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2012 Virginian Housing Market Report Just Released

 Curious about how the Virginia housing market compared to the rest of the United States?  Curious about what’s going on in the different regions across the Commonwealth? Take a look at this comprehensive housing guide brought to you by the Virginia Association of Realtors.

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Northern Virginia Real Estate Video Market Update for December 2012

Here is the December 2012 MarketWatch video that summarizes the real estate market statistics for the Northern Virginia region:

Here are the highlights:

• On the Hill, partisan uncertainty regarding the fiscal cliff and sequestration will linger for the next couple of months.
• The national economy continued a steady pace of economic growth, the U.S. added another 155,000 jobs.
• From December 2011 to December 2012, there were 1.8 milltion jobs added, and the unemployment rate held steady at 7.8%.
• Most experts believe that 2013 will be a good year for home sellers, inventories are still low, prices are rising, and underwriting guidelines for new mortgages are becoming more uniform.  However, the lack of uncertainty on fiscal issues will continue to slow the potential for a more robust recovery and will likely result in a slow but steady growth pattern.
• Locally, the Northern Virginia economy added 19,000 workers over the last 12 months.
• The unemployment rate in Virginia is 3.9%, down from 4% in November, and this remains one of the lowest regional unemployment rates in the nation.
• There were 2,289 sales in the Northern Virginia housing market in December 2012, a 5.4% increase than in December 2011, and the 11th monthly increase in 2012.  The consistency of year over year sales growth signals rising demand.
• There were 2,066 new pending contracts in December 2012, down just 1% from December 2011.
• The most striking aspect of the 2012 housing market has been the diminishing supply of homes for sale.  Active listings continue to plunge and have fallen to their lowest levels since 2005.  There were 4,364 active listings at the end of December, 28% below the number of active listings in December 2011.
• New listings are also falling relative to last year, down 9% from December 2011, the 8th monthly decline in 2012.
• The median sales price is up to $385,000, almost 11% higher than December 2011.
• Low inventory is not only applying upward pressure to median sales price, but it is also affecting the days on market.  The median days on market was 28 days, down 14 days from December 2011.
• The expectation that there will be continued low inventory in January will mean pressure on prices as long as buyers remain active.
• There may be some drag on the spring market due to the uncertainty of the fiscal issues on the national level.

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Alexandria (City) VA Real Estate Market Report for October 2012

Snapshot of market trends for October 2012 vs September 2012 (month to month):

• Number of sold listings – DOWN
• Median sales price – DOWN
• Average days on market – DOWN
• Average original list price to sold price ratio – UP

 

In October 2012, 145 homes sold in the City of Alexandria.  This number is down from 160 homes that sold in September.  As you can see, the number of homes sold has continued to decrease since June 2012.

The median sold price descreased two months in a row, going from $461,000 in September 2012, to $435,000.

On average, homes stayed on the market for 40 days.

 

The average original list price to sold price ratio was 97.15%.  This has remained relatively constant since the second quarter of 2012.

The number pending sales, or homes under contract spiked from 256 in September, to 302 in October.  This confirms that there are serious homebuyers in the market even during the holiday season.

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The Real Estate Bottom Is Here And May Have Just Passed

Remember that scene in the movie Forrest Gump where Forrest decided to run across the country?  He motivated a lot of people and some joined him in his race. Then one day, out of the blue, he decided to stop.  He stopped running and went home.  People around him were left in a daze asking themselves, “now what?”

That’s exactly how many people feel now that the election is over.  Man, there was so much energy and momentum for both candidates.  From the yard signs, to the Facebook and blog comments, there was so much energy nationwide that built up to election night.  Now that the election is over, many people are wondering, “now what?” especially when it comes to real estate.

As a real estate professional, my job is to be an experienced voice, and to give you the information you need to make a sound decision.  Like you, we are also on pins and needles, staying current on all things real estate so that we can help you prepare for what’s coming ahead.  Congress knows what’s up.  It’s clear that Americans want cooperation and results when it comes to creating a solution to the national debt.

When it comes to real estate, you can expect mortgages to be completely redefined.  If Congress changes the rules, then don’t plan on flexibility, plan on more rigid standards for qualifying.  In January, Congress will get back together and figure it out.  They will likely set guidelines for exactly what is a ‘quality’ mortgage.  And if you don’t qualify for a ‘quality’ mortgage, then you will pay more for a non-quality mortgage, in the tune of higher rates and increased closing costs. (Hint: there is a potential cost to waiting until next spring as most changes take effect April 1.)

If you are waiting for prices to go down, while interest rates are going up, then you might be waiting for the wrong thing.  Don’t just focus on the short term price, but adjust your antenna and look at the long term cost. Take a look at the chart below.

If you look at a $400,000 mortgage, the payment at an interest rate of 3.5% is $1796 per month.  If interest rates increase just one percentage point, that same mortgage payment increases to $2027 per year.  So, waiting for prices to get lower while interest rates creep up can mean an extra $231 per month in your housing costs or $2772 per year.

Foreclosure numbers dwindle in metro areas across the country.

Banks wised up and realized that it makes sense to do a short sale versus a foreclosure.  So those below market opportunities are becoming fewer.  If it’s not sold to an investor on the courthouse steps, then it’s likely in the hands of a qualified short sale specialist.

According to the experts, the bottom is here, nationally that is, and it may have passed.

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Alexandria VA Foreclosure Sales Report – September 2012
Longer Days on Market and Lower Prices for Foreclosure Homes

Alexandria VA Real Estate – Foreclosures and bank owned homes can be a good opportunity to purchase a home in Alexandria VA that is priced below market value.  Over the past few years, the number of foreclosures has increased nationally, but on a local level, you might be surprised at the foreclosure activity here in Alexandria.  Let’s take a look.

Of the 160 homes that sold in Alexandria (City), VA in Septbember 2012, 7 of them were foreclosures, that’s less than 5%.

What was the average days on market for a foreclosure home in Alexandria VA in September 2012?  As a buyer agent, I’ve noticed an increase in cash buyers lately.  And with interest rates pushing downward, more first-time homebuyers are also taking advantage as opposed to facing increased rents.  More buyers, less days on the market?  Let’s see…

 In Septermber 2012, foreclosure homes stayed on the market longer than traditional homes for sale.  On average, bank owned homes were on the market for 61 days, while traditional sales had an average of 45 days.

Can I buy a bank owned home in Alexandria VA below market value?  Are these homes a good deal?

 

 

For the past three months, Alexandria VA foreclosures have sold for less than the asking price on average.  In September 2012, bank owned homes sold for 88.92% of the original asking price, while traditional homes sold at 96.85% of the original asking price.

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 Here is a list of current foreclosures for sale in Alexandria VA:

 

Northern Virginia Real Estate Market Stats for August 2012

The numbers are in and the following video highlights the sales and trends that we saw in the Northern Virginia real estate market for the month of August 2012.  Take a look at the video below:

 

Here are the highlights:

• The economy is still adding jobs but not at the expected rate
• Unemployment rate is down nationwide to 8.1%.
• The Fed confirmed the interest rates will remain low through mid 2013.
• Regional unemployment for Northern Virginia is 4.3% (one of the lowest in the nation).
• Buyer activity continues to grow, there were 3,050 sales in August, that number is up 9.7% from this time last year (the highest August total in 3 years)
• The number of new pending contracts up 7% from this time last year at 3,081.
• There was a 25% lower number of active listings (6,310) in comparison to this time last year (August 2011 of 8,487), the lowest August level seen in 8 years.
• Declining trend in new listings continues; 3,456 in August, down less than 1% from last year’s level.
• Tightening supply is driving up the median sold price continued, up 4.6% from August 2011 (year over year gains in every month in 2012).
• Homes are selling faster, median days on market is 22 days.(down 9 days from this time last year)

Now we’ve all heard that buyers are usually the ones who sit on the fence, but if you are thinking about selling your home, the recipe is right to sell quickly and for a good price.

See Also – July 2012 Market Stats – We Are In The Middle Of A Housing Turnaround

 

Northern Virginia Real Estate Market Report for January 2012 – Video

 

Houses are being snapped up quickly.  There are officially more buyers than there are sellers, so in case you didn’t get the memo…we’re in a sellers market.

Northern Virginia Home Sales Stats for December 2011 -
We’re In A Sellers Market

National doom and gloom?  Who knew that Northern Virginia was in the middle of a sellers market?  According to the real estate sales statistics for December 2011, that’s the real deal.  Here’s the video:

Alexandria (City) Va Real Estate Sales and Market Report for October 2011

For the month of October 2011, there were 138 homes that sold in Alexandria City, with sales totaling $59,725,362.  The median sales price for homes was $385,500 and the average sold price was $432,792.  On average homes stayed on the market for 67 days and were sold at 95.1% of their asking price.

Mouse over the interactive chart below and you’ll see that sales in October 2011 came back from a three month decline.  In July there were 186 homes sold, in August 166, and in September there were 124 homes that sold.  Distressed sales (Alexandria foreclosures and short sales) continue to play a minimal role in the overall market.  In October, there were only 13 foreclosures that sold, and 9 short sales.

What was the effect of the median sales price for homes in Alexandria City for October 2011?  Since April, the median sales price of homes has been teeter-tottering.  It been up one month, down the next.  In May, the median sales price peaked at $493,000; in October, the median sales price was down to $385,500.

Did homes in Alexandria City stay on the market longer in October 2011?  Aleaxandria VA homesellers have reason to smile.  The average days on the market continue to improve.  After the spike in August at 80 days, September’s numbers improved to 73 days, and in October came down to 67 days.

 

Did Alexandria City homeowners just give their properties away in October 2011? Traditional homeowners didn’t, but in transactions that involved the banks, the buyers were able to negotiate the prices down.  In October, home sellers received 95.10% of their original asking price.  Properties that were bank owned foreclosures got 93.32% of the original asking price, and short sales were sold at 89.37% of the original asking price.  This supports that the ‘deals’ are still in the Alexandria short sales and foreclosures.

 

 

 

 

Northern Virginia Market Watch Video for September 2011

Reiterating that all real estate is local, and the local forecast continues to outperform the national real estate market.  Pending sales were up from last September.  In September 2010, the number of pending sales was 2,231 and for September 2011 the number of pending sales was 2,394, an increase of 7.3%.  Rock bottom interest rates continue to add fuel to the desire to make a home purchase. The number of homes for sale decreased.  In September 2010, there were 11,802 homes on the market, while the number dropped to 9,130 this past September.  The median sales price increased from $350,000 in September 2010, to $362,000 in September 2011.

See Also – Northern Virginia Market Watch for July 2011