Northern VA Housing Statistics Are In for October

Northern Virginia: October 2008

(reprinted from NVAR.com)

The Northern Virginia Association of Realtors® reports on October 2008 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 1,650 homes sold in October 2008, a 29.74 percent increase above October 2007 home sales of 1,123. At the end of October, there were 1,604 sales contracts pending in Northern Virginia, an increase over the 1,232 contracts pending in October 2007.

Active listings decreased by 15.02 percent from last year, with 8,806 active listings in October, compared with 10,363 homes available in October 2007.

Homes continue to take longer to sell in 2008, with the average home in October staying on the market for 94 days, compared with 89 days on the market (DOM) in October 2007. Sales prices continue to remain lower than those realized last year.

The average sales price in October fell by 17.92 percent from October 2007, to $427,502, compared with last October’s average of $520,829.The median price of homes sold in Northern Virginia in October was $359,000, which is a decline of 17.47 percent compared with October 2007´s median price of $435,000. 

NORTHERN VIRGINIA AREA*
HOME SALES REPORT
October 2008

OCTOBER HOME SALES 2008 2007

Average Days On Market

(+ 5.62%) 94 89
OCTOBER ACTIVE LISTINGS    

Detached

4,306 4,831

Attached

2,123 2,782

Condos & Co-ops

2,377 2,750

Total

(-15.02%) 8,806 10,363

Months Supply

(-34.50%) 6.04 9.23
OCTOBER SALES PRICE    

Average

(-17.92%) $427,502 $520,829

Median

(-17.47%) $359,000 $435,000
YEAR TO DATE    

YTD Homes Sold

(-5.12%) 14,970 15,778

YTD Sales Volume

$6,918,451,238 $8,515,388,570

YTD Average Sales Price

(-14.37%) $462,154 $539,700

* EDITOR’S NOTE: Figures are based on data extracted from the Metropolitan Regional Information System, Inc (MRIS). Figures include data collected from the counties of Fairfax and Arlington, and the cities of Alexandria, Falls Church, Fairfax, and the towns of Vienna, Herndon and Clifton. Ground Rent units are included in Condos & Co-ops. The information is deemed reliable but not guaranteed. Data maintained by MRIS may not reflect all real estate activity in the market.

If you need representation when buying or selling a home in Northern Virginia – don’t forget to contact The Belt Team. We are happy to provide you with a market analysis, housing market update, list of homes for sale in Vienna, McLean, Oakton, Great Falls or any other part of Northern Virginia…and more. Email Sales@TheBeltTeam.com or call (703) 242-3975.

Post-Election Market Update for Northern VA Real Estate

Q. The election has passed and the new administration and all their new people are headed to the DC area. Doesn’t this bode well for the Northern VA housing market?   

A. The Belt Team is often asked this question at Presidential Election time. The answer is that the truth belies the conventional wisdom. The fact is that our region is so large that the influx of politicos with a new administration does not have a meaningful statistical impact on the overall market in Northern Virginia. However, remember that real estate is local. This means certain local micro-markets will see a positive benefit. The neighborhoods with good access to Capitol Hill in areas like Arlington, close-in Alexandria & close-in Mclean will most likely see increased activity.   

Read this short, interesting  article about just this question:

 http://www.washingtonpost.com/wp-dyn/content/article/2008/11/07/AR2008110701635.html 

What we can tell you anecdotally from our experience over the years is that elections have a psychological impact and activity often slows down before an election as the market seems to be on the fence and holding its breath. . . . and that after an election, this deep breath is slowly released as people get on with their lives and pursue their dreams & goals. We have experienced that slow-down again this year and are already seeing activity increase since the election because prices have corrected  have corrected significantly and interest rates are low. First time and move up buyers have opportunities available to them not seen since the early 1990’s.  The savvy buyers are looking now. 

Lots of real estate opportunities exist in Vienna, Oakton and all of Northern Virginia. If you’d like to make the most of this opportunity – give The Belt Team a call: (703) 242-3975.

Open Houses This Weekend!

We have some wonderful listings that will be held open this weekend. Please stop by!*********************************************************************

Sunday from 1PM to 4PM 

 

Vienna – 8421 Cottage Street -Walk to Dunn Loring Metro!  $597,000

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Saturday 12 Noon to 5PM AND Sunday 12 Noon to 5 PM

Photo

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Fairfax/ Vienna Metro Area – 8881 & 8886 Olive Mae Circle – near Dunn Loring & Vienna Metro! $838,500 & $849,500

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What's on the Market Post-Election Day in Vienna / Oakton?

Now that Election Day has come & gone, let’s take another look at what real estate (condos, townhomes and single family houses) is available for sale in the Vienna Oakton market. (Check back next week and we will have contract/sale statistics for Northern Virginia for October.)

VIENNA:

293 homes are for sale (down from 321 last time we posted). The lowest priced listing is a condominium at Mosby’s Landing. It has 3 bedrooms and 1 1/2 baths and is listed at $215,000. The highest priced listing is a re-sale on East Hunter Valley. It has 7 bedrooms, 9 full baths, 2 half baths, is sited on 6 acres and is listed at $4,250,000.  The average list price for homes on the market is $867,663 and homes are currently averaging 131 days on the market.

OAKTON:

96 homes are for sale (only 2 less than last time we posted). The lowest priced listing is still a condominium in The Vistas. It has 1 bedroom and 1 bath and is listed at $164,900. The highest priced listing remains the same -a 2 year old home on 2 acres on Vale Road. It has 6 bedrooms, 8 full baths and 5 half baths. It’s over 19,000 sq ft and includes a gym with sauna, tanning booth, steam spa shower, pool, tennis, koi pond, state-of-the-art theatre & winetasting room! It’s listed at $16,500,000!  (Our prediction is that it will NOT sell for that!). The next highest priced listing is also still the same – an 18,000+ sq ft. home on Stuart Mill Rd. It has 5 bedrooms, 5 full baths, 3 half baths & 9 fireplaces and is listed at $10,700,000! The average list price for homes on the market is $1,085,073 and homes are currently averaging 127 days on the market. 

If you have questions about the current market, buying or selling a home, what your home is worth, or anything else real-estate related – call The Belt Team at (703) 242-3975. 

 CLICK HERE TO Get a free comparative market analysis of your home’s value sent to you with no obligations.

Have You Checked Our New Websites?

If you’re reading our blog, then you already know about our main web site. Well, we’ve now added a few additional sites in order to serve you better. Click here to check out our new sites: 

www.ViennaOaktonHomes.com

www.ViennaOaktonHomeValues.com 

www.OaktonVienna.com

Each site offers something a little bit different – including the ability to Search the MLS, Request a CMA (Comparative Market Analysis – Your Home’s Value) and Apply for a Pre-Approved Loan. Each site is very easy to use. We have had very good comments about each one. We would appreciate yours too! 

So when your family, friends, or associates are thinking of buying or selling real estate, especially in Vienna, Oakton, Great Falls, McLean & the rest of Northern Virginia, please tell them about The Belt Team and our new websites.