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.

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