Market Pulse | March 2018 | Northern Virginia Real Estate

– Hey everybody, Alex Bracke here with the Alex Bracke Real Estate Group, powered by Pearson Smith Realty, coming at you with the
March 2018 Market Pulse. So, we’ve got a crazy
seller’s market on our hands. Right now, our supply,
which we talk about supply in terms of how many
months’ supply do we have? So, hypothetically, if
today buyers kept buying houses but sellers stopped
putting them on the market, how long before we ran out? Now typically, anywhere
between four and six is considered a neutral market. It’s neither buyer’s nor seller’s market. Less than four months
is a seller’s market, and more than six months
is a buyer’s market. You can see in Loudoun,
Fairfax, and Prince William, we are solidly in seller market territory: 1.6, 1.3, and 1.3. Accordingly, our days on market
are down across the board: 51, 62, and 50. This is causing our average sale price to actually go up, so what percentage does
a seller actually get when they list their home? If they list it at 500,000,
what does it actually sell for, well, in Loudoun
you’re getting 98.1%, Fairfax 97.7%, and in
Prince William 98.3%. Interestingly, all, or
maybe not surprisingly, all three counties are
also way up over last year, year to date at this time. Loudoun up 2.3, Fairfax
4.4, and Prince William crushing it: 7.0%
average sale price higher than the same time last year. Now, why is this happening? Why is this such a
seller’s market right now? Answer is simple, guys. These percentages here are
related to what’s the level of inventory as related
to our five year average. And so, right now, across the board, we are way down, very
few people are selling their home right now,
they’re holding onto it, they’re seeing the value increase and so they’re hanging on to it. The risk there can be that
sometimes you hang onto it too long and, you know,
the market has hit its peak and then suddenly starts to go back down. But, you know, for whatever
reason, folks are not listing their home on the market right now, that’s causing an increase in demand, we still have buyers
that are coming in here needing homes and, of course,
when you have increased demand that drives prices up. So anyway, guys, this
is your Market Pulse, we see this across Northern Virginia, even into some of the farther suburbs: Frederick County, Clarke County, Fauquier, you name it, similar stats. If you ever have any questions, please don’t hesitate to reach out to me, Alex Bracke, phone number is 571-393-1082. Thanks so much. (slow rock music)

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