The groundhog may have seen his shadow, but in the real estate market Spring is coming early! While working with our buyer clients, we are seeing bustling open houses around the DC Metro area and crowded showing appointments. Driving some of the clustering at listings is near historically low inventory levels. January saw the 21st consecutive month of decline in year-over-year inventories and active listings are down 15% from January last year.
Median price in our area reached the highest median January price in a decade ($399,900), though we saw a seasonal dip of 5% from the median sales price in December. Closed sales and pending contracts remained flat, meaning buyers are biting on a bigger percentage of homes on the market right now to make up for the lack of inventory. Buyers, let us help you gear up to move on YOUR house when it hits the market. Having your financing and game plan ready is essential this year.
If you have been thinking about selling, now is the time. Every year buyers come out before the sellers, and the inventory this year is particularly lacking. Contact us now, to talk about how to make your property shine in this early spring market, or how to utilize coming soon marketing to get buyers interested in your property before you are even ready to move!
WG Perks Escape Room Event
We are hosting our first Client Appreciation Event of the year, Sunday, March 11th at DC’s top-rated escape room experience. We’ll solve puzzles to escape from rooms with themes like Friday the 13th and Runaway Subway, and save some time to mingle after. Clients should have received your invite last week. Contact us if you haven’t. RSVP soon (and no later than March 1)! Space is limited and available on a first-come, first-served basis. Special thanks to our sponsors Vince Coyle Team at MVB Mortgage and Steve Milwicz at Atlantic Insurance Group.
First Time Home Buyer Webinar
We are taking out popular First Time Home Buyer Classes online, hosting a webinar Wednesday, February 21st at 7pm. The class covers deciding to buy, financing, your home search, and trends in the local market, among other topics. If you want a refresher before diving into the Spring market, join us for this free class! Feel free to send your friends who are thinking about buying this year, too. Register here for details.
As always, if you or someone you know has a real estate need, please reach out. We are here to help!
The Wethman Group