HAPPY NEW YEAR!
Before looking ahead, it's important to take a look back at real estate sales for 2010. At the start of 2010, inventory of homes on the market was way down from 2009, prices were stabilizing, and the federal homebuyer tax credit was in play providing a deadline for many buyers and sellers. The home sales news for 2010 in Northern Virginia was somewhat lackluster. While the tax credit provided an artificial boost to sales, once that expired, home sales during the rest of the year were sluggish and the number of sales were down in ALL jurisdictions!
Whether you are planning to sell your home in 2011 are are interested in purchasing a home this year (I know it's on some of your New Year's resolutions lists), it's necessary to understand some numbers -- the number of sales and the amount of inventory available.
How many homes sold in Northern Virginia in 2010?
% Change from 2009
ALEXANDRIA CITY 1,901 Homes Sold in 2010 -3.6%
ARLINGTON COUNTY 2,591 Homes Sold in 2010 -1.1%
FAIRFAX COUNTY 13,734 Homes Sold in 2010 -9.3%
FALLS CHURCH CITY 142 Homes Sold in 2010 -14.5%
LOUDOUN COUNTY 4,898 Homes Sold in 2010 -6.7%
PRINCE WILLIAM COUNTY 6,552 Homes Sold in 2010 -23.1%
In all markets, volume of sales were down, though the closer in jurisdictions of Alexandria and Arlington fared much better, only slipping slightly from 2009. Prince William County sales numbers dropped by the largest amount. Overall there were 3,854 less home sales in Northern Virginia in 2010 as compared to 2009 or a total decrease in volume of 11.4%
How many Northern Virginia homes will sell in 2011? Pull out your crystal balls. There's a ton of variables this year and the experts and prognosticators vary widely on their predictions of a real estate recovery, the economy, how much foreclosures and short sales will continue to impact our market, the job market, and the new Congress.
As of the start of 2010, here are the inventories of resale homes listed for sale on the Multiple Listing Service:
% Change from 1/1/10
ALEXANDRIA CITY 517 Homes Available +31.2%
ARLINGTON COUNTY 479 Homes Available -9.1%
FAIRFAX COUNTY 2,503 Homes Available +19.1%
FALLS CHURCH CITY 26 Homes Available -10.3%
LOUDOUN COUNTY 1,254 Homes Available +18.2%
PRINCE WILLIAM COUNTY 1,353 Homes Available +36.1%
Overall, inventory numbers are mixted from what they were one year ago today. Some jurisdictions are way up while others are down somewhat. Overall numbers are up, but still relatively low. This could be very good news if you are planning to sell your home this year. If 2011 home sales continue even at the sluggish 2010 pace, some jurisdictions currently have just slightly over 2 months of inventory supply!
IMPORTANT MESSAGE TO NORTHERN VIRGINIA BUYERS AND SELLERS:
You can't control the market. You can't control the prices or the number of sales.
The market is changing.
2011 IS THE TIME to get expert advice, a skilled negotiator, and a savvy real estate broker who knows how to navigate this market to help you with your real estate goals.
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