December 2006

There are 2 blog entries for December 2006.

(preface--the comments feature is broken but I'd like any feedback you have on the topic/article...write me here) There is one question I get asked weekly by people from around the country, "What's going to happen in the real estate market next year? Should I buy now or wait?" Well based on my experience the last 12 months and a lot of research I've done I have much to proffer on the issue. My previous post noted how much inventory had declined since the peak in March 2006. Well I just pulled the November numbers and found some interesting trends. For Northern Virginia real estate the number of units sold in November 2006 was 24% lower (1,475) than in November 2005 (1,933). And the average sales price was 4% lower than in Nov. 2005. The average…
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Virginia Real Estate Inventories Declining Rapidly....

Percent Change in Inventories of Existing Homes: Month Over the Year Change RE Graph 1992-1996RE Graph 2001-2006Back in March 2006 the inventory peaked at 1.5 times higher than March 2005: 10,444 home for sale versus 4,294 in March 2005. This was the inventory peak for Northern Virginia real estate. However nationally the inventory peak occurred in May 2006 which means our region is ahead of the curve in its return to normal market conditions. At our peak inventory of March 2006 we were around 150% of the inventory from the previous year. However that has fallen dramatically so that by September 2006 we were at 40% more inventory than Sept. 2006. And based on my experience the past few weeks with more buyers than ever wanting…
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