Servicing Arlington, Fairfax, Loudoun and Prince William counties as well as the independent
Virginia cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park
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Servicing Arlington, Fairfax, Loudoun and Prince William counties as well as the independent Virginia cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park |
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Market Statistics
Charts
The chart above is a graphical representation of the number of settled residential transactions in Northern Virginia during the past several years. This data was obtained from the Multiple Listing Service (MLS) that was in effect at the time of data retrieval. For the most part, this data is representative of the residential resale market in the defined area (counties of Arlington, Fairfax, Loudoun and Prince William and the independent cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park) and contains very little new home activity. Total sales for the year 2007 were down 16.7% from 2006.
The chart above clearly demonstrates the impact on the market of the various seasons of the year (and accompanying characteristics as regards residential real estate activity). Please bear in mind that the average settlement time after contract date is approximately 60 days (or two months). Thus the peak sales time of August as noted above represents contract activity that took place in May-June (and the slowest months of the year as regards contract activity would then be November-December).
The chart above measures the median sales price noted on a monthly basis. The median price paid at the end of March, 2008 was $356,881, a decrease of 19% from the same time period 12 months earlier.
At the end of March, 2008, inventory was 9.36 months, an increase of 39% from one year earlier. Chart 5
The above chart is a graphical representation comparing new offerings and new contracts on a monthly basis.
Sales chances are calculated by comparing the total inventory of homes available for a given time period to the number of sales in that same period. As long as sales chances are less than 15%, the market tends to favor buyers with stable or even decreasing sale prices. A transitional market is reflected by sales chances between 15% and 20% and a seller's market, highlighted by more buyers than sellers and accompanied by increasing sale prices, is reflective of sales chances in excess of 20%. The source of the above data is the MLS service in effect at the time of capture and is deemed reliable, but is not guaranteed.
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