“Buyer activity in the MRIS region continues at a brisk pace as summer winds to a close.
For the week ending August 15 there were 2,690 signed purchase agreements—up 29.5 percent from the same week in 2008. While not all of these agreements will end up closing, the robust activity is welcome news regardless.
Supply continues to dwindle.
As of August 15th there were 58,973 homes for sale in the region, down 30.7 percent from the same time last year.
The 6.8 months of supply available for sale is down 35.6 percent from a year ago.
A balanced market between buyers and sellers should have 5 to 6 months of supply available.”
(Report above is from the MRIS Weekly Market Activity Report Dated August 24, 2009)
Note: Whether we are in a Buyer’s Market or Seller’s Market can vary wildly from town-to-town, neighborhood-to-neighborhood, and price range-to-price range. We are already seeing some local markets that have moved back to a Seller’s Market, while others remain a Buyer’s Market. Factors such as location, price range, neighborhood, schools, and available financing are major determinants. 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.