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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Charts

 

 

Chart 1

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 first seven months of 2014 decreased 9.2% from the previous year.

Chart 2

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 June thru August as noted above represents contract activity that took place in the most active season (spring) of the year (the slowest season obviously being late fall and winter).  

Chart 3

The chart above measures the median sales price noted on a monthly basis. The median price paid at the end of July was $445,887 an increase of 1% from the prior year.

Chart 4

At the end of July, inventory was 3.58 months, an increase of 63% in 12 months.

Chart 5

The above chart is a graphical representation comparing new offerings and new contracts on a monthly basis.  

Chart 6

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%. 

Chart 7

The above chart is a graphical representation of the number of sales contracts written each month during the past few years.  A review of this chart illustrates the 'seasonal' nature of the realty market.

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.

 

 
 
Hicks Real Estate Services, Inc.
PO Box 245, Clifton, VA  20124-0245
Phone: 703-631-5222 Fax: 703-815-0942 E-mail: info@bhicks.com