There's no doubt that home sales in Northern Virginia have slowed significantly in the early part of 2008 compared to sales for the same time period in 2007.  The first quarter of 2008 saw far fewer sales than first quarter 2007 -- approximately a 36% decrease in the number of sales from over 4,500 in 1st Quarter 2007 to under 3,000 in 1st Quarter 2008.

Despite these numbers, there are some indications that the 2008 Northern Virginia housing market may be ramping up.

Consider the following:

For Northern Virginia (which for these purposes includes Fairfax County, Fairfax City, Alexandria City, Arlington County, and Falls Church City), the number of sales in each month of 2008 has been steadily increasing as a percentage of the number of sales made in 2007.

JANUARY 2008      716 SALES     53% OF 2007 SALES VOLUME

FEBRUARY 2008    969 SALES     66% OF 2007 SALES VOLUME

MARCH 2008      1,250 SALES     71% OF 2007 SALES VOLUME

Here are two charts that show the number of sales increasing each month in early 2008 and the number of days on market for homes that sold decreasing.  The first chart is for the entire Northern Virginia area and the second highlights just Alexandria, Virginia.

By these indications, it does appear that the Northern Virginia housing market is indeed ramping up for the Spring and Summer selling seasons.  Traditionally, the next few months are the best time of the year for selling your home.  If you are thinking about selling your home in Northern Virginia, you'll want to read the following article:  Gentlemen (and ladies), start your engines: It's time to sell!

Want to buy a home?  It's still certainly a buyer's market in Northern Virginia. 

Have you checked Your Homebuying Horoscope lately?