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

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:

 

 

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….

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Jay Seville

REALTOR ®

One of the nation’s first 2.0 realtors…after hitting the highest levels of achievement at RE/MAX, Jay Seville left and formed his own brokerage in 2007 creating much business that he shared with his agents to help them make a great living. He has been principal broker and team leader of a buyer agent team since 2005.