Here’s the update as reported by MRIS today:
“Sales in the MRIS region are still strong, while the supply of available homes continues to drop.
For the week ending November 14 there were 2,255 pending sales, up 29.2 percent from a year ago—the strongest showing for that week of the year since 2006.
The total inventory in the region now sits at 54,958, down over 23,000 units from a year ago.
Falling supply and growing demand mean that the total Months Supply of Inventory for the region has fallen over the last year from 9.8 months in October 2008 to 6.2 months in October 2009.
As a result, homes are taking a little less time to sell and home sellers are receiving closer to their original asking prices.
However, we need to keep in mind that market conditions vary dramatically by price point and location.”
This last comment by MRIS (”market conditions vary dramatically by price and location”) is one reason why it is so important for Buyers to consult Realtors who are experts in the marketplace where they want to buy - whether that is a particular city, neighborhood, school district, price point, home type, etc. If you have been reading our blog regularly, you know that even in markets as small as “just Vienna Virginia”, we have segments of the market that are experiencing a “Buyers Market” and some that are experiencing a “Sellers Market”.
Don’t hestitate to contact The Belt Team for a more in-depth analysis and strategies for how to make your real estate dreams a success - whether you are buying or selling a home.
