New Condo/Townhome Listings Barely Keeping Pace
If you are hoping to purchase a condo or townhome in Ashburn in the near future, take note…the number of new listings coming on the market is barely keeping pace with the market demand! (Conversely, if you are looking to sell, there is a lot of buyer activity going on.) Not so much for single family homes, where inventory is picking up, finally. This is a point in the year where we typically see a large jump in the number of new listings…if you look at the charts below, for single family homes, you can see that we saw quite a few listings come on market toward the end of February, but some spikes in listings absorbed was keeping the inventory from increasing significantly until recently.
For condos and townhomes though, buyer activity has kept up with the pace of new listings, with homes being absorbed from the inventory as fast as the listings were coming on market. From November until mid-March, inventory was being absorbed at a higher rate than new listings were available. After seeing that inventory climb from the end of March through the first week of April, we are seeing another spike in absorbed listings, causing the available inventory to drop again. Not surprisingly, we are seeing multiple offer situations on the most desirable townhomes and condos. It will be interesting to see how long this trend continues.
And by the way, that big jump up in listings absorbed that started the end of February, on both those charts? The announcement of the $8,000 first time homebuyer tax credit came on February 25th. Think that had anything to do with the sudden buyer activity?