Northern Virginia Real Estate – Supply & Demand
The year 2012 has brought with it a variety of ups and downs to the Real Estate Market. After several years of downward pressure due to a surplus of foreclosures and short sales, sellers are finally experiencing less competition from lower valued distressed properties.
Coupled with all time low interest rates, sellers are finding this to be a good time to sell. In Fairfax County alone, we saw 852 single family homes go under contract in the month of March, 864 in April, 844 in May, 749 in June, and 436 so far this month. Inventory is not very high with just over 2200 single family homes on the market in Fairfax County.
We’ve also seen property values go up a little compared to last year. 1/3 of the properties listed in the 1st quarter of last year were priced under $350K. This year, only 29% were listed under $350K in the 1st quarter. One reason for this is the reduction in the foreclosure and short sale inventory.
If you have been considering the option of selling your home, your timing is ideal.