In today's market report, Blake goes over the Arlington, VA housing statistics for November 2022 and explains what it will be like to be a buyer and seller in this changing market.
When we look at the MLS there are currently 401 homes for sale over the last 30 days we saw 169 homes sell leaving us with a month supply of 2.4 months this is actually up 20% from last month where it was a two-month Supply. this means that there's definitely more inventory there is less demand which is making houses take longer to sell.
Over the last 7 days we saw 48 price reductions. This is up 14% from last month, so now is definitely a better opportunity to be a buyer as most of our buyers are now getting full contingencies below list price. However that doesn’t mean all properties are going to be like that! There are properties going under contract with multiple offers.
If you're a seller your marketing has to be stellar, your pricing strategy also has to be stellar and you can’t price it like you did in the Spring of last year; you have to be realistic. That's why pricing and marketing matter more than ever if you’re a seller.
Overall we still see an increase in buyer demand and this time of year produces a lot of research buyers who are planning for the next year which we're seeing at open houses and at our listings. So plan for the Spring of 2023 to be a busy one. If your buyer, right now is a much better time to buy and you’ll have a lot more contingencies than you will in the spring.
Currently the most affordable home in Arlington County is a studio condo in River Place in Roslyn for $119,000, while the most expensive home in Arlington County comes in at $3.6 million. It’s a 10bed/9 bath Georgian style mansion in Donaldson Run.
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