On Holiday?
August is that month, right? Everyone takes a holiday. It sounds so glamorous. I've often wished for the entire month off like many Europeans. Historically, our DC housing market has taken an August Holiday. We'd see a slow down in July that continued through August then an uptick come September.
The last two years, that didn't happen.
But, this year, it is back.
August is just a little sleepy this year. Inventory hasn't risen yet, and some buyers are still sitting on the fence.
How have I seen this play out? Fewer showings, fewer closings at my brokerage, longer days on market.
Look at the chart below that I pulled from the MLS. I pulled stats this year to day for DC only. The green line shows the average days to sell. That kept declining until July then right back up it has gone. The number of listings has taken the opposite turn. Certainly every neighborhood is different and Virginia as a whole is a bit different too.
So the balancing market, leaning toward a buyer's market has begun.
If you'd like to talk through, please reach out.
