Northern Virginia Statistics for Sellers

By
Real Estate Sales Representative with Fieldstone Real Estate

So, you're thinking of selling... wondering what the market's like?

Here are some interesting statistics, published through the end of last quarter (June 2008)... and a bit of information about how to interpret it:


In Northern Virginia
(No. Virginia is defined by MRIS as Fairfax Co. & City, Alexandria, Falls Church and Arlington)

* Prices of SOLD home are down about 15% from last year.
* The number of homes sold are down about 5% from last year.
* The average number of days a home stays on the market is 83.
* The SOLD prices of homes is, on average, 93% of asking price.

Who the buyers are: Looking at how people are financing homes gives us some clue about who the buyers are:
* 65% finance with conventional loans. This usually signifies someone OTHER than a first time home buyer.
* 23% finance with FHA or VA loans - these are typically first time home buyers.
* 10% pay cash, assume a loan or use seller financing - these are typically investors.

Compared to last year, there is a huge difference. Last year more than 90% of the purchases were paid for with conventional loans, only about 1% were FHA or VA loans, and less than 5% were paid for with cash, loan assumptions or seller financing.

What does this mean? Well, it says that the No. Va. region is showing some signs of stabilization. When you see an increase in first time home buyers and investors entering the market, that is a good sign.

Further supporting this, is the supply ratio - last year this time, we had a 5.7 month supply of available homes; this year, it's down to 4.96 months. That might not sound like a big adjustment, but it is measurable. There are signs of stabilization in the market place.

Having said all of this, what's going on in Northern Virginia does not tell you what your area is like. Some areas are showing even stronger levels of stabilization, where other neighborhoods have indicators that seem to suggest further price decline in the coming months.

If you're trying to decide what your next step should be, call me. I will be happy to run reports and help you analyze the data that is most critical to you.

But, for you "do-it-yourself-ers" out there, feel free to use these resources to help you learn more:

* If you follow this link, you are welcome to run the same reports for anywhere that MRIS services. You can run them by area or by zip code. There are a lot of numbers on these reports, but I have shared with you some of the greatest industry markers available to us. New statistics are published around the 10th of each month for the preceding calendar month: http://www.mris.com/reports/stats/monthly_reti.cfm

* On the home page of my web site is a Market Snapshot tool, it links to the MLS with live data and will tell you the prices and other information of homes that have sold or that are on the market that are closest to your home. Please note, the report will be automatically generated and emailed to you - so you must include a REAL email, or you will not receive the report. You must also include the specific address of the property so that tool can function - since it is looking for the closest addresses to yours, if it does not know where you live, it will not be able to determine who is closest to you. Once you've entered the information, you'll get monthly updates automatically. You can also choose to get information more often.

If you have any difficulties or would like assistance obtaining or analyzing this information, my team and I are here to serve you. Don't hesitate to ask!

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Rainmaker
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Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

Hi Vicky,

Very informative post. I'll be sure to contact you if I have a buyer coming your way! Best of luck!

Aug 01, 2008 02:07 PM #1
Rainmaker
48,742
Nancy Williams
Coldwell Banker Homestead Group Select Professionals - Harrisburg, PA

Thank you, Vicky,

You did a good job of isolating some key indicators and taking the further step of interpreting them.  Is that list/sold price ratio based on original asking price or asking price at the time the home went under contract?

 

 

 

Aug 01, 2008 02:19 PM #2
Rainmaker
108,709
Vicky Chrisner
Fieldstone Real Estate - Leesburg, VA

Nancy - that stat is list price at time of contract. With a more specific location (like zip code, neighborhood, etc.) I could provide the stat for % or original list price, however, it is more time consuming, as it is not a readily available report... so it would take hours and hours to provide that for the entire No Va area.  If you or someone you know has interest in getting more detailed information, feel free to contact me - vchrisner@kw.com

Greg - thanks; and I'd LOVE to take care of any buyers or sellers in this area.  I am really focusing on building my agent to agent referrals.  I have a business goal of exchange (receiving or sending) 3 referrals each week.  This week, I have sent 2 out (1 to LA, 1 to NY), and received one from LA, and hope to get another this weekend from another area.  Please feel free to sign up for my referral database - send an email to vickychrisner@gmail.com and I shall include you - I always look THERE FIRST before going to AR or other areas to find an agent that might want to exchange referrals.  I hope we have an opportunity to do business together soon!

Aug 02, 2008 12:45 AM #3
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Rainmaker
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Vicky Chrisner

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