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!
- 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:
DAYS ON MARKET
Arlington closed sales up dramatically from 2009
Median sales price up 3%
for single family Arlington virginia homes for sale….
Fairfax County Real Estate Market Data 2010
Fairfax County median sales price 2010
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
Median Sales Price 2010 Loudoun County Homes for Sale
Prince William County Real Estate Virginia Market Data Homes
Median Sales price Prince William County homes for sale 2010 versus 2009
yes that is +26% median sales price!
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….