Loading ...Northern Virginia Real Estate Market - January Stats
February 20th, 2008 by David | 475 views |
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Loading ... Sales Report for Northern Virginia Real Estate
Released February 11, 2008
info from Northern Virginia Association of Realtors®
| January HOME SALES | 2008 | 2007 |
| Detached | 299 | 540 |
| Attached | 201 | 416 |
| Condos & Co-ops | 216 | 393 |
| Total | (-46.92%) 716 | 1,349 |
| Average Days On Market | (+20.59%) 123 | 102 |
| January ACTIVE LISTINGS | ||
| Detached | 4,128 | 3,254 |
| Attached | 2,418 | 1,615 |
| Condos & Co-ops | 2,391 | 2,080 |
| Total | (+28.61%) 8,939 | 6,949 |
| Months Supply | (+142.31%) 12.48 | 5.15 |
| January SALES PRICE | ||
| Average | (-7.15 %)$486,060 | $523,506 |
| Median | (-12.09%)$400,000 | $455,000 |
| YEAR TO DATE | ||
| YTD Homes Sold | (-46.92%) 716 | 1,349 |
| YTD Sales Volume | $348,018,904 |
$706,209,398 |
| YTD Average Sales Price | (-7.15%) $486,060 | $523,506 |
The rising number of foreclosures and short sales over the past year have dramatically affected the supply of homes on the market for Northern Virginia real estate. This has in turn, brought the housing demand down (”economics 101″), along with NOVA area home values. The average home stayed on the market 21 days longer in Jan ‘08 versus Jan ‘07. On the other hand, the recent increase in conforming loan and FHA loan limits should give a boost the the DC Metro area real estate market. We should see a good amount of activity over the next few months into Spring and Summer as home buyer confidence rises. The stars are aligned for a buyer’s market in Northern Virginia!
Dr. Stephen Fuller of George Mason University’s Center for Regional Analysis (CRA) located in Fairfax VA, noted in a report in Feb ‘08 that the regional job picture is very strong. More than 20,000 new jobs are projected for Northern Virginia each year through 2011. The report stated that of the 15 largest U.S. job markets, the D.C. Metro area showed the lowest levels of unemployment: 3% - compared with a national unemployment average of 4.8%.
*Data from the Metropolitan Regional Information System, Inc (MRIS). Northern Virginia real estate figures include data collected from Fairfax County and Arlington County, and the cities of Alexandria VA, Falls Church VA, Fairfax VA, and the towns of Vienna VA, Herndon VA and Clifton VA. (Sales figures do not include most new home construction sales and For Sale By Owner sales since the data was not entered in the MLS. Only Northern VA Realtors can access the MLS to enter the sales data)
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This entry was posted on Wednesday, February 20th, 2008 at 12:31 am and is filed under Northern Virginia Real Estate, Real Estate Stats, Virginia Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
