Local Market Report
(there is no national real estate market)
The months supply of homes on the market increased to 1.4 from last month's 1.3. Loudoun County takes the lead with 1.1 months supply; then Northern Virginia at 1.2; followed by Washington DC at 1.5; and Montgomery County unchanged at 1.6. This is our strongest market since 2013: Year-to-date sales are down 5% from last year, but inventory is down 11%.
Home buyers will have a slightly easier (but not easy) time for the next 2 or 3 months: Almost half of them are fighting others to win their home of choice. Three-quarters of homes priced to sell are gone within 2 weeks!
Crystal City (ZIP code 22202 included in Northern Virginia) has a total of only 12 properties for sale. Amazon's second Headquarters hiring has begun, albeit slowly. To welcome new-hires to Crystal City, I have updated my e-book Buying a Home in Northern Virginia, priced at $1 for download from Amazon. Mortgage interest rates generally follow the 10-year Treasury Note, which has taken about a half-percent dip recently. Lower mortgage rates help buyers, sellers, and agents.
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The report above is prepared monthly from David's independent research for his clients. It does not contain important data for macro-economists, is not tailored for a TV audience, includes no national data, and is not prepared by the computer weenies at the MLS. Click this link to learn how this report is prepared and why it is the best available anywhere!
1. The market index represents the months supply of resale homes and measures the ratio of home buyers to home sellers. Below 1.5 is a hot sellers' market; 1.5 to 3.0 is a normal sellers' market; 3.0 to 5.0 is a neutral market; above 5.0 is a buyers' market.
2. Northern Virginia: Alexandria, Arlington County, and Fairfax County (including Fairfax City and Falls Church City).
3. Results are not seasonally adjusted.
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Your Friend in Real Estate, LLC
Arlington, Virginia, USA
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