This is a sponsored post by Eve Thompson of Reston Real Estate.
Last week’s “Just Sold” noted a brisk uptick in closed and pending transactions — this week fewer new properties were added to the market, meaning that new listings are not keeping pace with the sold listings.
It will be interesting to see how this impacts the market. Normally when demand for a product surpasses the supply you’d expect to see prices increase. While we are seeing escalation clauses and “over-list” offers, sellers that come on the market with their prices set high are not moving.
The average days on market for closed transactions is 24 days. If you’ve got a house on the market that’s been sitting for more than 30 days it’s probably safe to say that you’ve not found that nexus of price vs. condition that signals to the buyer — “make an offer now, this one won’t last!”
Here are a few of the new listings in Reston: