Hope you’re healthy and hanging in there.
This week we offer a local housing market update for the end of April. We’ve inserted some slides our broker, Bill Jourdan, got us from Bright MLS. Let’s get started.
First, homes continue to sell, and inventory is still low. As the first slide shows, New Listings are about the same as last year. The absorption rate indicates that we only have a 1-2 month supply of homes. In zip codes 22310 (our office) and the surrounding 22315 (the Kingstowne area of Alexandria) there are only 49 active listings as of today. A super low amount. Not an abundance of houses for buyers to see. Our team has sold 20 homes in the past 30 days. We tell you that not to toot our own horn, but to show you that there is still a lot of activity in the market.
Next we see New Purchase Contracts down slightly. This is for the state of Virginia and is to be expected. The “Temp Off” status is up…also to be expected. Some homeowners have gotten nervous and decided not to sell now. Some investors wanting to sell their properties have existing tenants that are not allowing showings so the homes have been temporarily removed from the MLS. The “Temp Off” properties cancel out the lower number of new purchase contracts and keep the inventory low.
The last slide, New Closed, shows numbers not that different from last year. So homes in excellent condition and priced correctly are still selling quickly provided they can be shown.
We are monitoring showings closely. They are down in numbers. Again, logical. Buyers are nervous and don’t want to make physical visits to properties they don’t have serious interest in. So having appealing photos and videos is important in today’s uneasy times for sellers. Buyers may, in some cases, start to have more ability to negotiate and more time to do it.
Two shout-outs before we go. The first is to all the agents out there from our team, our company and from all companies that are stepping up now. We’re seeing a spirit of cooperation, communication and determination to professionally protect the public and keep everyone safe. The second is to our clients, for trusting us with their most important asset in these challenging times. We’ll always have your backs, give you the straight scoop and get you the best results.
Stay healthy and hope that May brings good news!
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