Economic conditions resulted in a high number of foreclosures which hit the market as resales when banks listed the homes for sale. Consistently we see that the highest number of new listings typically hit the market in the early spring (March/April) and summer months, with new listings tapering off through the summer and the lowest number of new listings in December.
WHAT ARE THE MONTHS WITH THE HIGHEST BUYER ACTIVITY LEVELS?The chart below shows the number of new contracts, and number of settlements. Keeping in mind that contracts are usually ratified 30-45 days before settlement, this chart shows what you'd expect: The "New Contracts" level (purple) and "Settled" level (blue) are very similar with the blue settlement level mimicking the pattern of the purple new contracts level, with approximately a one month delay. You can also clearly see that buyers in this area are typically more active in March through May, and December is typically our slowest month of the year.
HOW DO THESE PATTERNS IMPACT AVAILABILITY? Despite the high level of buyer activity in the spring and fall, this chart shows that (since the market began to normalize around the end of 2009), the inventory is typically higher in the late spring and summer. For sellers, this means you have more competition! For buyers, this means you have more choices! By the time late fall comes, the number of active listings has slipped again and inventory becomes scarce. *Please note, all charts on this page are updated on or about the 10th of each month as new statistics are available from our local multiple listing service. So please check back for the most current information. Interested in learning more? Check out this resource reflecting historical and current information on Real Estate Pricing Trends in Loudoun County. You can also learn more about the regional market by checking out the page on Northern Virginia Regional Real Estate Market Stats which also contains information that is updated monthly. When you’re looking for a REALTOR that knows the market, you can trust Vicky Chrisner. Office: 703.669.3142 Email: MyAgentVicky@Gmail.com www.Facebook.com/TheRealEstateWhisperer
Comments(0)