Northern Virginia: December 2008

The Northern Virginia Association of Realtors® reports on December 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 1,510 homes sold in December 2008, a 25.94 percent increase above December 2007 home sales of 1,199. At the end of December, there were 1,321 sales contracts pending in Northern Virginia, a 40.08 percent increase over the 943 contracts pending in December 2007.Active listings decreased by 11.97 percent from last year, with 7,688 active listings in December, compared with 8,733 homes available in December 2007. The average days on market (DOM) for homes in December 2008 decreased by 10.68 percent, to 92 days, compared with 103 days in December 2007.

Sales prices continue to remain lower than those realized last year. The average sales price in December fell by 22.30 percent from December 2007, to $422,674, compared with last December’s average of $543,970.

The median price of homes sold in Northern Virginia in December was $340,000, which is a decline of 22.29 percent compared with December 2007’s median price of $437,500.

Greater Northern Virginia: December 2008

Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for December 2008 continues to show an increase from 2007.The number of Greater Northern Virginia region homes sold in December was 3,032, a 48.63 percent increase from December 2007’s total of 2,040 sales. This marks the ninth consecutive month of increased year-over-year sales totals for Greater Northern Virginia.The average sales price of $334,239 in December 2008 continues to lag behind the 2007 average by about 31 percent. The December 2007 average sales price was $484,310.

Across Greater Northern Virginia, the number of listings showed a decrease from 2007 numbers, with 15,890 listings active, which is 22.28 percent less than this time last year, when 20,445 homes were available. The average DOM for a home sold in December 2008 was 100 compared with last year’s 114 DOM, a decrease of 12.43 percent.

(reprinted from

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