The more houses on the market coupled with the less demand interprets into dropping prices. As houses sell (because the prices finally realign) and the inventory shrinks coupled with growing demand, prices start edging up. Well, the market is starting to turn in various areas around the country. And in the Washington, D.C. area, it’s really looking better than last year at this time. Sales in January were up 18 percent and in neighboring Fairfax County; sales jumped 12 percent from the same time a year earlier.

In the market overall listings are down—some because they sold and others because they were withdrawn and still others because the sellers were distressed and went into bankruptcy or short sales. However, the effect on the overall market will be the same, shrinking inventory means buyers won’t have as much leverage as they did just a few months ago.

While the transition market was tough on a lot of people, we may have hit the bottom of the trough. Most buyers and sellers don’t realize it yet, but the numbers are pointing at a different market in the future than what we’ve been crawling through the last 18 months.

Now, one could look at last year’s numbers and say, “Well, of course the numbers are up, it was so bad last year.” Yes, last year was down for most of the time, however, the numbers are still true. Listings have dropped from their high in this market by nearly 50 percent and prices are either maintaining or moving upward. (Keep in mind, sellers, there are still plenty of competitors, so price the house to move.)

Looking for a condo in Atlantic Grove? Realtor® Caesar Parisi is ready to help you buy your dream property.

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