Sep
1
Real Estate Trend for Northern Virginia and the DC Metro Area…
Posted by under For Buyers, For Sellers, Regional News, Buyers, Market Report, News and Events, Northern Virginia Homes for Sale, South Riding Virginia Homes for Sale, Chantilly Virginia Real Estate, Buying a Home in Northern Virginia, Loudoun County Real Estate, South Riding, Fairfax County Real Estate, Samson Properties, Selling a Home in Northern Virginia
According to the Trends in Housing, a joint publication of MRIS and Delta Associates the Washington area housing market is in the recovery cycle, ahead of the rest of the nation:
• Prices continue to show signs of recovery: 2nd quarter prices i
n the metro are up from the 1st quarter and from the same quarter in 2009, with the Outer jurisdictions (Loudoun, Prince William and Frederick Counties) outperforming the Core and Inner jurisdictions. Prices will likely gain traction through the remainder of 2010 facilitating further increases in transaction volume. This is the third consecutive quarter prices have risen on a trailing 12-month basis. • Days on market continue to decline compared to both last quarter and a year ago. Properties in the Outer jurisdictions have experienced the sharpest recovery, but across the region, time on market is very close to or below the region’s long-term average. Time on market is the lowest since 2006. • The ratio of inventory to sales continues to decline in most jurisdictions from one year ago. The metro-wide ratio of 4.5 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
• The gap between buyer and seller demands is closing, with the average sales price in the 2nd quarter of 2010 at 95.2% of list price, the highest ratio in more than two years.
Summary: The average price in the 2nd quarter of 2010 is 13.0% higher than one year earlier. Time on market averaged 43 days in the 2nd quarter – the lowest of any substate area and below the regional average. Unit sales volume for 2nd quarter 2010 is 2.4% higher than last year at this time.
Loudoun County Trends:
The average home sales price in Loudoun County is $407,580 in the 2nd quarter of 2010, representing a 10.3% increase from the 2nd quarter of 2009. The 2nd quarter 2010 average sales price is still down substantially from a peak in the 3rd quarter of 2005, but has recovered from a low point in the 1st quarter of 2009, rising 21.8% since that time.
The average time on market in the 2nd quarter of 2010 was 44 days in Loudoun County, a decrease from last quarter’s average of 63 days and below a high of 134 days in the 1st quarter of 2007.
As of June 2010, Loudoun County has a 4.7-month ratio of inventory to sales, up from 4.3 months at June 2009. That ratio is slightly above the regional average of 4.5 months.
Loudoun County was hit hard and early by the housing downturn in the metro area. However, the County’s fundamentals continue to show signs of improvement as the metro-wide recovery continues.
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