The market pretty much stayed the same through the Memorial Day weekend. There were 111 single family homes on the market in Oak Hill this week. There were 4 new listings - none of which were relisted homes. There was a lot of showing activity this week and it resulted in 7 sales - which is still a good week. It will be interesting to see as the market heads towards the summer months. Hopefully, we will maintain a steady pace. School will be out in 3 weeks which tends to slow us down a bit as parents focus on their kids for the summer.

The market seems to be still in its stabilization mode. There are 112 active listings on the market(down a few from last week) in the zip code 20171. A total of 8 homes received contracts. They were on the market 11 to 101 days. We had 7 new listings and no relisted homes, which is significantly down from last week so it looks like the inventory will continue to shrink which will continue to stabilize the market.  Also, no new foreclosures came on the market. You can still see quite a few preforeclosures still coming on. They start at a certain price, usually above what they paid, and then drop their price rapidly. If the market stabilizes, both buyers and sellers will fare much better.

The market continues to improve for sellers and buyers. There are 114 single family homes in Oak Hill/Herndon on the market versus 116 a week ago. There were 14 new listings - 2 of which were relisted properties. Of the 116 homes, 5 are pre-foreclosures. 11 homes got contracts which is more than last week - more good news. Nine of the homes were on the market less than 20 days and the other 2 were on over 5 months. It is becoming very noticeable that sellers have to price their home correctly upfront. There seems to be a lot of activity in the first week and then it seems to dies down after that. It is still difficult to price homes correctly but sellers need to be on top of price changes so that they do not become stagnant on the market. As inventory keeps shrinking, there are going to be fewer choices for buyers.

The market continues on its same path. There are 116 active single family homes on the market in Oak Hill/Herndon - down from 121 last week - which is a good sign for sellers. It also is a good sign for buyers because the more stable the market is - the more confident a buyer feels that they won't lose their investment. Again, 9 homes sold this week - which is the same as last week. There were 12 new listings - 4 of which were relists. The spring influx of listings is over so it looks like the market will stabilize and well priced homes will sell quickly while other sellers will have to reevaluate their prices. I would guess that next week the inventory will come down further which will firm up the prices a little. If we can keep 7 to 9 houses selling per week, we will be in great shape. The only issue now is the economy, gas prices and food prices. One foreclosure entered the market this week.