Buy Alexandria Real Estate: Rev it Up: More Northern Virginia Homes are Selling and They're Selling Much Quicker

Alexandria Virginia Real Estate Blog

Rev it Up: More Northern Virginia Homes are Selling and They're Selling Much Quicker

 

Northern Virginia Real Estate Market is Revved Up!Gentlemen, start your engines!

Apparently the Northern Virginia real estate market has already heeded that cry.  Some of the best news to hit the housing market in a while, the Northern Virginia Association of REALTORS reports that a total of 2,053 Northern Virginia homes sold in July 2009, a 10.55 percent increase above July 2008 home sales.

Not only are more homes selling, but they are selling much faster.  Get this:  The average days on market for homes in July 2009 was 62, compared to 91 days in July 2008.  Homes are selling in 2/3 the time! 

This is fantastic news if you're planning to sell your Northern Virginia home.  And judging by the phone calls and e-mails I've been getting, you are planning to sell

NOTE:  My wife has mixed emotions about this.  On the one hand, it means she'll get to spend less time with me this weekend.  On the other hand, it means business is picking up.

NOTE #2:  We just got back from a 10 day vacation, so please keep calling and e-mailing!

Is July just a fluke?  It doesn't look that way.  Pending Northern Virginia homes sales in July also showed an increase of 10.21 percent -- these are the homes that will be selling in the coming weeks and months.

What's the cause of this increase in activity?

  • Sales prices remain lower than last year.  Average July sales price was 5.03 percent lower than July 2008.

  • Interest rates are still quite low.

  • The deadline for the $8000 first time homebuyer tax credit is rapidly approaching (November 30th).

  • Buyers are seeing the opportunity in purchasing short sales and foreclosures.  (Anecdotally, a listing agent in my office who deals primarily with foreclosures and short sales just added a second large whiteboard to his office to track the multitude of properties he's got on the market).

  • Inventory is down significantly -- there are 25.62% fewer active listings than at this time last year, creating a more competitive market for buyers.

My engine's revved up (and the A/C is working).  Is yours?

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Contact Brian Block, Managing Broker, RE/MAX Allegiance, McLean:
Licensed in Virginia &
Washington D.C.  703-626-0715.
If you are interested in purchasing or selling a property in Northern Virginia or Washington D.C.,
contact Brian today.

 

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Comment balloon 11 commentsBrian Block • August 13 2009 04:12PM

Comments

Is that you on the bike?  Good infor Brian...sounds like you're doing well!

Posted by Celeste "SALLY" Cheeseman, (RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE (Century 21 Liberty Homes) over 8 years ago

This is fantastic news. And all the fundamental reasons why your market is a good one - like the easy commute to DC, strong schools in Fairfax County, etc., are obviously refocusing buyers...

Posted by Christianne O'Malley, Exceptional Service - Delivering Results in Reno! (RE/MAX Realty Affiliates) over 8 years ago

Hi Brian,

We're experiencing very similar activity in the Prince William County, Virginia   market  across the board. Inventory is down!  Prices have inched up a bit and homes are selling fast with multiple offers for most homes priced under $500,000. Higher end homes are selling also just not with multiple offers.

So Brian's right..rev up your engines it's time to sell!

Posted by Peggy James, Woodbridge Virginia Area Real Estate Specialist (EXIT Realty Associates) over 8 years ago

Hi Brian,

 

Great info! thanks,

 

Robert

www.sawitonline.com

Posted by Robert over 8 years ago

Three closing this week in Prince William County for me and two new listings to get on the market in Fairfax County.  Non stop action all along the major roadways in Northern Virginia!

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 8 years ago

Well, we're wa-ay outside the beltway, but Northeast Florida is busy also year over year. Our office is up 16% over last year and the community I live in (Eagle Harbor) sold 50% of the homes it has sold this year in June and July. We have been up 16% since January and our inventory has dropped some as well.

Cool photo!

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 8 years ago

Brain, that is some great news.  I have a condo to sale in NorthernVA, and plan to put it on the market October.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Perry Wellington Realty, Adam Conrad, Broker) over 8 years ago

Northern Virginia real estate rocks!. . .and the average price is also very high. . great news for the rest of the country, we are on our way to recovery.

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) over 8 years ago

Hey Brian look like no more vacations for you for awhile. Woo Hoo!  Our market has shifted dramatically as well. We're driven by  crazy amounts of foreclosures and low prices it would be crazy for somebody not to buy now.

Hey - you make me feel like going on a bike ride!

Posted by Anna Banana Kruchten CRB, CRS, Broker, Arizona's Top Banana of Real Estate! (Phoenix Property Shoppe) over 8 years ago

Wow!!! Great news!  Stay home and sell houses.  That's great.  Is that your bike? 

Posted by Carol Pease, CRS, Broker-Associate 512-721-6320 (JP & Associates Realtors) over 8 years ago

This is great news Brian! I am glad that you enjoyed your vacation, as it is an absolute necessity to ensure that one takes time to make sure all areas of their life are nourished. Time to go back to work now! 

Posted by Renee Thompson (Premier Sotheby's International Realty) over 8 years ago

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