Last Week in Real Estate
After a little two-week end of summer hiatus, The Canto Group is back to blogging and it’s time for the weekly market update! The Summer market was better in some areas than others and going off last week’s numbers, that remains true. Some markets are seeing slightly higher inventories with fewer pendings while others are consistent.
Great Falls has seen unprecedented levels of inventory in 2014, there are currently 197 homes on the market. Earlier this summer, we were up in the 220’s. The previous 5 year high was 190. So we are still up there but 5 homes went under contract last week bringing the total number of homes under contract to 29. The last six months, we have been averaging 17 closings per month. As the fall months wear on and we enter the holiday season, we should see some of this inventory begin to drop off the market for a bit. If you are thinking about buying in Great Falls, now is a good time with so much inventory to choose from. If you are selling your home in Great Falls, it’s important, especially now, that you show well and are priced right. The 5 properties below are the homes that went under contract last week.
|9507 Pamlico Ln||$1,099,000||89|
|9817 Mill Run Dr||$2,990,000||83|
|10872 Patowmack Dr||$1,774,900||70|
|659 Nalls Farm Way||$1,499,000||39|
|10423 Down Patrick Ln||$1,395,000||6|
The Reston Single Family Home market also has very high inventory as we get into the fall market. There are 61 homes on the market, historically very high, especially in September. Two homes went under contract last week bringing the total number of homes under contract to 18. We had 26 closings last month, so this gives us 2.34 months worth of inventory, the Reston Single Family Home Market is still in good shape as we head into the Fall.
|2015 Beacon Pl||$769,900||61|
|2353 Nashua Ct||$699,900||9|
All the Reston markets seem to be doing pretty well, the townhouse market has similar ratios to the single family home market. There are 102 active townhouse listings and 5 went under contract last week. The total number of homes under contract is 47. There were 41 closings in the month of August which gives us 2.48 months worth of inventory.
The condo market saw a slight bump in inventory; there are now 118 condos on the market. This is actually the highest it’s been in the past 5 years. If you are in the market for a Reston Condo, now is the time to get out there and find one! Only 6 condos went under contract last week, bringing the total number of condos under contract to 34. There were 28 closings last month which gives us 4.2 months worth of inventory.
The Potomac Falls Single Family Market numbers are similar to Reston’s, there are 50 homes on the market and 2 went under contract last week. There are a total of 19 homes under contract as of this morning. There are 2.9 months of inventory which is still a seller’s market.
|5 Lindenwood Ct||$449,900||19|
|20685 Carnwood Ct||$549,990||8|
If you would like anymore market information, get in touch with us TODAY!