The Big Picture on 2010 Northern Virginia Real Estate Market homes for sale Arlington Virginia

Posted by Jay Seville on Tuesday, June 15th, 2010 at 11:23am.

2010 Northern Virginia Real Estate Market Goes Wild

 

 

Northern Virginia real estate data for Fairfax, Arlington, Clifton, Alexandria, Falls Church and Vienna

The big picture on Northern Virginia market are the following:

  • months supply is down another 11% to 3.94 months--crazy low! 
Below 5 or 6 and the market is unbalanced.  That is why there are so many multiple offer scenarios when writing contracts to purchase northern virginia homes for sale in Fairfax county area and beyond
  •  DOM (days on market) is down 47%.

It takes about half as long to sell a home than it did a year ago.

  • median sales price is up 7.73% and average sales price is up 10.43% for the area

Arlington Virginia Real Estate homes for sale 2010 market data

These graphs and data are referencing 2010 versus 2009 Arlington VA real estate:

median_sales_price_arlington_2010_997

 arlington_virginia_days_on_market_real_estate_250   DAYS ON MARKET

arlington_homes_for_sale_closed_sales_2010_286 Arlington closed sales up dramatically from 2009

Median sales price up 3%

for single family Arlington virginia homes for sale....

median_sales_price_arlington_county_2010_526

Fairfax County Real Estate Market Data 2010

fairfax_county_real_estate_median_sales_price_2010_266  Fairfax County median sales price 2010

days_on_market_till_sale_fairfax_county_2010_458

northern_virginia_inventory_homes_for_sale_2010_502

percent_of_list_price_fairfax_county_homes_for_sale_496

This graph above shows how much buyers and sellers are agreeing on the market value of Fairfax Virginia homes for sale.

Loudoun County Real Estate Market Data 2010

loudoun_county_real_estate_median_sale_price_2010_256 Median Sales Price 2010 Loudoun County Homes for Sale

days_on_market_drops_loudoun_county_454

Prince William County Real Estate Virginia Market Data Homes

prince_william_county_real_estate_market_data_2010_285 

Median Sales price Prince William County homes for sale 2010 versus 2009

yes that is +26% median sales price!

 

prince_william_county_days_on_market_home_sales_485

prince_william_county_inventory_real_estate_2010_491

 

prince_william_county_percent_of_list_price_sales_481  You are reading that correctly.  The average sold price as a percentage of list price in Prince William County real estate is 99.4%.  How, well I believe it is distorted.  Often foreclosures and investment properties are listed low--really low--and they receive 3-15 contracts bidding the price up well beyond the list price back up to its real market value.  With this dynamic going on it makes it hard to read too much into this last graph.

 

All this Northern Virginia Increased Real Estate Sales is  Well and Good, But....

The summer slow down has started and I've seen a big drop in demand the past month.  Some of that is seasonal but I think it is more extreme because buyers and sellers took care of business early this year to take advantage of the tax credit.  They put their homes on the market earlier than usual and buyers made it a point to get under contract in time (april 30).  So demand has slowed down as the market catches its breath....

 

3 Responses to "The Big Picture on 2010 Northern Virginia Real Estate Market homes for sale Arlington Virginia"

Rex Peters wrote: Like your web site. It has a great deal of information that we found useful. Thanks.

Your blog, however, does not give much of a "big picture". Year over year comparisons gives little historical perspective. Also, the reasons behind existing low inventories tells a bigger picture of where the markets are historically and if history repeats itself what a reasonable expectation is for the future.

Posted on Sunday, July 11th, 2010 at 9:13pm.

Another Arlington Real Estate Guy wrote: This is a well communicated analysis of the Northern VA market. Do you think the recent slow down in home buying activity will affect prices or do you think it is just a quick lull in the market?

Posted on Tuesday, July 27th, 2010 at 7:28am.

jay seville wrote: Great question. I know this week I did get a surge of inquiries and property showing requests. It's hard to read because things slow down in summer every year anyway, but the past month seemed intensely slow.

I'm thinking prices that went up this year around Northern Virginia will hold but the DOM will increase again another 20% for example after having dropped so much the past year.

Posted on Tuesday, July 27th, 2010 at 8:00am.

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