HAPPY NEW YEAR!
Before looking ahead, it's important to take a look back at real estate sales for 2009. At the start of 2009, inventory of homes on the market was quite a bit down from 2008, prices had come down somewhat, everyone was talking about foreclosures, and the economy was at a standstill. Nobody really knew what to expect in 2009, especially with a new federal administration about to get started. The home sales news for 2009 in Northern Virginia was pretty good! Home sales were up in almost all jurisdictions and inventory levels decreased dramatically throughout the year.
Whether you are planning to sell your home in 2010 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 2009?
% Change from 2008
ALEXANDRIA CITY 1,972 Homes Sold in 2009 +10.5%
ARLINGTON COUNTY 2,620 Homes Sold in 2009 +12.9%
FAIRFAX COUNTY 15,141 Homes Sold in 2009 +10.5%
FALLS CHURCH CITY 166 Homes Sold in 2009 +27.7%
LOUDOUN COUNTY 5,251 Homes Sold in 2009 -1.3%
PRINCE WILLIAM COUNTY 8,522 Homes Sold in 2009 -3.9%
In almost all markets, especially the closer in jurisdictions, volume of sales were up over 10%. Prince William County sales numbers dropped slightly from the record-setting year in 2008 but were still at high levels. Overall there were an additional 1,543 sales in Northern Virginia in 2010 as compared to 2009 or a total increase in volume of 4.8%
How many Northern Virginia homes will sell in 2010? 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 impact of the homebuyer tax credit, etc.
As of the start of 2010, here are the inventories of resale homes listed for sale on the Multiple Listing Service:
% Change from 1/1/09
ALEXANDRIA CITY 394 Homes Available -26.4%
ARLINGTON COUNTY 527 Homes Available - 21.1%
FAIRFAX COUNTY 2,101 Homes Available -53.0%
FALLS CHURCH CITY 29 Homes Available -43.1%
LOUDOUN COUNTY 1,061 Homes Available -41.5%
PRINCE WILLIAM COUNTY 994 Homes Available -61.5%
Overall, inventory numbers are way way down from what they were one year ago today. This could be very good news if you are planning to sell your home this year. If 2010 home sales continue at the 2009 pace, some jurisdictions currently have under 2 months of inventory supply! To learn more about the Northern Virginia inventory issue read The Story is Inventory (or lack thereof).
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.
2010 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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