Significant decrease in real estate inventory - what does that mean?
For the last few months I continue to hear from our buyer clients “There just aren’t that many properties to see!”
This morning I pulled the July stats for Washington DC single family houses (found here http://gcaar.com/uploadedFiles/PDF/ToolKit/Research/Home_Sales_Statistics/DC_Single_Family/dcsf0711[1](1).pdf)
and the numbers tell a clear story. Inventory is down a whopping 20% from this time last year. Sales activity is essentially the same so this is translating into extremely competitive bidding for the few properties that are good buys in the market place today. Condo inventory is down 10% so we’re feeling the pinch there as well, though not as much as in the $500-$1 million price point for houses in the city.
If you’re thinking of selling, and have enough equity to do so, it is time to list – now more than ever before. If you’re buying, be prepared to act quickly and aggressively. The best homes are selling within about a week and in some cases for more than list.
If you’d like to talk about your specific situation, call me and I can guide you through a step by step plan to help you move forward.
E-mail this post
