Market Update October 5th thru the 12th

The market is looking a little better this last week.  We have a total of 103 detached homes in Oak Hill/Herndon for sale - down a little from last week. We had 8 new listings - 2 of which were relisted at different prices.  The good news is that 5 homes sold - up from last week. They were on the market from 6 days to 313 days. What it looks like to me is that the market is trying to hold its own. It seems the traffic thru the houses on Opens and regular real estate traffic is down to 1 or 2 per week. I also think the investors are buying up the foreclosures - which is helping stabilize the market by getting those houses off the market. I think this is true of this area of Fairfax County. I think Loudoun is facing more difficult problems. I showed approximately 75 townhomes in the last 4 days to different buyers. Of those 75 townhomes, ninety percent were vacant. In Loudoun, 50% of them were foreclosures or short sales. If the market continues to do what it is doing, we should see firmer prices in January - making this a great time for buyers to buy.