Market Update Jan 4th thru the 11th

Real Estate Agent with Long and Foster
Well, we are off at the start of our Spring market - so far starting to look good. The inventory in 20171 for single family homes is at 70 - a little higher than last week - but that would be expected as sellers put their homes back on the market after the Holidays. There were 9 new listings - 3 of which were relisted. The good news is that 4 homes sold - 3 of which were over 600,000. One was at 459,000. The market under 500,000 continues to lag behind because of the heavy competition from the foreclosures. They continue to come on the market $125,000 less than what they were purchased for in 2005. Most of the ones that I have seen are in really rough shape but would be good investments for people on the prowl for deals. Hopefully, the market will continue on this trend. If so, watch for prices to firm up and the listings will start to sell faster. Have a great day in Virginia. If you are interested in additional information on foreclosures - just email.

Comments (1)

Michael Coffey
Mike Coffey (Keller Williams Realty) - Reston, VA

Thanks for the update, Angela!  We are seeing quite a bit more activity after the holidays as well.  Glad to see more sellers getting 'back in the game'.

Jan 29, 2009 04:28 AM