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:

• 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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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

Tam’s Tuesday Tip for June 5 2012 – Low Downpayment Program Information

Thank you to one of my preferred lenders, Kelly Wadsworth of Wells Fargo Home Mortgage for sharing this information!  Wells Fargo has a low downpayment program called the Community Development Mortgage Program (CDMP) that requires 2% of the sale price.

For more information, please see the Community Development Mortgage Program (CDMP) flyer, or contact Kelly Wadsworth at Wells Fargo Home Mortgage at 202-516-5707.

Tam’s Tuesday Tip – Say What?

Alexandria VA Real Estate – What did that listing agent just ask me?  If you’re in the market to buy a home in Alexandria VA, then watch today’s Tuesday Tip, where I answer the question.

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.

Preparing for Irene in Alexandria VA – Homeowner Tip for Insurance

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.

Client Testimonial From Jim and Linda

Lorton VA Listing Agent Receives Thanks From Happy Homeowner

As a listing agent I know all to well that you’re busy.  You don’t want to deal with the inconvenience of scheduling appointments to have your home shown.  You don’t want the added stress of wondering if the buyer can qualify to buy your house.  You don’t have the time to market your home to buyers. I get that.  And quite honestly, that’s why many homeowners call me to get their home sold.

I spend a lot of time staying current on market trends, analyzing real estate market statistics, and finding out where buyers are looking for homes.  Usually, when a homeowner contacts me, they’ve already visited by website, looked at how I market homes online, or they were referred to me from a past client.

I’m happy to share this testimonial from another happy client:

When you’re ready to get your home sold without the added stress, inconveniences, and because you simply don’t have the time, email me or call 703-623-8759.

        
To see a current list of homes for sale in Laurel Crest and surrounding neighborhoods in Lorton, you don’t have to leave this page!  Here’s the current list below:

At 12505 Trotter Court, you’re just five minutes away from Lake Ridge Park!