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April 2017 Market Update

We wanted to take the time to give everyone a market update. As we enter the last week in April, the local real estate market has remained strong. The chart below illustrates the low inventory environment we’ve been working with. You can see that, over a 2-year period, we have fewer homes on the market. We’ve elected to use zip codes 22315 and 22310, where our office is, but you could run the numbers in other local zips and come up with the same data.

This means that if a home comes on the market that is in excellent condition and is priced correctly, it will attract a lot of attention. In some price points, it’s not uncommon to see multiple offers. Our agents are using all their experience to help their client’s craft offers that are the strongest possible.

But we also see inventory beginning to rise. As of today (Thursday, April 20th), there are 116 properties on the market in the above zips, compared to 85-95 in the past couple weeks. On Thursday and Friday inventory climbs with new listings going on and it dips on Monday and Tuesday as the homes that go “Under Contract” fall off. If you look closely at the last 2 years, what’s happened is that low inventory in the beginning of the year pulled prices up, but they fell back a bit later in the year as more homes went on the market.

So to get top value, sellers still need to do necessary fix-ups, edit clutter, attractive staging and effective pricing. Give us a call if you’re selling and we can help you with all of these things. We would be happy to assist you any way we can!