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 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

Northern Virginia Market Watch Video for July 2011

So what’s the real estate market like in Northern Virginia for July 2011?  Here’s the latest video that details the statistics for the region.  Based on sales data, inventory levels plunged, median sales price increased.  Are we experiencing a sellers market here in Northern Virginia?  Watch the video and see for yourself.

Market Statistics – June Sale Contract Activity

 Here is a snapshot of the recent sales contract activity in our current market.  This is a comparison of activity for the week of June 6-12 2009 vs 2011.

Here is the comparison for the same week in June against 2010.

Our Chief Information Officer, David Howell provides the following commentary for these statistics,

“Three of the four jurisdictions saw an increase in contract activity last week compared to the same week last year – Montgomery County was the exception, down just 2.1%. The overall increase in contracts was right at 5%.

However, compared to the same week of 2009, overall contract activity was down 6% last week. Dc’s activity was unchanged, but the other three were down.

If there’s a “takeaway” from these numbers and the others we have tracked over the last several weeks, it’s that signs of a recovery are modest at best. We are still MUCH better off than almost any place in the country, but there is no general upward pressure on prices. Some small pockets may be doing quite well, but overall this is not a time for sellers to be pushing the envelope on pricing. This is especially important to know in light of recent housing reports – including Case Shiller – that indicate that prices are going up.”

Lastly, here is a link to a recent blog post from MRIS (our software provider for all local Multiple Listing Service data).  Even there you will see that many times, when you hear ‘Washington DC’ in the titles of reports, all of the data may or may not include the information for all of the mini-jurisdictions within the area.

Manchester Lakes Market Report for August 2010 | Condo Inventory Increases

Manchester Lakes condo inventory is on the rise.  Currently, there are 22 active condos for sale.  In the past 30 days, only one condo has gone under contract.  With over 20 homes to choose from, one has to wonder how the sought-after buyer made the winning choice.

In the townhome market of Manchester Lakes, four homes are currently available.  Evenly distributed with two homes in the $200,000′s and two homes in the $300,000.

The spike in condo inventory could be cause for concern.   If these units continue to stay on the market, and eventually go unsold, we could see an increase in the distressed property market.  With current interest rates below 5%, it could be that active buyers are comparing Manchester Lakes to newer communities, or communities closer in.  I’m still biased, though.  As a former Manchester Lakes homeowner, I always brag about the benefits of the community, including the amenities and proximity to shopping and metro.

Selling Your Manchester Lakes Home: Find Out What Your Home Is Worth

Buying In Manchester Lakes: See Manchester Lakes Homes For Sale

Manchester Lakes In Alexandria VA 22310 Real Estate Update For June 2010
Townhome Sellers Should Enter The Market Now

The condos of Manchester Lakes were holding steady in the month of June.  No more units under $100,000, but clearly, the units in the $200k price range had the greatest amount of volume in terms of active listings last month.  They are being absorbed.  With six units going under contract, there’s still hope for the homeowners in this price range.  However, the lone Manchester Lakes condo unit in the $300,000′s will have to appeal to buyers, who have more affordable units and fee simple townhomes to choose from.

The Manchester Lakes townhome activity was quiet last month.  Now is the perfect time for townhome owners in Manchester Lakes to consider putting their home on the market.  The competition is manageable, and with below 5% interest rates, the right marketing from a great Manchester Lakes listing agent could sway potential condo buyers into a fee simple townhouse.

Kingstowne VA 22315 Market Statistics and
Real Estate Update For June 2010

For the Kingstowne condos for sale, the inventory of units in the $200,000′s are crowding themselves. In order to shine, and be one of the units lucky enough to get an offer in the next 30 days, today’s buyer is looking for upgrades, cleanliness, and move-in readiness. Four Kingstowne condos went under contract in the last 30 days.   The units in th $300,000′s are holding strong, with not as many competing in that bracket, including one unit that went under contract recently.

What’s really coming on the market for sale in Kingstowne VA are the townhomes priced in the $400,000′s. Out of the 52 townhomes for sale, 29 are in the $400’000′s; and the $500,000′s are coming in second place with 16 units for sale.  What’s really going are the Kingstowne townhomes in the $300,000′s.  Perhaps with the expiration of the Federal Homebuyer Tax Credit, buyers in this price range may be one-income households who are passing on the $200k condos, for a little more space, and more ownership bang for the buck by avoiding a condo fee.

If you’re thinking about putting your detached Kingstowne home up for sale, then you won’t have a lot of competition. One home for every bracket from $400,000 to $799,999.  Now may be the time.  If eleven townhome sellers now need a new place to call home, they just might want to stay in the neighborhood!

See Also: Kingstowne Real Estate Video Tour

The Shadow Knows | Northern Virginia Marketwatch
Real Estate Update And Home Sales Statistics

What lurks in the future of Northern Virginia’s real estate market? With a tip of the hat to the old radio serial of the 1930s, The Shadow Knows.
 
In this case, we are watching two “shadows” closely: the much-discussed shadow inventory of distressed homes that may flood the market, as well as the long shadow cast by the specter of rising interest rates.
 
Distressed homes are short sales – those where the owner sells owing more than the house is worth – and foreclosures, broadly defined as those homes lost to the lender because of default on the mortgage. One of the measures we look at is the trend in new listings coming on the market in our regional multiple listing system and, as the chart to the right indicates, there is not yet an upward trend in this distressed inventory. Short sales (the yellow bar) constituted 16.6% of new listings in the first 4 months of 2009 and 14.8% in the same time period of 2010. Foreclosures (the red bar) were 7.2% of all new listings in January-April 2009 and just 2.3% so far this year. This doesn’t mean there’s nothing to worry about, because we know that lots of home owners are still upside down on their mortgage – but we are encouraged that the “shadow” inventory isn’t exploding.
 
Frankly, we’re convinced that rising mortgage interest rates will have more impact on the market recovery than distressed inventory, but we’re tempering our concern over the fact that, as rates rise, 3-, 5- and 10-year adjustable rate mortgages will become more popular, and their lower-than fixed rates will help cushion the loss of buying power that will come with higher rates. For more metro area statistics, visit http://www.mcenearney.com and click on the “news” tab.

If you’re thinking of a move, don’t let the summer sail on by … A great selection of homes is currently available, but the inventory is changing frequently. 

For the most up-to-date assessment of our LOCAL market, please call me today. As an industry leader, McEnearney Associates prides itself on it’s comprehensive knowledge throughout our area … data and statistics that just may surprise you.