Market Statistics for Northern Virginia: June 2009

The Northern Virginia Association of Realtors® compiles reports on June 2009 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. A total of 2,169 homes sold in June 2009, a 14.16 percent increase above June 2008 home sales of 1,900. Active listings decreased by 27 percent from last year, with 7,617 active listings in June, compared with 10,440 homes available in June 2008. The average days on market (DOM) for homes in June 2009 decreased by 14.46 percent to 71 days, compared with 83 days in June 2008. Sales prices continue to remain lower than those realized last year. The average sales price in June fell by 7.42 percent from June 2008, to $451,354, compared with last June’s average of $487,549. The median price of homes sold in Northern Virginia in June was $392,367, which is a decline of 5.68 percent compared with June 2008’s median price of $416,000. The number of pending home sales in Northern Virginia in June shows an increase of 17.12 percent at 2,463 compared to 2,103 in June 2008. In the close in areas of Northern Virginia we have experienced strong interest and in many situations multiple offers on lower priced property, with fluctuations occurring neighborhood by neighborhood, sometimes zip code by zip code. Arlington County and Alexandria City remain the hottest markets. A factor for increased demand is the $8,000 first-time home buyer tax credit, which recently has been monetized at the closing table for FHA mortgage products. This enables buyers to use the credit immediately upon closing.