08/12/2008 July 2008 Housing Data - Northern Virginia
July 2008 Housing DataNorthern Virginia: July 2008
The Northern Virginia Association of REALTORS® reports on July 2008 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,857 homes sold in July 2008, just 0.11 percent less than July 2007 home sales of 1,859. At the end of July, there were 2,056 sales contracts pending in Northern Virginia, an increase over the 1,680 contracts pending in July 2007.
Active listings decreased by 3.53 percent from last year, with 10,002 active listings in July, compared with 10,368 homes available in July 2007. Homes continue to take longer to sell in 2008, with the average home in July staying on the market for 91 days, compared with 66 days on the market (DOM) in July 2007.
Sales prices continue to remain lower than those realized last year. The average sales price in July fell by 12.46 percent from July 2007, to $485,225, compared with last July´s average of $554,274. However, the average sold price has continued to remain stable throughout the first half of 2008.
The median price of homes sold in Northern Virginia in July was $399,000, which is a decline of 16.88 percent compared with July 2007´s median price of $480,000.
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for July 2008 shows an increase from 2007.
The number of Greater Northern Virginia region homes sold in July was 3,528, a 19.55 percent increase from July 2007´s total of 2,951 sales. This marks the fourth consecutive month of increased year-over-year sales totals for Greater Northern Virginia.
The average sales price of $396,714 in July 2008 continues to lag behind the 2007 average by about 22.66 percent. The July 2007 average sales price was $512,946.
Across Greater Northern Virginia, the number of listings continues to show a decrease from 2007 numbers, with 21,393 listings active, which is 7.01 percent less than this time last year, when 23,005 homes were available. However, the average DOM for a home sold in July 2008 was 101 compared with last year´s 81 DOM, an increase of 24.58 percent.
Information deemed reliable, but not guaranteed.
(reprinted from NVAR.com)
Other News
11/17/2008 Keller Williams - Northwest Market Center to Pilot Goomzee’s Text Message Marketing Platform
11/11/2008 Fairfax Home Sales Continue Rebound, But Prices Are Still Down
11/08/2008 Change You Won't See...Elections Don't Do Much to Local Home Market
11/05/2008 Tangles in the Vine - A Storied Va. Winery Is Up for Sale, but a Complex Family Dispute Has Confronted Potential Buyers
10/31/2008 “…worst since the Great Depression”
10/27/2008 Stocks Gain on Surprise Rise in New Homes Sales
10/24/2008 Past, Present, Future: Northern Virginia’s Big Picture Shows Diversity, Job Growth
09/29/2008 A Surprising Safe Haven for Savings - An Emerging Story Beneath the Headlines
09/22/2008 NAR Gets Behind Efforts to Restore Market
09/09/2008 Market Welcomes Takeover
09/08/2008 Keller Williams Only Leading Residential Real Estate Franchise in North America Named to Inc 5000 Fastest Growing Private Companies
09/02/2008 July National Existing-Home Sales Show Gain
08/18/2008 8 Reasons Your Home Hasn’t Sold Yet- Advice for Frustrated Clients
08/07/2008 Summary of Key Provisions of the Housing Stimulus Bill Signed by President Bush
08/04/2008 Mid Year Trends in Housing Report from MRIS
08/01/2008 New Property Tax Rates in Virginia for 2009
07/24/2008 NAR, Mayors Recognize Alexandria, Va., for Housing Initiatives
07/15/2008 2008 NVAR Economic Summit
06/26/2008 May Existing-Home Sales Show Modest Gain
06/16/2008 Rates Creep Up
06/15/2008 Where Short Sales Stumble
06/10/2008 Northern VA Market Update
05/21/2008 Keller Williams Offices Shine on Industry Surveys
05/10/2008 April 2008 Home Sale Statistics from Northern Virginia Association of Realtors
05/07/2008 Owners Still Upbeat About Home Values
04/25/2008 The Belt Team is On The Move!
04/15/2008 Gail Belt Awarded Medallion of Membership in Omega Tau Rho
04/10/2008 The Upside of Being Inside The Beltway
03/05/2008 County To Change Assessment Configuration
03/03/2008 Fairfax County to Revisit Land/Building Allocations in Tax Assessments
02/14/2008 Time Magazine Says "Ignore the Headlines....Finance costs will rise as the economy recovers, so trying to time real estate might not pay off"
02/10/2008 Buyers Are Starting To Realize that Solid Inventory
and Low Interest Rates Spell Opportunity
03/20/2007 Northern Virginia Housing Supply Still Lags Jobs Market
03/15/2007 Fairfax Jobs Picture Remains Solid