Click on the headline above to download the full report. A couple of quick takeaways (among many):
They do mention that new listings rose for the third straight month (page 2) and that increase signaled an improved situation for buyers. However, total inventory is still dramatically reduced from previous years (page 16) so it's not by any stretch a buyer's market right now even though there are hints one is coming.
Since August of 2020 the Median Sold to Ask Price Ratio has been 100% every month (page 14). That's really unbelievable and that flat line at the end of the graph is astonishing to look at...
The article linked above discusses rising inflation nationally which is a looming problem. There's a pretty good chance inflation will be partially curbed by an increase in supply as manufacturers recover from a Covid year but, at least in my mind, we've been experiencing inflation for a good bit irrespective of Covid and interest rates have been so low for so long it's only a matter of time before rates have to start ticking up.
My new listing in RiverRun! It's a 2 BR and 2.5 BA condo with a tree house feel. There's a cool spiral staircase and it's been freshly painted and new flooring and hardware have been installed. Click on the image above to see the listing!
Michael Ball
REALTOR
PO Box 462, Crozet, VA 22932
434-242-2007
www.michaelball.realtor
