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Northern Virginia Market Update through June 2010

Everybody is trying to figure out what the real estate market is doing right now and having a hard time.  Looking at sales numbers is like looking at the home run numbers of your favorite baseball slugger earlier in the decade and trying to figure out if he would have deserved making it into the hall of fame had he not taken steroids. The national …

Northern Virginia Real Estate Market Update through April 2010

The real estate market in Northern Virginia has rapidly expanded this spring with most areas selling about twice as many homes in April as were sold in February.  This is partly due to the spring selling season that happens annually, but it was a larger jump in sales this year than we see most years.  This was mainly due to the combination of the April …

Northern Virginia Market Update through February 2010

The Northern Virginia Real Estate market continues to move at a brisk pace.  We are seeing about 4 months worth of housing supply on the market.  That being said, most houses are selling much quicker than that statistic would imply.  For houses that actually closed in February, 52% were on the market for less than 30 days, and 69% for less than 60 days.  What …

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Northern Virginia Real Estate Market Report through November 2009

When you look at long term trends in the Real Estate Market here in Northern Virginia, one thing has consistently remained true over the last couple of years.  The number of listings on the market has consistently gone down.  In the Northern Virginia area, the number of houses on the market was down 28% from November 2008, which itself was down 14% from November 2007. …

Northern Virginia Real Estate Market Update through October 2009

The Northern Virginia Real Estate Market continues to clip along at about a pace that would sell all the houses on the market in 3.5 months.  This is the type of market where prices would be expected to rise, and indeed have been rising.  In the spreadsheets below, you can see that in most jurisdictions, average prices are right around where they were a year …

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Northern Virginia Real Estate Market Update through August 2009

The real estate market cooled slightly in August from July.  This is typical of what happens each year as fall approaches.  In August, buyers had a little easier time finding a house that earlier in the summer.  Nonetheless, houses are moved a lot quicker this August than the previous three Augusts. We continue to see price recovery.  For the first time in several years some …

Northern Virginia Real Estate Market Update through May 2009.

The major change we saw in the market this past month is that prices are climbing.  The lack of inventory has become a real problem, with about a three-month supply of homes on the market in Northern Virginia in general.  Bidding wars are taking place on many houses right now.  I wrote two offers for clients this week; one house had 5 offers on it, …

Charles buys a Foreclosure

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Northern Virginia Market Update through March 2009

The Northern Virginia real estate market had homes selling more quickly in March than in any month since January of 2006.  The supply of homes in the Northern Virginia market, defined as Arlington and Fairfax Counties, along with the cities of Alexandria, Falls Church, and Fairfax, was at a 3.5 month supply in March.  Prices ticked up a little bit from February, but are still …