I had to smile the other day when I was teaching a class on the new NVAR Sales Contract to be released January 1st 2012. Among the changes I noticed was the inclusion of clause 30; “TIME IS OF THE ESSENCE AS TO ALL THE TERMS OF THIS CONTRACT”.
Centreville continues to mirror the Fairfax County market. Centreville showed a 5% decline in average sales price over July 2011, while the county overall showed a 3.25% decrease. This appears to be only a slight “hiccup” in our overall stable market. June showed a healthy increase, and overall the trend is still going upward for the year.
Tysons remains the vibrant center of business and shopping in Fairfax County; despite the traffic congestion and the continuing road construction for the widening of the beltway and the Metro extension to Dulles.
Despite the ongoing news about rising interest rates, more foreclosures properties entering the market, and no buyers, Northern Virginia continues to sustain a steady growth in most markets. The Bristow community however is bucking this trend for the 1st quarter of 2011. The bright side is that the number of properties under contract for the month has increased over 2010, which indicates that the number of sold properties will show an increase for the month of April.
February and early March have seen a downturn in the real estate market throughout much of Northern Virginia due to several factors, not the least being the colder than average winter weather. Tysons Corner, the shopping and employment center and unofficial downtown of Fairfax County did not escape this trend. Another major factor for Tysons Corner area is the massive amount of road construction for the Beltway HOT lanes and the expansion of the Metro.
How does the Real Estate Market look for Northern Virginia this year? All of the signs are for a strong market and increasing listing and sales prices. Due to continued low interest rates and low inventories, the demand from buyers will continue to outrun the supply.
With the City of Alexandria right in the middle of it all, it offers the best of all worlds for those seeking shorter work commutes and all the fine amenities of an All- American city. The early part of 2011 shows an improved market condition from the previous year and a continued upward trend in prices.
A popular community in McLean, Tysons Corner is home to a major shopping mall of the same name and its upscale sister mall, Tysons Galleria. Tysons is considered the “downtown” of Fairfax County since one quarter of the county’s office space and one eighth of its retail space is located there. And as the Metro Silver line construction is completed those numbers will grow considerably.
After being under supplied for the past three years, Bristow’s current housing supply is now finally in balance. We have just about a seven-month supply, which is great news. Economists and “experts” say a six-month supply is just right.
The end of the year came to Arlington with a little more than a whimper, but certainly not a bang. Statistically December 2010 was almost identical to December 2009.
The good news is that during the year, although prices continued to drop, December’s average sold price was $592,267 compared with $548,048 in November. Where there’s good news you can usually find some cautious news as well.