The real estate market continues to be hot – just like the weather.
Inventory levels remain below 7,800 active properties for sale in Northern Virginia. Last year at this time we had over 9,550 – quite a difference. There is pent up demand but we are lacking “really good” inventory. We have buyers that would move up if they found something suitable in a higher price points but nothing seems to be coming on to help with this situation. So here are a few quick stats on the overall market:
- Sales of existing homes reached the highest annual pace in over 9 years at 5.29 million.
- Inventory remains below the 6-month norm and prices are still on the rise, however, this is very hyper-local so ask me for details.
- Interest rates are at a historic low of 3.48%.
Now, just like the weather, things can be a little sticky…if properties get priced too high, they are sitting on the market. They are getting lookers, just no offers which at times has led to frustration for our sellers. It is important to keep in mind proper pricing today is still critical. To learn more about how we can help you with selling your home, feel free to call me.
The big news recently has been Brexit and how it will affect us in the United States. Well, virtually immediately, interest rates on mortgages dropped to three year lows. The good news is they are expected to stay this way for a while. There is speculation that International investors may sell off their holdings in the UK and invest in the US which could be good news for cities like Washington, DC, New York, Chicago and Los Angeles – let’s keep an eye out for this movement. The overall sentiment is we may not see its full impact for years but in the short term it will be good for the US housing market.
As always, we are here to help with any questions you may have regarding the Northern Virginia real estate market and have a safe, fun and enjoyable July 4th celebration.
Scott MacDonald
RE/MAX Gateway
I mentioned in my previous market updates, we pretty much enjoyed a stable market for housing in 2015. I expect things to pick up in 2016 because of all the recent activity. Many of our agents have been working through the holidays with clients and I too have been meeting with both buyers and sellers looking to make moves in 2016 – more so than any other recent December. So buckle up, the market will be moving forward in a positive direction.
The summertime real estate market is a lot like a theme park – ups and downs like a roller coaster with sales, activity and interest rates and a lot of unknowns like a haunted house.
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