Brief real estate market update

We’ve had another interesting year in real estate in 2011. Prices struggled to remain flat. Appraisers were very conservative. Many distress sales were still with us. And yet, great properties priced correctly sold quickly. We sold over 200 homes. Pricing and staging were king.

As we end the year, inventory is down. This is typical for this time of year. Some people whose homes have sat for long periods take them off the market for the holidays. Others that know they will be selling wait until well into the new year to go active in the MLS. But even though inventory is down enough to be noticable, business is not slow.

Our agents are busy even a couple of days before Christmas and constantly lament the scarcity of quality homes on the market. That bodes well for sellers next year and potentially for prices in the areas we service.

If you add the low inventory of nice properties to historic low interest rates, home prices at the 2004 level and all the people and companies moving to the Alexandria, Springfield and Lorton areas, you have the stage set for a dynamic 2012.