So Tom and Cindy, how’s the market?
Great question, and the one we probably get asked the most. In answering, let’s look at a couple of current stats. As I write this, there are 146 homes available for sale in 22315 (Kingstowne area) and 22310 (the surrounding local area). There are 51 properties under contract. That represents an absorption rate of 51%, which is very good. For comparison, in the fall of
2007 the absorption was about 15%. For buyers, it means less to look at and more competition for the top homes. For sellers, it may provide the pressure that makes prices start to rise. We think it will be a busy year.
We still have what we call a tale of two markets. There are the homes in excellent condition that are priced correctly. These are selling in 30-45 days and sometimes sooner. There are also homes that don’t show well and/or are overpriced that are languishing on the market for long periods. We believe that will continue to be the case.
As much as we wish it weren’t true, right now prices are where they were in 2004. The height of our local market was April, May and June of 2005. It will take us time to get back to those prices-how much no one knows for sure. The bottom of our market was March of 2009. Between then and June of 2010 (when the government tax credit ended) prices recovered a bit. With the end of the tax credit, prices flattened and have remained there until now.
We are starting to have more buyers contact us that are involved in the Fort Belvoir base realignment. After so many years of waiting, it’s good to finally see those folks coming in. Interest rates are still historically very low, although they’ve risen a little and are expected to go up as the economic recovery gets it’s legs.
We’ve sold over 500 homes the last 2 years in what many people say is a bad market. We’d be happy to customize our advice to your own unique situation.
Give us a call or e-mail us-we’d love to help you.
Tom Pietsch
