As we head full on into the summer market, are you wondering what’s happening in real estate in our area? If so - check out the weekly market snapshot below - brought to you from The Belt Team via MRIS reporting:
“Home sales activity in the MRIS region remains extremely robust as low mortgage rates, affordable inventory and the $8,000 federal tax credit for first time home buyers are all working in concert to create an environment attractive to buyers.
For the week ending July 11 there were 2,649 signed purchase agreements, up 29.2 percent over the same week last year.
Over the last three months there have been almost 7,000 more pending sales than there were during the same period in 2008.
New listings are a different story, as sellers hold back. For the week ending July 11 there were 4,106 new listings, down 13.3 percent from the same week last year. Over the last three months there have been over 10,000 fewer new listings than there were during the same period in 2008.“
WOW! Stay tuned - we’ll keep you posted!
Note: Whether we are in a Buyers Market or Sellers Market can vary wildly from town-to-town, neighborhood-to-neighborhood, and price range-to-price range. If you’d like more detailed information about your neighborhood - what homes are selling for, what the inventory is, what your home may be worth, etc - just give us a call at (703) 242-3975.