Northern Virginia Real Estate Market Update
The December 2008 numbers have been released and are in the spreadsheet below. Please note at the bottom of the spreadsheet, you can click on the various tabs to see the sales statistics for homes in different jurisdictions of Northern Virginia.
For the most part sales remained fairly steady from Novemeber to December. For “Northern Virginia” (defined as Alexandria, Arlington, Falls Church City, Fairfax City, and Fairfax County) we remained at just under 6 months of inventory on the market. This is far stronger that December 2007 when there was more than a 9 month supply of houses on the market. Most jurisdictions, with the exception of Arlington, are selling at a brisker pace than they were a year ago.
The slowest selling area was the City of Fairfax, which climbed to a 7.88 month supply of homes on the market, but still way better than the 19.75 month supply in December 2007.
The fastest selling area last month was Prince William County, including Manassas and Manassas Park. There was only a 3.65 month supply of homes on the market there. This was due to the extremely low prices found in these areas, mainly on the many foreclosures available there.
Loudoun County is not following suit. There is a 5.91 month supply of homes for sale there. It is selling at about the same pace as Nothern Virginia as a whole.
Here are the statistics:
Written by Jeff Royce of Frankly Real Estate, Inc. Fairfax, VA, 703-585-5663