Posts Tagged ‘Fairfax County Real Estate’
Vienna/Dunn Loring, VA Market Report – 9/18/09
| Vienna / Dunn Loring | August 2009 | August 2008 | % Change |
| Active Listings | 424 | 467 | -9.21% |
| Homes Sold | 108 | 101 | 6.9% |
| Average Sales Price | $614,909 | $690,712 | -10.97% |
| Average Days on Market | 79 | 64 | 18.99% |
Market statistics for Vienna and Dunn Loring, despite initial appearances, are actually showing a stabilization of the market. Even though active inventory is down just over 9%, average sales price is down almost 11%, and average days on market is up 19%, we are seeing prices stabilize throughout the surrounding areas, with only small losses or even some increases in average sales price. I expect that as we move forward through the rest of the year and into next year, the Vienna and Dunn Loring market will start to show small average price increases and more sales activity.
The trend in the Northern Virginia area, which we are seeing mirrored in these local statistics, is fewer listings on the market and more sales. This can do nothing but stabilize the market and start it on the road to recovery.
Post and market data provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Vienna, Dunn Loring, and all of the DC Metro: www.averyhess.com
Fairfax County Sales Heat Up!
The market this Spring is off in full force! Agents holding open houses in Fairfax are reporting large numbers of people through their listings on a regular basis. Mortgage pre-approvals are up. And one of the greatest indicators of a stabilization of the market is the lowest inventory levels in 3 years!
The numbers speak for themselves: (February 2009 to February 2008 in Fairfax County)
Total Homes Sold: UP 21.16%
Average Days On Market: DOWN 8.13%
Average Sold Price: DOWN 19.90%
Active Listings: DOWN 20.85%
While I certainly have no crystal ball, indications to me say we may be at or have already reached the bottom of the market! With record low interest rates, an $8,000 tax credit for first time homebuyers, affordable homes, and a decreasing inventory, I can think of no reason to wait to buy a home if you’re in the market! It’s a perfect convergence of the ideal factors for home ownership!
