While walking my favorite trails, going on a couple of runs and just being out and about this past week, I noticed them. A bit of green pushing through here, a very yellow Forsythia there, the white of the first snow drops, and For Sale signs blooming ... unmistakable signs that Spring is on her way.
I'm with Punxsutawney Phil who did not see his shadow this morning, we are in for an early Spring! That has already proven true for the Real Estate market. Traditionally it isn't until the warmer weather arrives that we see the market and competition heat up (due to sunshine, school year timing, tax refunds etc.)... not so this year. The inventory is low (not even 1 month for Silver Spring, MD!), and so are interest rates - it's a winning combination for savvy home sellers.
This chart shows the month-by-month supply for all home types in Silver Spring, MD for 2019. It is a measure to show how long it would take for all active listings to sell given the current sales pace (from active to pending). 4-5 months is considered to be a balanced market (although in our neck of the woods 3 months would be more accurate), neither favoring buyers nor sellers. Anything longer and we are in clear buyer's territory, anything shorter and sellers are in the driver's seat.
Contact me, Andrea with Thompson Company, REALTORS - your local boutique brokerage with history - at 240.593.2860 if you want to take advantage of today's sellers market.
I'll provide you with a detailed look into the sales activity in your neighborhood, and let you know exactly what you need to do before listing your home this - early and sure to be busy - Spring.