This information, and much more, is available on my web site at www.VickyChrisner.com and is updated regularly, so for the latest and greatest info, be sure and check out my site.
HOW MUCH INVENTORY IS THERE?
The real estate market is really all about "Supply and Demand", so to understand the market the first question is: How much inventory is there? In other words, how many homes are currently being marketed for sale in our area?
This chart gives you the 5 year historical data on inventory levels in our Northern Virginia area:
PRICING TRENDS & FACTORS:
When inventory is high, prices will inevitably have to fall so that inventory can be re-balanced. This is what you see in 2007-2009. Remember, too, when looking at that data, that the "First Time Home Buyer" tax credit programs were in place for parts of 2008-2010 offering financial tax incentives for those purchasing their first homes. These programs did stimulate the "starter home" market substantially. This meant that the lower priced homes were selling more rapidly and those were a significant portion of the sales during that time, pulling down the "median" sales price statistics. That program helped to re-balance our inventory levels, and made way for sellers to become "move up" buyers. This program continued to have an impact on the market statistics through 2010. In 2011, we saw more normal trends in pricing, with moderate price growth; and 2012 seems to be reflecting a similar, although even more optimistic, trend.
This chart shows you the 5 year historical data on median sales prices within our Northern Virginia area:
ARE SELLERS GETTING THEIR PRICE?
Sellers need to know how much negotiation buyers are generally expecting in the market.... and Buyers need to know if low ball offers are getting accepted. While every transaction is individual, this chart gives us a big picture answer to that question. In the chart below, you can see the 5 year historical averages in our region for the percentage of selling price to original list price.
If you're interested in hearing the latest available statistics, and market indicators in our region, you won't want to miss this video, and be sure to check back after the 20th of the month to get the next update.
When you're looking for a REALTOR that knows the market, you can trust Vicky Chrisner. Vicky Chrisner, Northern Virginia REALTOROffice: 703.669.3142