This regularly scheduled sponsored column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. If you would like to work with Eli and his team in Northern Virginia and the greater D.C. Metro area, you can reach him directly at [email protected].
Question: What market conditions do you expect through the rest of the year?
Answer: One of the best ways to use data in real estate is studying seasonal trends to understand expected market conditions during different times of the year, to maximize the results of your sale or purchase. Market activity, specifically the volume of listings coming to market and the speed at which homes go under contract, follows a predictable pattern.
This time of year, in the DMV, we can expect a post-Labor Day pop in listing activity and increase in the speed homes go under contract, followed by a sharp and continuous drop in both metrics, through the end of the year. Activity picks up once the calendar turns.
Expect Listing Activity to Drop Sharply Now to Year’s End
Only 18% of homes get listed for sale October-December, compared to 33.1% from March-May. The number of homes listed in the three months from March-May is almost the same amount listed in the five months from October-February.
If you have difficult criteria to meet, it might take a while to see a home for sale that works for you, especially after Halloween.
Homes Will Take Longer to Go Under Contract Through Year’s End
It isn’t just the supply side of the market that slows down in Q4, the speed at which homes go under contract will drop sharply from now through the end of the year, too.
While you may have more time to make offer decisions in Q4, don’t get too comfortable, more than 1/3 of homes go under contract within the first ten days on market and nearly 2/3 go under contract within thirty days.
Eli and his team believe that your real estate needs should be managed by advisors, not salespeople. Their mission is to guide, educate, and advocate for their clients through real advice, hands-on support, and personalized service.
