Northern Virginia Real Estate Market Statistics for April 2013

The following is the Northern Virginia Market Watch video update for April 2013:

 

Here are the highlights for the April 2013 real estate market:

• 165,000 jobs were added to the economy between March and April
• Government employment continued to decline on federal, state, and local levels
• Unemployment rate fell to 7.6%
• Housing activity continues to be a bright spot for the recovery, sales volume and prices continued to increase, however there is some concern that investors are ‘propping up’ some local markets
• Economic growth in Northern Virginia is slower than last year.15,000 jobs were added in the last 12 months. Unemployment dropped from 4.3% to 3.9%
• April sales were 12% higher than this time last year, the highest April level seen in three years.
• New contracts were up 12% over last year, after five consecutive months of decline.
• Active listngs were 25% lower than this time last year,the lowest April level in 8 years.
• New listings were up 17% from April 2012.  Sellers are starting to be drawn into the market with higher sales prices and faster sales times.
• The median sales price is up 8% from April 2012, the highest the region has seen since fall 2007.
• Median days on market is now 9 days, the lowest since 2005.
• While active listings remain low, the rise in new listings may be the sign of a changing pattern.

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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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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 Market Stats for July 2012

The following is the latest update for real estate market statistics in the Northern Virginia area for the month of July 2012.

 

Here are the highlights:

• The national economy continued slow recovery, however, almost all analysts agree that we are in the middle of a housing turnaround.
• There is positive news on th housing front.  For example, Fannie Mae and Freddie Mac reported strong earnings in the second quarter for 2012.  Also, Northern Virginia’s unemployment rate is 4.4% (one of the lowest regional unemployment rates in the nation).  The region has added 31,000 jobs.
• Total sales in July were 3,040 sales which is the highest July total in three years.
• New pending contracts on the rise.
• Inventory of homes for sale continues to decline, currently 24.7% below this time last year.
• New listings are Lowest July total in 15 years.
• Median sales price increased to $400,500 for Northern Virgnia.
• 97.3% average list to sold price, median days on market is 20 days, which results in upward pressure on prices and lower median days on market

 

 

Real Estate In Two Alexandria VA Zip Codes Hot As Current Temps!

We’ve weathered the wind storm Derecho, and are still enduring temperatures in the 90′s with the heat index in the 100′s.  The Alexandria VA real estate market is keeeping up with mother nature, especially in two particular zip codes.  According to the latest real estate market statistics, there are two communities in Alexandria VA where the homes are selling within one week of being listed.

Alexandria VA homes for sale in the zip code of 22308 during the month of May 2012 saw swift action.  Statistics show that homes that were sold in the first 10 days of being listing were sold at 99.33% of their original list price.  Homes in the Del Ray zip code of 22301 fared even better, they were sold at 101.05% of their original list price.  If you are thinking about selling your Del Ray home, then now may indeed be the time to sell.

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.