I can’t stand headlines!
There are a lot of profound changes going on in the real estate market right now, and attention grabbing headlines that are at best surface level quips and at worst downright misleading abound. It started with the incessant focusing on the Fed actions on “rates” to reporting on market “downturns”. My last post talked about the underreported national economic headwinds, but the lack of movement by homesellers continues to put a floor on any market retreats. The inexorable forces of supply and demand continue to hold court. For example, in the first 8 months of this year only 2.5% of homes changed hands, which is the lowest rate in over 30 years! When I got into the business 35 years ago (holy cow), homes turned over in the DC region on average every 3 years. Now it’s every 13 years! The NOVA market is strong and there are no indicators that matter that signal this will change anytime soon.
Rates continue to be excellent, sitting at a 24 month low. You know I love my data, so here’s this weeks. Local inventory is down 4.5% from 2,566 homes for sale to 2,450. The median days on the market sit at 8, and the average 17. Compare this to national numbers of 37 and 60! Only 6 foreclosures and zero short sales. Everyone has equity.
If you are considering a sale or purchase and want to take advantage of the opportunities that are out there before we hit the holiday season, reach out to me.
It’s a good life.
Chris