March Update.... It is a Buyer's Market or a Seller's Market?

How does one know if there are more buyers than sellers?  REALTORS look at a couple of different pieces if data.  The number of homes on the market; how many homes are selling and the average days a home sits on the market.

A "Balanced Market" is considered to be when there is about a 6-month supply of homes on the market.  If there are less homes it is considered a Sellers Market - more than a 6-month supply and we have a Buyer's market.

This data is based on the number of homes (condos + single family) compared to the (3-month) average of homes selling in a 1 - month period.

If the same number of homes sell every month (based upon these 3-month averages); it would take over 21 months to sell on the homes in the market in Prince Georges County.  That is assuming that NO OTHER new homes came on the market.  Which is certainly an impossibility.

The good news is; more homes sell in the Spring time than this '3-month average' suggests.

As we can see - it IS a Buyer's market.  Arlington County is closer to a balanced market; whereas Montgomery and Prince Georges Counties are strong Buyer's Markets.

Days on the market (also a 3-month average); is also lowest in Arlington and highest in Prince Georges County. 

Homes are taking an average of 3 to 4 months to sell.  However; homes that are in good condition and priced well - do still sell quicker!

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the Greater Washington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA