The Northern Virginia real estate statistics showed an interesting “early” downshift starting in the June chart. The low interest rates motivated most home buyers to take action in the early spring expecting them to flatten out by now. But rates have remained on a down slope which has eliminated the intense sense of urgency.
Contrary to these statistics, I still see strong buyer demand but the current home inventory of sellers continue to make mistakes in the presentation of their homes. On a consistent basis they are priced too high, have not been staged properly, lack basic updates, and fail to foster a saleability factor with relocation buyers.
This lack of connection to the sales process could probably be remedied with an afternoon watching HGTV!
Arlington County real estate activity showed a dramatic shift:
And McLean real estate saw an interesting drop in the number of pending sales
The RBI real estate market statistics are released around the 10th of each month and theses charts will update automatically.
For a in depth chart of your community please contact me at doug@DougFrancis.com .