Hot Enough For You?

June 12, 2012

So here we are in mid-June 2012 and I was looking at the end-May stats for Northern Virginia real estate. Key changes from 2011 that I found VERY interesting:

Active Listings:  – 23 %

23% fewer homes are on the market than last year at this time. A shortage of homes for sale?

Homes sold in May:  + 22 %

22% more homes sold (settled) in May 2012 than May 2011. Intriguing, no?

Median Sold Price:  + 7 %

Since every home is different, it’s hard to say how useful this is, but at least it suggests that homes are selling at a higher price than a year ago.

Average Days on Market:  – 25 %

Homes that sell are going under contract in under 6 weeks on average, or two weeks faster than last year. But wait, there’s more – an interesting underlying statistic is that 940 of 2,041 homes (46%) sold in May were on the market for 10 days or less.

And if you put that in your pipe, you can smoke it. It’s hot enough.

 

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