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Health & Fitness

Home Sales Statistics for July 2013

1. The average number of days on the market before sale in July was 27. This is 19 days fewer on average than in July 2012, and the same number of days on average as June 2013.

Homes throughout Northern Virginia are selling within 27 days on average

2. The Number of active listings in July 2013 was 6,418. This is a 5-year low for the month of July. Both new and active listings saw little change from June to July this year.

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There were 6,418 active listings in July 2013.

3. Home sales in July 2013 were up 19% from a year ago, even though inventory was pretty much at the same level in July 2012. We did see a decrease of 11% in number of sales from June to July, however.

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Sales were up from a year ago, but down from last month

So What Does This Mean?

Well, the short answer is that we are still in the midst of a STRONG seller's market. The number of active listings has been slowly increasing all year, and despite the fact that we have seen 5-year lows in inventory every month, home sales are UP 12% in 2013 from the same time a year ago. Homes are selling lightning fast throughout Northern Virginia, and for over 8% more than in 2012. This is all great news for the market in general, but what does it mean for builders?

Well, one thing to keep in mind is that July sales are likely inflated by the recent surge of perspective home buyers trying to lock-in mortgages at the lowest possible rate. With mortgage rates continuing to march higher, there will likely be a slight decrease in sales in the coming months, as higher borrowing costs temper future sales activity. The next couple of months could be a (relatively speaking) good time to buy property for development.

The housing recovery still remains intact, and the steady increase in home prices should continue to support consumer spending, and help to pull more homeowners out of negative equity positions. So despite the high cost of development properties in today's market, the outlook for builders is good, and the right property investment is probably worth the risk given the strong economic forecast.

If you have any questions about the current market, and how to best take advantage of it, or to chat about all things Real Estate and Construction, Give me a call- 571-305-2405, or shoot me a message- lsagatov@kw.com

Cheers!- Lou

 

 

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