Quarterly Rundown - May, 2023
Local Market Update: DC Metro Region
The seasonal spring uptick in sales occurred for the Washington metro despite market obstacles like elevated interest rates, high prices, and limited inventory.
Units Sold - 5,729, 30.18% decrease from 2022
Avg Sale Price to List Price Ratio - 97.8%, 4.58% increase from 2022.
Avg Sold Price - $648,171, 2.67% increase from 2022.
Spring 2023 Check In
With 2023 in full swing, we wanted to touch base and stay updated on. any news or upcoming plans you might have. Has your place of employment changed, and you’re considering a move? Is your family growing and you’re looking for more space? Maybe you have a kid graduating this year, and you’re ready to downsize?
Let us know! Not only do we want to hear from you, but let’s come up with a plan for your real estate needs!
Market Update: Inventory! Inventory! Inventory!
“Inventory is LOW ,LOW, LOW! The most recent stat I saw was that in Loudoun County, year over year, we we DOWN 35+%! Can you believe it??? So what does that mean for you?
First, it’s great for your property value, because the fewer properties on the market, the more valuable they become - simple supply and demand. However, if the county adjusts our taxes again this year to “catch up with the market”, you might not be as excited come January, 2024.
If you are a seller in this market, the sky is the limit! If you are on the fence about selling, don’t let the concern about price be your driving factor… because that won’t be the issue!
However, if you are a buyer, we HAVE to put a good plan together to be successful! Don’t worry… We ALWAYS do! “Multiple offers”, “waiving contingencies” - don’t let these buzz words scare or deter you!
Lately, the conversation has been around “ when is this going to end?” Fortunately or unfortunately, something drastic would need to change for us to see a difference. As of now, millions of people are sitting on their homes because their interest rates are so low, they don’t see the value in selling unless they have yo. So the discussion becomes… What’s gonna give?”