Northern Virginia Stats...

Posted by Carolyn A. Capalbo on Thursday, November 19th, 2009 at 9:42pm.

Northern Virginia at a Glance (focusing on Fairfax, Loudoun, and Prince William Counties)

Our current market is divided into price segments or price tiers and several geographic zones.  The closer you are into the DC metropolitan market the higher the price point by a substantial amount.  In general we are witnessing a very strong Seller’s market on property priced below $417,000.  Prices are rising on the entry level and inventories are at 15 year lows.  We are experiencing multiple offer scenarios and escalating offers.  Buyers are waiving inspections; however, most are not waiving appraisals.  We are seeing many instances of contract values being pushed downward by lower than contract value appraisals.  The average entry level buyer in today’s market is writing 7 offers before contracting on a home.  Multiple offers are the norm in the below $417,000 market.  As the price point rises, the market shifts dramatically.  Closer in the step up bracket is balanced with demand.  The further out suburbs, such as Prince William is experiencing a buyer’s market above $417,000.  The luxury market is stressed and weak in all three mentioned Counties and truly non-existent in Prince William County. 

Fairfax County Statistics

Currently there are 2615 properties available for sale in Fairfax County.  There are 366 actively marketed short sales available, 139 REO’s actively marketed and 176 listed new construction properties (undisclosed new homes available that are not currently active on the MLS).  Over the past 30 days 1172 total transactions closed in Fairfax County, 179 short sale transactions closed and 211 REO’s closed.  The average days on market for all sold values in Fairfax County are 36 days.  The upper end or luxury market is considerably weaker than the remaining market.  The luxury market, homes listing above $750,000 account for 906 of the 2615 units available for sale.  Over the past 30 days only 106 units sold over $750,000 with average days on market of 78.  The step up market, $417,000 to $750,000, has 860 units available for sale with 349 units closing over the past 30 days.  The average days on market for this market segment are 42 days.  The entry level market, $417,000 and under has 858 units available for sale and 721 units closing over the past 30 days.  The average days on market for this market segment are 27 days.  In short we have three distinct markets in Fairfax County; a red hot Seller’s market under $417,000 a balanced market from $417,000 to $750,000 and a Buyer’s market above $750,000. 

Loudoun County Statistics

Currently there are 1175 properties available for sale in Loudoun County.  There are 179 actively marketed short sales available, 61 REO’s actively marketed and 265 listed new construction properties (undisclosed new homes available that are not currently active on the MLS).  Over the past 30 days 416 total transactions closed in Loudoun County, 88 short sale transactions closed and 80 REO’s closed.  The average days on market for all sold values in Loudoun County are 40 days.  The upper end or luxury market is considerably weaker than the remaining market.  The luxury market, homes listing above $750,000 account for 296 of the 1175 units available for sale.  Over the past 30 days only 20 units sold over $750,000 with average days on market of 72 days.  The step up market, $417,000 to $750,000, has 474 units available for sale with 129 units closing over the past 30 days.  The average days on market for this market segment are 53 days.  The entry level market, $417,000 and under has 411 units available for sale and 267 units closing over the past 30 days.  The average days on market for this market segment are 31 days.  In short we have three distinct markets in Loudoun County; a red hot Seller’s market under $417,000 a balanced from $417,000 to $750,000 and a strong Buyer’s market above $750,000. 

Prince William County Statistics

Currently there are 1125 properties available for sale in Prince William County.  There are 258 actively marketed short sales available, 88 REO’s actively marketed and 314 listed new construction properties (undisclosed new homes available that are not currently active on the MLS).  Over the past 30 days 581 total transactions closed in Prince William County, 150 short sale transactions closed and 154 REO’s closed.  The average days on market for all sold values in Prince William County are 22 days.  The upper end or luxury market is considerably weaker than the remaining market.  The luxury market, homes listing above $750,000 account for 109 of the 1125 units available for sale.  Over the past 30 days NO units sold over $750,000.  The step up market, $417,000 to $750,000, has 325 units available for sale with 58 units closing over the past 30 days.  The average days on market for this market segment are 66 days.  The entry level market, $417,000 and under has 691 units available for sale and 524 units closing over the past 30 days.  The average days on market for this market segment are 30 days.  In short we have three distinct markets in Prince William County; a red hot Seller’s market under $417,000 a buyer’s market from $417,000 to $750,000 and a strong Buyer’s market above $750,000, or since no units sold, really no market. 

   

 

Carolyn Capalbo,
Northern Virginia REALTOR®

 

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