The numbers below reflect the market for all of Northern Virginia (Arlington, Alexandria, Falls Church City, Fairfax City, and Fairfax County). Real Estate market are really very small, right down to the neighborhood level, but this gives a picture of the broad market around Northern Virginia that is compromised of the many smaller markets.
May was a slightly better month than April (which was surprisingly good) in terms of total units sold, but their were also a few more homes on the market so the percentage of homes sold was slightly less. I believe these numbers are a very good sign for the Northern Virginia real estate market going forward. My concern after seeing the April numbers was that they were just an anomaly. These May numbers show this market was able to sustain this level of sales for two months now. We are maintaining a 5 month supply of homes on the market, which is neither hot or a cold market.
Note: if you are viewing this in a feed reader, click here to see the spreadsheet.
[...] City continues to lag behind Northern Virginia as a whole in terms of percentage of homes going under contract. In May, 15% of the homes for [...]
After months and months of gloom and doom, it’s nice to finally see some positive numbers. Let’s hope that we have left the realm of the “anamoly” and are at the beginning of a “trend.”
It is important to keep a close eye on the actual statistics since we all know that the media is quick to report bad news but will lag behind any good news, especially since the Northern Virginia recovery will undoubtedly start sooner than most other markets. Those of us who keep a close eye on these things are well served by spreading the word when the word is good.