February 22, 2018 Mid-Century Modern

Sellers’ Market: Severe Lack of Homes for Sale

As we head into the spring real estate market here in the Washington area, we are still seeing a severe lack of supply–mid-century modern and otherwise–as is the rest of the country. The National Association of Realtors (NAR) said the total supply of homes for sale in January was only 1.52 million, the fewest for any January since records began in 1999. Unsold inventory is at a 3.4-month supply at the current sales pace, the NAR said. This number signifies how many months it would take for all the current homes for sale to sell, given a monthly sales volume. Four to five months of supply is average. A lower number means that it is a sellers’ market; a higher number means there are more sellers than buyers. With these numbers, the median sales price for a home in the United States rose almost 6 percent compared to a year ago. In the DC area, the lack of supply is even more severe, creating a robust market for sellers.  In Montgomery County, we have only 1.4 months of supply. In DC and Arlington, there is a 1.3 month supply. And in Fairfax County, there is only a 1.2 months of supply. Thinking of selling? Call or email me to discuss the state of the market in your neighborhood.