Below is a spreadsheet of the latest statistics for the Real Estate Market in Northern Virginia. A lot has changed (hopefully improved!) this month so take a close look at the spreadsheet. A few of the changes:
- Different Jurisdictions are on separate tabs of the same spreadsheet. As always I have stats for Northern Virginia (Arlington, Alexandria, Falls Church City, Fairfax City, and Fairfax County) and Fairfax separately. But now you have to click on the City of Fairfax tab under the charts to get those stats. During the next couple of weeks I will be adding some different jurisdictions on different tabs, so come back and check this post. I’ll be adding Prince William County first.
- Charts: At the bottom of the spreadsheet.
- Average Prices: I have been reluctant to give this in the past because it’s so easy to misinterpret. Let me just say month to month prices in jurisdictions with a small number of sales mean very little. Changes over large chunks of time affecting a large number of houses are much more significant. For example, it’s very significant that prices in the Northern Virginia have gone down and stayed down over the last year. The tank in Fairfax City prices from February to March 2008 isn’t significant. It’s a statistical anomaly because the bucket of properties sold those two months changed significantly.
- Highlighting the current month: I hope you will go back and compare last month’s numbers to the same month in years past. Real Estate is seasonal.
Written by Jeff Royce of Frankly Real Estate, Inc. Fairfax, VA, 703-585-5663