A big jump in listings brought more potential buyers out to northern Virginia's housing market this summer and fall. The traffic, however, did not translate into a similar jump in sales, and homes are now sitting on the market far longer than they did just one year ago.
The problem, ironically, was too few listings at the beginning of the year.
"We only had a 1.64 month supply of homes in January 2014. This led to a lot of multiple contract situations which drove up prices, and by the time many spring sellers put their homes on the market it appears that the prices weren't able to hold, which led to higher days on market and increased inventory," said Edward Berenbaum, a Realtor in Alexandria, Virginia.