Great Falls is seeing a slight summer slump with a surge of inventory.
The real estate market in Northern Virginia has had a bit of an odd year, we haven’t followed the typical spring market trend. The long and harsh winter combined with the slow onset of spring really effected buyers and sellers and has pushed out the spring market.
Great Falls has felt this effect a bit more than other places, there is typically a large surge in inventory around spring leading into summer. We are currently seeing this surge in inventory but the typical band of buyers that follow suit have been a little more timid this year. The inventory is currently at a 5-year high, as of June 17th, we have 211 Active Listings in Great Falls, VA. Our most reliable data only dates back 5 years, which just so happens to be the second highest Active Listings, June 2009 had 193 Active Listings.
The number of homes under contract is a very important number when examining real estate statistics. In May, we had 36 homes under contract, this includes the 13 existing contracts and the 23 contracts written in May. These numbers give us a contract ratio of .17 pendings per active listing, a decrease from .19 in April and a marked decrease from May 2013 where we had a contract ratio of .38! This doesn’t mean that homes aren’t selling and the buyers aren’t out there! In our experience the buyers seem to be a bit more picky this year, the homes that are selling are the ones that are priced right and ready for the market.
So of the 20 homes that sold in May, they sold in an average of 72 days on the market, this is 32 days below the 5-year average for May. They also commanded 97.1% of sold to original list price and sold for a median sales price of $1,192,500, again above the 5-year may average of $1,107,400.
Great Falls has had a slow month with a lot of inventory, there is no denying that, but there are still buyer’s out there for those homes that are priced right. In a market with unprecedented inventory, price and condition are the things you can control that will attract buyers. The spring market didn’t quite bloom this year but perhaps all those buyers are pent up and ready to make this a special summer!