Menu

Appraisal Blog

We Speak Nothing But Truth

header photo

What Happens When Inventory Remains Low

The Washington D.C Metropolitan area, including Maryland and Northern Virginia, has experienced an increase in median sales price compared to this time last year. According to Brighton MLS Housing Data, the median sales price increased 1.1%, or $4,900, to $439,900 setting a new July record. The number of closed sales increased 2.2% to 5,157, new listings increased 0.9% to 6,282, and the number of active listings decreased 6.1% to 10,272 compared to July 2016. According to NVAR, the ratio between average sales price and original list price for this region is at 98%, which can be seen as a good indication of accurate pricing. While the market is performing well in many areas, the inventory shortage continues to be a problem. According to WTOP, the area saw a double-digit decline in active inventory compared to last year, most prominently in Prince George’s County (33% decline), Loudoun County (23% decline), and Prince William’s County (23% decline).

Expert Opinion of Wen Li

Wen Li has been an appraiser for the past 15 years, and began his career as a contractor. Wen has serviced the Maryland, Virginia, and Washington D.C area as both a certified appraiser and a licensed home inspector, and has become well versed in many different types of assignments over the years. From FHA 203K’s to pre-foreclosures, and from rural areas to suburban neighborhoods, Wen enjoys the diversity the market brings. According to Wen, the most important aspect of being an appraiser is constant education, and to maintain professionalism with every assignment.

Source: This article is the property of CoesterVMS.net which is the official blog of CoesterVMS.com. CoesterVMS is a well known appraisal management company in USA.

 

 

Go Back

Comment

Blog Search

Comments

There are currently no blog comments.