Posted by: jimlyons | February 29, 2012

The weather is here and the market is beautiful!



This crazy late-winter weather has sparked an early spring buying spree in our local housing market. Have to love that!

People are out running, biking, golfing, shopping and yes, looking at homes – not only looking but buying! The weather has certainly played a critical part in the strong housing activity we‘ve seen in the first two months of this year. So strong in fact that you will find most realtors complaining about the “lack of inventory” to sell.

Buyer confidence is back in a big way and we are seeing this with buyer turn out in the open houses (great weather) and more importantly in the sale of homes in Old Town and the surrounding communities. Seems like buyers have awakened from their proverbial “funk” and are beginning to open their wallets in a big way.  Multiple offers on properties and significantly shorter selling times are just one aspect demonstrating the strength of our market. Slowly rising home prices, continuing economic improvement and healthy housing forecasts are driving buyers into the market who may now see the market “at the bottom” and want to get in before it costs them more.

All of these factors are turning this late winter market into what could be a bountiful and auspicious spring market.  As an indication of how strong the market is, the numbers say it all. Sold and pending contract numbers from Jan. 1 through Feb. 28 versus the same time frame in 2011 are as follows:

Old Town Alexandria:

22314, 106 vs 93 up 12.3%.*

Fort Hunt areas:

22307, 52 vs 27, up 48%.

22308, 28 vs 13, up 54%.

22309, 95 vs 56 up 41%.

As you can see, we are on a spectacular pace and I predict it will get even “hotter” during the true spring selling season. As buyers continue to foray into the marketplace, sellers really need to take advantage of the tight inventory levels and pent up demand to profit from the current day market. So..the message is clear. Seller’s quit hibernating and get that home on the market today! You could be sipping cold drinks on a new patio this summer, or spring.

*Numbers are in units sold and reflect both sold and pending contracts for stated time frames. All inventory numbers are Jan numbers, Feb numbers not available as of this date.

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