Welcome Home

Monday, November 20, 2006

Northern VA October Statistics

Home Sales Statistics October 2006
REALTORS® Advise Buyers for a Value-Priced Home, Advise Sellers to Boost Appeal to Prospective Buyers
The Northern Virginia Association of REALTORS® reports on October 2006 home sales activity for Fairfax and Arlington Counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

Former Federal Reserve Chair Alan Greenspan recently said that housing prospects are looking up nationwide. “Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good, certainly better than the third quarter.” According to industry estimates, 2006 will be the third-best year on record for home sales. Given that our region has economic indicators exceeding the national average (i.e. employment growth, procurement), our market correction should be viewed favorably, especially for discerning buyers.

The region’s real estate market is entrenched in a stabilizing mode, as October data shows when compared to July, August and September. Such consistent stabilization signs will likely trend this way through spring. Supply continues to be high and demand ranges from moderate to low levels. House prices vary in some Northern Virginia neighborhoods, however existing inventory delivers a great selection for serious buyers. Mortgage rates continue to be steady.

Houses continue to take longer to sell. The average number of days on the market for October sales was 83, far longer than the 32-day average in October 2005.

In October 2006, 1,498 houses were sold, reflecting a 21 percent decline since October 2005, when 1,901 homes sold. Active listings grew by 46 percent, reaching 10,380 at the end of October, compared to 7,122 homes for sale in October 2005.

The average Northern Virginia sales price in October was $524,236, which is a 4.7 percent drop from October 2005, when the average price was $550,069.

The Year-To-Date average sales price of $539,059 shows a gain of nearly 1 percent compared to the Year-To-Date sales price of $535,174 one year ago.

Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for October tracks similarly with Northern Virginia.

The average sales price of $489,185 in October reflects a 3.19 percent drop from the October 2005 average sales price of $505,326. The Year-To-Date Sales Price gain is 2 percent up to $504,876 in October 2006 from $494,975 in October 2005.,

The number of units sold in the Greater Northern Virginia region was 2,499 in October 2006, reflecting a 31 percent decline from the 3,622 houses that sold in October 2005.


Post a Comment

Subscribe to Post Comments [Atom]

<< Home