13 Homes Came on the Market in Manassas since January 1, 2014. Is this telling us something?
It is not the spring market yet, but it looks like the market is picking up some! In the City of Manassas there are 13 homes that came on the market in the last 21 days. Nine of the listings are standards sales. Four of the homes that came on the market are distressed sales meaning they are either Potential Short Sales or REO/Bank Owned. (REO-Real Estate Owned)
The 2013 story was the shortage of homes for buyers in the middle and lower price ranges. Last year resulted in strong buyer demand due to low inventory-homeowners were reluctant to list their property due to low equity and lower interest rates “Last year’s running storyline was one of low inventory, which David Charron, MRIS CEO, expects will ease up in 2014. It will probably not ease up enough to meet buyer demand, so sellers could still be at an advantage for the foreseeable future. Given the pent-up demand for homes, 2014 looks like it could be a stable year!
This buyer demand in 2013 led to price increases for sellers and homeowners began to regain equity in their houses. With this confidence, more sellers decided it was profitable and/or affordable to sell. We may see this trend continue in the 2014 market.