January saw sellers chances of selling their homes improve steadily. In the official Northern Virginia area, defined as Arlington, Alexandria, Fairax County, Falls Church City, and Fairfax City the supply of homes on the market declined to under 5 months. This was due more to an increase in sales than a decline in listings. This January showed once again that the conventional wisdom about it being more difficult to sell your home in the winter months is just plain wrong (winter of 2008 is the exception that proves the rule).
The hottest market in the area is Prince William County where over 30% of the listings on the market sold in January. The average price also went up in Prince William County. There are a lot of inexpensive foreclosures on the market in Prince William right now and buyers are going after them.
The rest of Northern Virginia saw price declines in January. Some of this is likely due the mix of homes that sold; buyers seem much more satisified with smaller, less decked out homes than they have been in the past.
Below are all the numbers. Please notice at the bottom of the spreadsheet that you can click on different jurisdictions to see it’s numbers.
Written by Jeff Royce of Frankly Real Estate, Inc. Fairfax, VA, 703-585-5663