My Real Estate Blog

I have been in real estate since 1992. My memory of the normal market is not clear as to what happened in the old Spring Market. I do know that in the last 8 years, the spring market begins usually in February when the buyers start looking and ends in May - when most buyers are starting to settle on their homes. This years it appears to be truly a Spring Market that coincides with the weather and the flowers. This week we have 121 single family dwellings on the market in Oak Hill/ Herndon - up from 117 last week - so a little more inventory. 22 new homes came on with 2 being relisted homes. It is hard to see the big picture, but nearly 20% of the market is new each week. We should see this number maybe for the next 3 weeks and then it will die down. Of these new homes, none were foreclosures - which is a significant indicator of our market getting better. I am not sure if this will continue or not since so many people are upside down on the mortgages - especially in the price range under $500,000. The GREAT NEWS - saving best for last - is that 13 homes received contracts - compared to 5 homes the week before. 13 homes selling in a week has not been seen since 2005. A few more weeks of this and our market could become healthy for the buyers and sellers. I was excited 3 of the 13 were my listings - a big congratulations to the sellers that have worked so hard to get their homes in great shape. I have a few more so hopefully they will be part of the sold statistics.

Posted by Angela Mitchell on April 5th, 2008 9:06 AMPost a Comment (0)

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