December 2008 Northern Virginia Real Estate Market Update

Real Estate Agent with Keller Williams Realty

Better late than never! Here's the real estate market update for Northern Virginia last month.

Total Homes Sales:
1,510, that's 26% more than 2007

Absorption Rate (months to sell through the current inventory):
about 5 months, about 2 months less than this time last year

Average Sales Price:
Down about 22% from December 2007

Average Days on the Market:
things sold faster! 92 days this month, versus 103 for 2007

These statistics are for the entire Northern VA area - Arlington County, Fairfax County, the cities of Alexandria, Falls Church, and Fairfax. Also the towns of Herndon, Clifton, and Vienna.

The advantage of writing this mid-January is that I have a better perspective on the market now. Rates are low, prices are low, and buyers are coming out with an eagerness I haven't seen in months. Now really is the best time to get real estate "on sale" and a discounted interest rate.

Call me for more information....703.283.6120

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