Northern Virginia Homes are Moving
Northern Virginia: November 2008
The Northern Virginia Association of Realtors® reports on November 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 1,100 homes sold in November 2008, a 3.29 percent increase above November 2007 home sales of 1,065. At the end of November, there were 1,458 sales contracts pending in Northern Virginia, a 28.35 percent increase over the 1,136 contracts pending in November 2007.
Active listings decreased by 13.81 percent from last year, with 8,369 active listings in November, compared with 9,710 homes available in November 2007. The average days on market (DOM) for homes in November 2008 decreased slightly at 91 days, compared with 99 days on the market in November 2007.
Sales prices continue to remain lower than those realized last year. The average sales price in November fell by 17.68 percent from November 2007, to $423,088, compared with last Novembers average of $513,930.
The median price of homes sold in Northern Virginia in November was $335,000, which is a decline of 21.18 percent compared with November 2007s median price of $425,000.
Greater Northern Virginia: November 2008
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for November 2008 continues to show an increase from 2007.
The number of Greater Northern Virginia region homes sold in November was 2,378, a 28.68 percent increase from November 2007s total of 1,848 sales. This marks the eighth consecutive month of increased year-over-year sales totals for Greater Northern Virginia.
The average sales price of $328,691 in November 2008 continues to lag behind the 2007 average by about 29.22 percent. The November 2007 average sales price was $464,371.
Across Greater Northern Virginia, the number of listings showed an increase from 2007 numbers, with 17,252 listings active, which is 21.32 percent less than this time last year, when 21,926 homes were available. The average DOM for a home sold in November 2008 was 98 compared with last years 113 DOM, a decrease of 12.56 percent.
Reprinted from NVAR.com