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This is the summary published by the Virginia Association of Realtors for August. The data is interesting year over year. Sales, median sales price, and average days on market are all still looking good but they are not as strong and white hot as they once were. However... Look at pending sales.... Look at the increase in new listings... While the market is cooling, I would urge caution in overreacting. The Months Supply of 1.6 months still means it's a seller's market. Generally, if supply is under 6 months it's a seller's market. I will make a bold prediction though that the September numbers will continue to show a shift to a buyer's market. Click on the image above for the full report.

Is the Hot Real Estate Market Over?

Even a blind squirrel finds a nut occasionally... Even a broken watch is right twice a day... I've been warning about it for a few months now but it's now getting reported. Rising inventory levels and some buyers giving up on their home searches out of frustration will flip the market to much more of a buyer's market over the next several months. Again, it's not going to be a crash just a slowdown to a more normalized market which in the long run will be best for everyone.

I will hopefully be unveiling a new web site next month. It's currently under construction and we think it's close!
Michael Ball
REALTOR
PO Box 462, Crozet, VA 22932
434-242-2007
www.michaelball.realtor






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Michael Ball · PO Box 462 · Crozet, VA 22932-0462 · USA