What a difference a year can make... sometimes.
Examining some numbers for the month of February in 2005, 2006, 2007, 2008, make it exceedingly clear that Northern Virginia's real estate market has indeed changed. For sellers wondering why their home has not yet sold, there is one number that explains the frustration. In February 2008, the average home sale took 5 TIMES longer than the average sale in February 2005, and almost 2 TIMES longer than in February 2006.
Prices have dropped too, though not significantly. Average prices in Northern Virginia increased from February 2005 through February 2007 by an almost negligible 4%. However, with the 5% decline from February 2007 through February 2008, the average sales price is back below February 2005 prices.
Homes are selling for a lower percentage of the asking price. This has been decreasing steadily over the past few years and months, providing home buyers with an opportunity for additional negotiating room.
While total home sales in Northern Virginia declined in 2006 and 2007, the numbers for this year are glaring. Total volume of sales and number of home sales in February 2008 are at only 56% of the level reached in February 2005.
Here are the full set of numbers:
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|
February 2008
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February 2007
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February 2006
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February 2005
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|
Total Sales Volume
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$464,461,021
|
$738,225,951
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$703,311,112
|
$832,557,318
|
|
Average Sales Price
|
$479,320
|
$504,943
|
$514,116
|
$484,608
|
|
# of Sales
|
969
|
1,462
|
1,368
|
1,718
|
|
Days on Market
|
116
|
108
|
63
|
23
|
|
Average List Price
|
522,473
|
539,065
|
532,371
|
487,703
|
|
% of Sales Price/List Price
|
91.74
|
93.67%
|
96.57%
|
99.37%
|
SELLING A HOME IN THIS MARKET
If you are trying to sell a home, these numbers can be a bit scary and intimidating. That's why it's important to work with the right REALTOR to price your home properly, market it extensively, and get it sold:
Come on Down! You're the Next Contestant on The Price is Right
The World Can Be Your Oyster -- Marketing Your Home Across the Seven Seas
CLICK HERE TO CONTACT ME ABOUT SELLING YOUR HOME
BUYING A HOME IN THIS MARKET
The current market presents a buying opportunity. If you've been sitting on the fence or on the sidelines of the real estate market in Northern Virginia, now may be the right time to jump in:
Good Buy for the "Regular Guy" -- Median Priced Homes in Northern Virginia
Now's not the time for panic or Fear
Also read Your Homebuying Horoscope
CLICK HERE TO TAKE THE FIRST STEP TO START YOUR HOME SEARCH
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