The Market – Week ending 2/19/2023
Buyer interest remains strong. Last week mortgage rates increased by 0.2 percentage points to 6.32%. The general consensus is that mortgage rates will not surpass 7%, however, small changes continue to impact buyers and their purchase decisions. That said, buyer interest remains strong even though showing activity is down week-over-week and year-over-year. Showing volume does seem to be catching up to 2019 levels so far this year.
Inventory ticked up. The number of homes on the market increased week over week, but are still slightly below 2022 levels and even further below 2019 levels.
Days on Market stable. Median days to contract was 7 days, close to the same figure last week. Despite the number being lower, it does give buyers a bit of time to make prudent decisions. Anecdotally, we are seeing offer deadlines and multiple offers in homes across the area. And, as we continue to say, homes priced appropriately continue to sell quickly, especially compared to 2019 where that figure was a more healthy number of approximately 30 days.
This weekend, check out NOVA Wild’s Lumagica: The Grand Migration Light Show. As we reported earlier this month, Reston Zoo changed ownership and their name. NOVA Wiled is a non-profit organization and animal welfare is an integral part of their focus and culture.
The light show is designed to highlight wildlife across the world including oceans, mountain ranges and more.
To buy tickets click here: The Grand Migration
Local Business Highlight
Coming Soon to the Village at Leesburg – Anchor Bar. This popular bar originated in Ontario Canada and is making its way to Leesburg. It will be joining the ChefScape venue. Opening date planned for early Spring.
The longest snow tubing slope on the East coast is now open! Located next to River Riders, Snow Riders has been building a 16-lane snow tubing hill. Each lane will be 900 feet long, making it the longest tubing slope on the East Coast. What makes this resort all the more fun is the Downhill Disco. Once the sun sets, guests will experience a unique light show with LED lights that change to the beat of the music.
According to an article published in 2014 in the European Journal of Integrative Medicine, floating in a sensory deprivation tank has been found in a handful of studies to increase originality, imagination, and intuition, which can all lead to enhanced creativity. And, there are other benefits too!
Luckily, we have a facility in the NOVA area – OmFLOAT that offers float therapy. OmFLOAT also provides other health improving services including massage, infrared saunas and contrast therapy.