This is a sponsored post by Eve Thompson of Reston Real Estate.
What a difference a few weeks can make. After years of constrained housing inventory we’ve suddenly got close to 400 properties on the market in Reston.
At the rate that houses are selling that’s still only 3.3-month’s supply but it does translate into a lot more options for the buyers.
But is it a buyer’s market? A buyer’s market is one in which supply exceeds demand, giving the buyers the advantage over the sellers in price negotiations. A Seller’s market occurs when the opposite condition exists — demand exceeds supply and sellers have an advantage over the buyers in price negotiations.
While there is a lot more property on the market than we’ve previously had a 3.3 month’s supply is still considered a “seller’s market” although we’re not seeing the appreciation that is typically associated with a seller’s market — prices have been flat, especially above the $500,000 end of market.
Does that mean you can throw a sign in your yard and expect the offers to roll in? Not by a long shot.
Buyer’s are demanding and they’re informed. They recognize the when a seller has reached the correct intersection of price and condition.
Current Conditions in Reston: 331 properties for sale; 126 pending home sales; and 118 properties sold in the last 30 days. The average days on market is 31.
Here are a few of the houses that sold in the past week in Reston.
2414 ALBOT RD. 3 BR, 2.5 BA. List Price: $399,990. Sold Price: $395,000. Seller Subsidy: $4,500.
2228 WHEELWRIGHT CT. 3 BR, 2.5 BAA. List Price: $400,000. Sold Price: $412,800. Seller Subsidy: $5,000.
1550 CHATHAM COLONY CT. 3 BR, 3.5 BA. List Price: $439,000. Sold Price: $439,000. Seller Subsidy: $5,250.
1629 BENTANA WAY. 3 BR, 3.5 BA. List Price: $410,900. Sold Price: $430,000. Seller Subsidy: $0.
1629 BENTANA WAY. 2 BR, 3 BA. List Price: $455,000. Sold Price: $445,000. Seller Subsidy: $5,700.
11609 BROMLEY VILLAGE LN. 3 BR 2.5 BA. List Price: $559,900. Sold Price: $555,000. Seller Subsidy: $2,500.
For more information, visit Reston Real Estate.