Nobody is sure of how the real estate market will turnout due to the Pandemic. But what I can do is state numbers and present facts, which is a system and a way to determine how the Real Estate Market has been and how it might be. I want to talk to you about what's going on in the marketplace in the summer of 2020.
Let's go back to 2018, where a big "Amazon is Coming!" announcement revealed around Northern Virginia. As a result, there was a 30% reduction in the inventory, resulting in people selling their property in the previous year on a 100%, this year it's 70%, from January 2018 up until about March of 2020. A very unexpected phenomenon happened, which was the start of the Pandemic. With that said, from March - April, nobody knew what to do, and there was very little market activity during these two months. Coming to May and June, the market started to stabilize a little bit, and by June 1st, we went into a seller's market.
The supply on the marketplace today is about 35% less than the previous year. Compared to the 2018th market percentage, that tells me that this has been a compounding year that gives an excellent opportunity for people who want to sell.
There are some pockets in Northern Virginia specifically, Crystal City and Old Town Alexandria. These properties suggest that the inventory is a flip-flop of everything else. The numbers today show that it's going up in these local marketplaces right here. So why wait for Amazon to come? Sell your property now and reap the benefits.
If you're interested to learn more about Real Estate Investing or tips and strategies about Real Estate, you can reach me at 703-346-2776 or send me an email at Dan@greetingsvirginia.com. We will be more than happy to help you.
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