Home Front: Has the spring market sprung?
Has the Spring Market Sprung?
As the daffodils begin to pop up, many of you are wondering if new listings will also start to pop up on the market. Historically, spring is the busiest time of year for real estate and normally accounts for over 30% of a year's total number of transactions in our area. Spring of 2020 was a very different story as everyone locked down during the beginning of the pandemic. While the median sales price was up by 5.8%, the number of sales in Northern Virginia in the spring of 2020 dropped by 18.9% compared to the spring of 2019. The good news is that we are seeing signs indicating that we are normalizing into a typical spring market for this year. The number of listings in the agent listing database in "Coming Soon" status has noticeably increased in the last couple of weeks. "Coming Soon" status means that the properties are not yet available for showing, but will officially be on the market within the next 21 days. We are still monitoring the spring 2021 market closely. We have a feeling that activity will be ramping up in the coming weeks, so now is the time to spring into action if you don't want to miss out on this year's spring market.