Northern Virginia Real Estate Market Update - November 2008

Real Estate Agent with Keller Williams Realty

Now taking a look at the Greater Northern Virginia Real Estate market, let's take a macro view of the market. The follows statistics are for Arlington County, Fairfax County, the cities of Alexandria, Fallls Church, and Fairfax, and the towns of Vienna, Herndon, and Clifton.

Category 2008 2007
Average Sales Price  $423,088 $513,930
Days on the Market 91 99
# of Sales 1,100 1,065
Absorption Rate 7.61 9.12


What does this mean?

We've had MORE sales, in a SHORTER amount of time, and the inventory is lower this month than in 2007. The sales price is less than this time last year - but these are signs of a strong and rebounding market.

There was an article in the New York Times that said, we may not know when the bottom was until years from now...but there's no question that there are great opportunities out there to buy real estate. So do you want to be the one's saying "I wish I had bought in 2008" like some sellers are thinking "I should have sold in 2004!"?

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