The record streak continued last month with the most closed sales in a decade in September. Median prices dipped 5% from the August high last month, and came in just in line with the median of September 2015. New listings saw a 23% increase over August, which we are feeling in our own office. If you are looking to buy, this is the time to get out there before sellers decide to stay put until spring. While new listings were up month-over-month, active inventory is actually down 14% from this time last year, which means a lot of those new listings are being absorbed quickly. Inventory overall remains low, even compared with last year, but is near the 5 year average for this area. In short, the market remains steady and active.
Still debating about continuing to rent or buy? Trulia just declared buying in the DC area works is 36% cheaper than renting! Of course this determination depends on your circumstance (including how long you plan to keep the place- Trulia is assuming 7 years, though break even in our area is around 4), so run your numbers on a rent versus buy calculator to get a sense of whether buying will save you money. Or give us a call to talk through the way we would think about it in your situation.
Two Upcoming Client Appreciation Events
To show our appreciation to our clients for your business and referring your friends and family, we are hosting two upcoming events. We’d love to see you!
As an expression of our thanks for YOU at Thanksgiving, come by and pick up a pie (your choice of apple or pumpkin) on us.
Monday, November 21, from 12pm-5pm at our McLean Office
6820 Elm St, McLean, VA 22101
Tuesday, November 22, from 2pm-8pm at Katie’s House
313 N Irving, Arlington, VA 22201
Reserve yours at thankful.wethmangroup.com.
Breakfast Movie Party with Santa
Save the date: December 3rd, at 10 AM we are hosting a Breakfast Movie Party with Santa at the Tysons AMC Theaters. Join us for breakfast, prizes, and a screening of Disney’s Moana.
As always, if you or someone you know has a real estate need, we’re always here to help.
The Wethman Group