This month the 30 Days Trend column for the Average Days on Market shows a stagnation in a timeframe that is historically active for Loudoun, Fairfax, and Arlington Counties. Probably more interesting is the large number of properties on the market in Fairfax County across all price categories. This supports our anecdotal perception that through October there has been a lot of inventory and the buyers are being very choosey. It does appear that the end of the political season has resolved questions that were keeping buyers on the fence. In the last week listings of ours that were getting virtually no traffic in Great Falls, Fredericksburg, North Reston, Herndon, and Vienna have had a dramatic increase in showing activity, two of the six are now under contract and offers submitted or pending on two more.
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We hope you have found the snapshot of October’s inventory statistics for the various regions and property types/values in our Northern Virginia Real Estate market informative.
This snapshot features data points that show the trend of changes across several categories from 30 days prior. This can be a good way to lend some perspective to the numbers, bearing in mind that the natural life-cycle of the seasonal markets influence statistics heavily causing some months to be inherently more active than others as we have discussed previously.