The Spring market has been brisk and busy. We’re all complaining about a lack of inventory. Interestingly, the number of units sold hasn’t changed all that much from last year… rather, the buyer pool has changed. There are more of them. This can be attributed to increased consumer confidence, a strong job market in the DC region, and super low mortgage rates. Combine it with a rental shortage, and you’ve got a strong sellers market.
Most of our buyer clients have been feeling rather frustrated. The well-priced and well-appointed homes are attracting a lot of attention, and often, multiple offers. The only thing to do is to keep on top of the new inventory, take a look at listings as soon as they hit the market, and be prepared to jump… fast. Even the older inventory is getting scooped up.
The table below compares the spring market of 2011 and 2012.
*20814: Bethesda/Edgemoor; 20815: Chevy Chase; 20816: Bethesda/Brookmont, Glen Echo 20817: Bethesda/Wyngate, Bradley Hills, Palisades; 20818: Cabin John; 20012: DC/Shepherd Park, Colonial Village; 20015: DC/Chevy Chase, Friendship Heights; 20016: DC/AU Park, Palisades.
As you can see for yourself, there hasn’t been a whole lot of change, at least, nothing significant. According to the recent stats, we’ve got about a 3-month supply of homes available to sell. A 5-6 month supply is considered normal and healthy. Anything below the norm reflects a sellers market, and above a buyers market.
As always, if we can help you with your search or sale, please let us know!