Northern Virginia Real Estate Market — Big Drops Inventory and Increases in Sales
So with all the economic and health care drama going on how about we focus on northern virginia homes for sale news and trendz!!!!!!!!!! Let’s look at big picture for the Northern Virginia real estate market in terms of prices, inventory, days on market and trends–the overall health of our market. I’ll get more specific about Arlington real estate in another post. As my team is on the front lines of real estate selling about 45 homes by the end of this year I have my finger on the pulse on the market–the challenge is finding time to write about it….I’m confident my team will do 75 transactions in 2010.
Inventory Plummets for Northern Virginia Real Estate
Inventory for both of these areas is down 22%. Keep in mind both Alexandria homes for sale and Fairfax are huge cities georgraphically with tons of homes for sale overall.
As you can see inventory is down 38% for single family homes for sale in Springfield Virginia.
A 58% decrease in Woodbridge Virginia real estate. Seriously that’s amazing.
Counter trend–the Luxury Markets Increase in Inventory
However in the upscale more pricey areas such as Arlington, Vienna, McLean and Great Falls inventory is up about 10%. That is a huge contrast to being down 25%.
Sales trend #2 for Northern Virginia Real Estate– Transactions up 10% in 2009
I hear all the time people assuming the market is terrible and homes aren’t selling when they entertain me with real estate questions.
Days on Market Falls in 2009 for Northern Virginia
For the entire DC metro area the average days on market fell 15% in Quarter 2 2009 versus Quarter 2 2008. To get more Northern Virginia Specific let’s look at past few months–down 18% in the last quarter versus 2008:
An excerpt from the MRIS Q2 Trends in Housing Report:
Prices Down for Northern Virginia Real Estate
Another excerpt from the MRIS Q2 Trends In Housing Report:
This follows well what I’d been experiencing out there on the field. Prices are down about 15% versus a year ago in the inner area of Northern Virgina–Fairfax County and down a bit less in Arlington/Alexandria area 9%. Some might say the increase in price from Q1 to Q2 of 2009 is a big deal but prices always rise in the Spring when demand is much higher than the Fall/Winter so don’t read much into that.
Summary — The Northern Virginia Has Stabilized a Lot
- with prices down about 35% past 2 years
- the for sale inventory in months is down significantly
And in the Inner area such as Arlington there is only 3.5 months of inventory as of June 2009.
- and the lower DOMS (days on market) show increased demand due to lower prices and less inventory
With the inventory being so much lower than before combined with prices being so much lower than previous + higher demand–more transactions and lower DOM–the market is basically stabilized. How does it go lower significantly with all those factors being what they are???##!#!!??It’s almost bottomed out, has bottomed out, or is already on it’s way up.
However interest rates will go up with the Big Brother crazy spending, etc. so now is a wise time to buy I must say. I just closed on a short sale myself for a 6BR house and am loving it! Our home closed 8-10% below market value. Buy now. Those of you who follow this blog and my team know that we are consumer advocates and care about protecting you $$$$. My floater series and overpriced condo series show this well. See the links below. Contact my team to represent your interests at contact button above.