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