What's Up Wednesday- September 16, 2020

The big question for homeowners is, "Is now a good time to sell?" People are often surprised when we say "Yes, right now is a good time to sell!" 

Supply is down and demand is up. To put some concrete numbers on it, we are going to take a look at a marker called the months' supply of inventory. The months' supply of inventory is a measure of how many months it would take for all the homes currently on the market to sell given the current pace of home sales. 

In Northern Virginia in August, the months' supply of inventory was just 1.02 months. This was down 40% from August of last year and by far the lowest summer months supply of inventory we have seen in over ten years. This means that not only are fewer homes on the market, but the ones that are for sale are selling quickly.  

When we look at the sale prices, we see that homes are also selling for top dollar. The median sales price in Northern Virginia in August was up 10% from last August and the summer median sales prices were the highest in over ten years. 

If you are thinking about selling in the next three years, it may be worth considering adjusting your timeline to take advantage of this unique market. Please reach out for a complimentary consultation with one of our expert Residential Specialists to put together a strategy to help you reach your real estate goals. 

Music: « Hey! » from Bensound.com