Coral’s Market Snapshot – November 2020

The Winter Market 𝘩𝘢𝘴𝘯’𝘵 𝘣𝘦𝘦𝘯 𝘴𝘰 🅲🅷🅸🅻🅻🆈 across our area. ⁣
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I’m back with my Northern Virginia market stat recap for November. Besides separating stats by detached, townhomes and condos, I’ve included 𝐌𝐎𝐍𝐓𝐇𝐒 𝐨𝐟 𝐒𝐔𝐏𝐏𝐋𝐘. The 𝘮𝘰𝘯𝘵𝘩𝘴 𝘰𝘧 𝘴𝘶𝘱𝘱𝘭𝘺 stat gives a projection of how long properties will sit on the market before being sold. ⁣
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The number of closed sales was up last month across all areas. Typically, the holiday months are not a particularly popular time to list; people travel, host gatherings, and their minds are elsewhere. However, given the state of things, the “norms” don’t apply, and people are listing right through the holidays. ⁣
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Single family homes are still the most popular of the bunch, and they still tend to sell fast. Condos, however, are taking way longer to sell. We’ve got way more condo inventory which means buyers can be picky and take their time. Does this mean you can’t sell your condo? Not at all! It just means they don’t fly off the shelf in a weekend as we’ve become accustomed to happening in Northern Virginia. I do think this will balance out as people get vaccinated and people return to offices in 2021.⁣⁣⁣
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© 𝟸𝟶𝟸𝟶 𝘔𝘢𝘳𝘬𝘦𝘵𝘚𝘵𝘢𝘵𝘴 𝘣𝘺 𝘚𝘩𝘰𝘸𝘪𝘯𝘨𝘛𝘪𝘮𝘦. 𝘋𝘢𝘵𝘢 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘉𝘳𝘪𝘨𝘩𝘵 𝘔𝘓𝘚 𝘢𝘴 𝘰𝘧 𝘋𝘦𝘤𝘦𝘮𝘣𝘦𝘳 𝟺, 𝟸𝟶𝟸𝟶⁣⁣