If you are out searching for a new home in Northern Virginia you have already discovered this fact. The inventory of available homes is LOW! In fact according to the August sales report from NVAR we only have a 3.87 month supply of available inventory.
Talk about a change from a year ago. With more reasonable prices homes have been flying off the market. Also interesting is the information that the median price of a home in the area has moved up from $389,000 to $395,000.
Recently my “regular” homes have been flying off the market. One of my closing this week was a detached home in Springfield which was on the market less than 24 hours and another listing in Fairfax had 50 plus people through an open house and sold within 72 hours (we had the contract within the first 24 but negotiations took a couple of days.)
As we head into the fall the positive signs from a summer market are encouraging.