Northern Virginia "Inventory"
By Katie Wethman, CPA, MBA, Realtor - Northern Virginia & DC Real Estate
(Keller Williams)
Inventory is slowly but surely dropping to more manageable levels in the area. Are there fewer sales? YES! But prices for the most part remain high. Why? The flippers have become landlords to ride this out, so supply dropped a bit. People who didn't have to sell decided to wait it out as well and supply dropped a bit more. There are about 20% fewer listings today than a year ago:And the local economy, as I've mentioned before, draws people to the area, so demand has helped maintain that equilibrium price. So, we have demand stable (at worst) to growing, and supply stable (at best) to shrinking. Is April's uptick in average sales price just the normal spring "bounce"? Or the start of a trend? Data Source: MRIS. Data deemed reliable but not guaranteed.
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