Over the last couple of months, I have heard incredible news come out of the resale housing markets in Northern Virginia. Resale listings are sold within 1-3 weeks on market and are seeing multiple offers, some at higher than list price. Foreclosure inventory is low and the process of buying a foreclosure is a hassle, so bargain hunters are now looking to market-priced listings.
The latest listing inventory numbers in the Fulton Research Market Trends report, show that the three northern Virginia markets have less than six months worth of inventory. Prince William County has 3.5 months inventory.
This strong sales activity is likely due to the release of pent-up demand, low rates and government stimulus. The limited supply of existing homes for sale leaves room for home builders to add new homes into the market — even pushing prices up a bit. Enjoy this strong activity while it lasts, but don’t expect it to last forever.
-Dan
