June activity slows down for Northern Virginia

In the Metro DC area for the month of June, Buyer traffic fell back to levels seen in Fall of 2006. For the most part, most buyers who don’t have an urgency to buy now are watching the inventory grow and sitting on the fence, observing a good number of price reductions. Rising inventories and a longer time needed to sell indicate that pricing weakness is likely to continue at least through the summer. In most applications buyers realize that they have plenty of time before making a decision. Many agents have commenting that a lot of sellers are still not realistic in their pricing expectations. In Northern Virginia, a few desirable sectors in Arlington and Alexandria are seeing decent activity in affordable price ranges and sought after neighborhoods.