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<\/a><\/p>\nThe market has shifted….AGAIN!<\/h3>\n
If you’ve been reading my posts since the beginning of the year you have observed how I have noted, week after week, despite reduced numbers of sales, far more homes are being sold than have been coming on the market.\u00a0 This has brought us to a tipping point in the last week or so, reflected in a broad return to multiple contract scenarios.\u00a0 This has a host of implications for those on both sides of the equation.\u00a0 Let’s look at some of the numbers.\u00a0 There are currently only 1,412 homes on the market in the entire Northern Virginia region.\u00a0 In the last 7 days we have had 624 contracts signed.\u00a0 For perspective the 5 year average for the same week is 919 homes, a reduction of 33%.\u00a0 Set against this only 275 new listings came on the market.\u00a0 Compared to the 5 year average of 813 that is a staggering 64% reduction.\u00a0 That leaves us with a mere .7 (that’s point 7) months supply of homes.<\/p>\n
I’ve discussed the role that mortgage interest rates play in this dynamic (check out previous posts) but I’m observing a major factor that is playing an increasingly larger role, and that is inflation.\u00a0 Inflation was not a real factor in our economy for 40 years, but it has been now for nearly 2 years.\u00a0 And the effects are starting to stack on one another in a cumulative fashion.\u00a0 \u00a0Inflation is really starting to mess with homeowners budgets and investments and is a big factor in the decision to not move up in particular.\u00a0 \u00a0It’s causing consternation and hesitation, and though it needs to be the administration’s number one economic priority, we’re not observing that.\u00a0 Stay tuned as the Fed continues to try and thread the needle between beating back inflation and a soft landing.\u00a0 In an interesting twist the inflation is tamping down both the supply and the demand side of the equation, which is why despite the multiple contracts we are seeing only modest price increases.<\/p>\n
In some surprising local news, Arlington county has passed a zoning change that allows for multi-family development in areas previously restricted to single family dwellings.\u00a0 It’s surprising because it runs against the NIMBY impulses of many existing residents in these communities (and others nationally).\u00a0 This will effectively disincentivize\u00a0future detached home construction in favor of multi-family.\u00a0 This is not really an affordable housing push either since these units would be at market rates.<\/p>\n
As always if you are preparing to step into the breach of home buying or home selling reach out to me so we can best strategize how to navigate these rapidly evolving markets.<\/p>\n
It’s a good life.<\/p>\n
Chris<\/p>\n","protected":false},"excerpt":{"rendered":"
The REAL Market Update The market has shifted….AGAIN! If you’ve been reading my posts since the beginning of the year you have observed how I have noted, week after week, despite reduced numbers of sales, far more homes are being sold than have been coming on the market.\u00a0 This has brought us to […]<\/p>\n","protected":false},"author":2,"featured_media":2420,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,10],"tags":[],"yoast_head":"\n
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<\/a><\/p>\n