There is a LOT going on in the world….but does the market really care?
If you are a regular reader of my posts, you know that I like to let the data tell the story. It’s the purest and most real-time way to assess the market. Then I combine anecdotal info from my peers with my own analysis to bring you these solid projections.
There are a lot of national economic markers out there sending mixed messages. Inflation in March increased to an annual rate of 3.3%, which is unsurprising given that energy costs rose 12.5%, driven by the conflict with Iran. That portion of the figure is hopefully transitory, as gas this week is hitting the $4 mark. After falling by 133,000 jobs in February, the economy added 178,00 jobs in March! Meanwhile, the Fed, as expected, did nothing, as they continue to change their mind about prioritizing inflation or employment. Rates ticked up to about 6.375%, which is lower than this time the last 3 years. And consumer confidence rose! Lots of conflicting signals, are they not?
So, what did all this mean for the Northern Virginia housing market? Not a ton it seems. Still a sellers market, though moderating towards more balance, just like much of the year so far. Inventory is up a touch, after a surprising dip the week before. Sales are up substantially though, putting us at a mere 1.2 months supply of homes. It is a fascinating market where we have some locations and price points with massive showings and contracts and others where it is crickets. I’ve never seen a market where it is more important to know what is going on this week, in your specific neighborhood, and what should be done with pricing and prep to maximize your net. So if you are planning to buy or sell be sure to reach out to me and we’ll get you some good counsel!
It’s a good life.
Chris
