Home sellers in Northern Virginia have gotten what they wished for this year. Average home prices have continued to rise.... $135k per unit since 2009.
The supply of available homes is approaching the 5 year low. There's not much to choose from out there folks.
Low inventory combined with miniscule interest rates have caused prices to spike this year. There are no bargains and really haven't been since 2009.
As you can see from the graph below, the number of homes available for purchase has been steadily falling since September 2007.
The charts and graphs are all interactive...hold your cursor over any point and get a read...
Fewer foreclosures glutting the market as they did in 2007-2008 has played a role.
Homeowners who purchased their properties during the huge price run up of 2003-2006 are sitting on the sidelines waiting for prices to rise back to a level where they won't take a a huge loss when they sell.
Lot's of folks in this category. That is a huge factor here.
They would like to move up, down or away, but cannot afford to lose dollars from their negative equity positions.
Fewer homes entering the market...in better condition...with steady to increasing demand due to low interest rates and high local employment rates, has been pushing prices up from their bottom in first quarter 2009. See the following graph.
The number of days it takes to get a viable contract was 46 days in July 2012 a very pleasant number for home sellers.
This number should begin to rise as the cooler weather comes upon us...if history holds true. See graph below for Average Days on Market for Northern Virginia.
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