The August numbers look a lot like the numbers from the previous 6 months. In August, we saw a YOY 2.5% increase in dollar volume of sales, a 3.5 % increase in average price, and a 27 % decrease in “days on market”. This same pattern of few sales, moderate price increases and short sales periods is nationwide. There are two major factors for this: empty nesters are not moving out of their larger homes to buy down and there is a serious lack of new construction projects. Cities, counties and states have imposed stricter rules on development and the cost of building materials has gone up, so much needed construction is not taking place as the pace that is needed. Pundits predict that this could continue until 2022…or longer. If you are thinking about selling, this is a great time to do so, but listen to your real estate agent about preparation and pricing: buyers will flock to the houses that show well and are well priced, but step back from properties that are overpriced or in disrepair.
*Statistics are taken from Bright MLS for the District, Montgomery County, Maryland and Fairfax County, Arlington and Alexandria in Northern Virginia.