South Lakes Real Estate Market

By
Real Estate Agent with Tier 1 Group

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. 

Comments (17)

Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

good post! welcome to AR, i can tell you arent new to writing or real estate :)  its a great equilibrium, of supply and demand

Sep 12, 2015 01:16 AM
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Great posting. It will be better if the font size is slightly larger. My eye is straining due to smaller display used..... 

Thanks

Sam Shueh

Sep 12, 2015 01:29 AM
John Pusa
Glendale, CA

Trey - This is very valuable real estate market information for South Lakes.

Sep 12, 2015 07:40 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Welcome to ActiveRain and you're right, it's always a good time for real estate... either for buyers or sellers or both.

Sep 12, 2015 09:34 AM
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

Hi Trey - welcome to Active Rain and congratulations on publishing your first blog post!

Sep 12, 2015 09:49 AM
Michele Milic
Realty ONE Group ~ 702.419.5359 - Las Vegas, NV

Trey, excellent update for South Lakes market. Congratulations on your first post and welcome to Active Rain.

Wishing you much success with your future blogging.

Sep 12, 2015 03:53 PM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Nice to meet you Trey, thanks for sharing about yourself and your market.

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
Bob

Sep 12, 2015 04:25 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Trey Lindsey you're right about the fact that there are changing markets but never a bad market.... we need to learn how to work in each market.... and WE are in a seller's market also...but we continue to put deals together....

Sep 12, 2015 07:54 PM
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain, Trey...I hope you enjoy participating on this platform as much as I have over the past 6 years.... it's a great place to learn, share, market and network....enjoy and blog away....

Sep 12, 2015 07:55 PM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

That is very true, it's just the ebb and flow of the market with those that understand it.

Sep 14, 2015 08:45 AM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

Welcome to ActiveRain. It's great to have you aboard. I look forward to reading more of your posts.

Sep 14, 2015 08:45 AM
Mery Fernandez Empire Network Realty Luxury Brokerage
Empire Network Realty INC. - Orlando, FL
The Rise of An Empire, Let's Build Yours!

Hi Trey!! Welcome to the world of Activerain, may your blogging  create a whole new chapter in your Real Estate Career.

Sep 15, 2015 01:15 AM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Trey - This type of information is important to both buyers and sellers as they try to decide what they want to do.

Sep 24, 2015 04:30 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Trey - Welcome to the ActiveRain community, and congrats on your first post here.

Sep 24, 2015 04:31 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Please know that the ambassadors, those with orange badges, are here to help and answer questions.

Sep 24, 2015 04:31 PM
Olympus Executive Realty Inc.
Olympus Executive Realty INC. - Orlando, FL
Home Of The Top Producers

Welcome Trey to AR, Congrats on your first blog, look forward to all your future blog post. Its a great place to share your Real Estate thoughts and experiences. 

Sep 26, 2015 12:27 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Trey Lindsey Welcome to Active Rain!  As REALTORS who have been here (on and off) for close to 9 years, it's well worth it!

Oct 01, 2015 12:13 AM