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That’s Right I Said it, It’s a Seller’s Market!

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Around this time last year, Heather wrote a post about the low inventory levels to start the spring market. Well, 380 days later and we are in a smaller boat! Over the last 30 days (as of this afternoon), only 644 new resale listings (non-new construction) have come on the market. Amazingly, 51% (337) of those are already under contract! It’s no wonder new construction starts are up, there is hardly anything for buyers to buy.

As of this morning, here’s the number of active homes for sale in the multiple listing service, not including new construction, including all home types and price points:

  • All of Loudoun County: 645
  • Sterling: 68
  • Ashburn: 107
  • Leesburg: 184

Based on the number of homes that have gone under contract in each of those areas in the last 30 days, here’s the current absorption rate:

  • All of Loudoun County: 1.07 months of inventory
  • Sterling:  0.53 months of inventory
  • Ashburn:  0.66 months of inventory
  • Leesburg: 1.06 months of inventory

It’s like deja vu all over again, a seller’s market to start the spring (under three months or less inventory for the current rate at which homes are selling). This reflects what I’ve experienced so far this year with multiple offers on listings, and buyers waiting for homes that fit to come on the market.

If this year is your time to make a move, there are a few things you should know. Just because this is a seller’s market doesn’t mean you should sell. Check out this post I wrote a couple of weeks ago to help determine if the time is right. For buyers, when you find the home you want be prepared to compete. That means making your best offer; the highest price with which you are comfortable, the strongest financing you can obtain, a solid earnest money deposit, and don’t be afraid to ask about a closing date that matches the seller’s needs. Ultimately, you want don’t want to have any regrets about your offer if your contract isn’t the winner.

Are you a homeowner in LoCo and wondering what yours might be worth? Click here for our home value report.  Thinking of buying? Fill in the form below to have the newest listing emailed to you. I’m happy to help. It’s what I’m here for. 🙂

Cheers,
Mike

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Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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