Tysons Corner Condo Inventory on the Rise
As we head into spring it’s always great to look back at trends to understand how to best advise our clients. While not unusual, each year its interesting to see the flood of homes entering the market from Jan – Apr. Today we focus on the condominium community in Tysons Corner.
+314% in new listings from December (7) to January (29). The increase continued for February with new listings for the month reaching 33. While these listings are up month by month from a year earlier (9, 17, and 25 respectively), we must also account for the new condominium sales (Verse and Monarch).
At the same time closed deals reduced by -31% between December (16) and January (11). February remained flat with 12 closings. For comparison, a year earlier, the closed deals were 21 (Dec), 17 (Jan), and 15 (Feb).
Today there are 43 active condominium units available in Tysons Corner.
What Does All This Mean?
Well, more listings + less closings generally indicates that we are in a buyers’ market (supply exceeds demand). If you are in the market that’s great news for you. You should have more options and choices to meet your requirements. However, be reasonable with your expectations. The entire country is watching this area (including the sellers) and following Amazon’s HQ2 decision to move to Arlington, VA we now have Parsons Corporation (about 16,000 employees worldwide) following suit moving their headquarters to Centreville, VA.
“Our strategic actions over the past 10 years, including acquisitions, have led to the Washington metropolitan area having Parsons’ largest concentration of employees worldwide.”
Parsons CEO Chuck Harrington
This influx of companies and employment (direct and indirect) may very well outweigh the perceived buyers’ market having sellers hold firm on their price (which I suspect many of them will).