I live in the South Lakes Village of Reston on the shores of Lake Audubon. Every morning I like to walk up to the local Starbucks which is located in the South Lakes Village Center Plaza and order my regular drink. Every morning I listen as people talk while standing in line or while in passing along the walking path over Lake Thoreau. A common topic of conversation is the local real estate market and what the market is doing.
A simple truth in real estate is there is no such thing as a “bad market”. We have times when we are in a buyer’s market and other times when we talk about being in a seller’s market. We also have that time in-between in which we consider the market to be stable or in a shift.
The real estate market been in a state of shift over the last few months so I thought you may appreciate an update. As a real estate professional, I’m thrilled to report a positive outlook for those who are thinking about selling. According to the National Association of Realtors®. “Existing-home sales steadily increased for the third consecutive month in July, while stubbornly low inventory levels and rising prices are likely to blame for sales to first-time buyers falling to their lowest share since January.
Total housing inventory at the end of July declined 0.4 percent to 2.24 million existing homes available for sale, and is now 4.7 percent lower than a year ago (2.35 million). Unsold inventory is at a 4.8-month supply at the current sales pace, down from 4.9 months in June.”
So what do all the statistics tell us and what does it mean for those of us here in the Reston area? It’s simple, we have a low inventory of houses on the market. As jobs in the area continue to rise, the need for houses on the market continue to rise. Bottom line, the market is ready for more sellers to cash in while the market is in demand for houses to sale.
If we look at the average days on market for single family homes and town houses, the average days on market is dropping. Here is a chart that shows the trend in the 20191 south lakes village neighborhood over the last year.
I am sharing this information with you because inventory across the united states in in general low. In Reston and especially in the south lakes village area for single family homes and townhouses it is very low. We are hearing from agents and prospective buyers that they just can’t find what they are looking for.