It is becoming VERY evident that we live in one of the best areas in the country. When we hear national numbers for the real estate market, unemployment rate and many other national statistics we are reminded of that. Our real estate market is definitely changing. We are continuing to see a decrease in inventory and increase in demand. A lot of this has to do with the moratorium on foreclosures, which was recently lifted. Inventory of homes are expected to increase this summer because of the continuation of people losing their homes. We will have to wait and see.
Here is how our current market compares to last year:
- A total of 1,803 homes sold in May 2009, a 4.6% increase above May 2008 home sales of 1,724.
- Active listings decreased by 25.17% from last year, with 8,050 active listings in May, compared with 10,757 homes available in May 2008.
- The average days on market for homes in May 2009 decreased by 14 percent to 76 days, compared with 88 days in May 2008.
- Sales prices continue to remain lower than last year. The average sales price in May fell by 9.5% from May 2008, to $433,257, compared to last years average $478,672.
- The median price of home sold in May was $375,000, which is a decline of 7.41 percent compared with May 2008’s median price of $405,000.
- The number of pending home sales in Northern Virginia in May shows an increase of 22 percent at 2,637 compared to 2,166 in May 2008.
*these numbers were taken from our MLS and deemed to be correct*
Interest rates are still historically low and now continues to be a GREAT time to buy or move up. Give us a call if you would like us to sit down with you to see what your options are for home ownership or to give you an idea of what your home could sell for and what kind of deal we could get you on the home that you buy.
We would be honored to help you in ANY way that we can!
