. We are here for you. Feel free to call me directly (703) 652-5777.