Before Saya had arrived from Japan, I emailed her and asked what was the one thing she wanted to see most while in DC. For her, The White House was the one “can’t miss stop.” To make sure we could pack everything in, we woke up early and headed into the city.
We have just over a four month supply of houses to choose from based on the rate of sales in June. (517 divided by 128). Economists say that a six month supply is normal to have a balanced market. After the tax credit I expect sales activity will fall for a few months since the market “borrowed sales from the future.” This is similar to what happened in the car business after “cash for Clunkers.
Supply and demand are both growing in Ashburn, reflecting a growing economy and increased consumer confidence. According to the statistics, we have a balanced market with just under a four month supply. The conventional wisdom is that a balanced market has a six month supply. So the current direction on prices is still indicating up.
Boy are we living in interesting times! Our market has been all over the place this year! We started off the year with snowy weekends which then moved on to the February blizzard! We then experienced the frenzy of activity from Buyers qualifying for the tax credit.
If you were given 24 hours to show someone who has never been to America around DC - where would you take them?
Three weeks after moving to Metro DC, I was given this daunting task. Talk about a lot of pressure for a new DC resident; I was still just learning the city for myself! However, I was more than happy to take on the challenge...here's why...
Talk about a See-Saw, the statistics for Gaithersburg could really confuse even a Real Estate Veteran. Fortunately, there is more to a market than statistics. So let’s jump into the stats first and then we will do some analysis.
Bristow still has just a five-month supply of homes for sale, and economists consider six-months worth of housing inventory a balanced market. This low level of inventory keeps pressure on prices in an upward direction. Bristow is so stable of a market that the wording in the market commentary written below has not changed much in the past six months.
While the statistics show increasing strength in the market, which is correct, the rapid gain in price may be more a function of the “trade up market” than the numbers reveal. What is the Trade Up Market? This is when an existing homeowner sells their house and buys a more expensive property. The result is that there are more sales in the higher price ranges which has the effect of pulling up the averages
It is amazing how much market activity can vary inside one county! Interestingly enough, inventory and days on market climbed slightly this week. Prices have been bouncing around the plateau we have reached and in only one part of the county have we seen a continued downward trend until now.