We’ve got a major shift in the market!!
I’ve got some startling numbers to demonstrate that. For those of you who follow my blog you’ve heard me talk at length about how the COVID induced work from home reality was going to reshape housing demand. Here are some stunning inventory figures to drive home that point. Right now there are only 171 resale homes on the market in ALL OF LOUDOUN COUNTY! That is it!!! By contrast there are 397 resales in Arlington County, 264 of which are condo’s and 117 of those are 1 bedroom places. The long building trend of proximity to work, restaurants and entertainment spots and progressively smaller living spaces has taken a U turn. This was and is certainly predictable but to see it in such stark terms this soon is really revelatory.
Everyone reading this who has shifted to working from home, especially if you have kids, understands the reasons for this change in buyer preferences. Homes with dedicated office space and yards for kids to run in will be particularly desirable going forward. Granted a good number of people who are currently working from home will return is some fashion to working in an office. But for a huge percentage of the work force this horse is out of the barn so to speak and they will have at least the option to work from home on a full time basis. This decoupling of home and work locations means buyers can go further out and get more house for their money than they could previously consider.
Looking to the New Year as it relates to inventory levels, all of us are looking at fewer prospective listings the first quarter than is our norm, which I see as a harbinger of continued low inventory levels. So if you have any thoughts of putting your home on the market reach out to me. Things are looking good. That being said the flipping of the calendar often brings shifts in the market as it’s a time of reflection and sometimes a whole bunch of people reach similar conclusions and bang, you have a new trend. There are a lot of different influencers going on right now so it will be interesting what the beginning of the year brings. Stay tuned here and I will continue to bring you up to date and insightful information on the market and what it means to you as a home buyer or seller.
Merry Christmas, Happy Holidays and I wish all the blessings imaginable for you and yours.
It’s a good life.
Chris
