Buy Alexandria Real Estate: How Many Homes Sold in 2007? How Many Will Sell in 2008? Will Yours Be One of Them?

Alexandria Virginia Real Estate Blog

How Many Homes Sold in 2007? How Many Will Sell in 2008? Will Yours Be One of Them?

Northern Virginia real estate 2008Happy New Year!

Before looking ahead, let's take a quick look back at real estate sales for 2007.  Whether you plan to sell your home in 2008 or are interesting in purchasing a home this year, it's important to understand some numbers.  Everyone likes to look at prices.  That's fine.  However, you also need to look at number of sales and the amount of inventory available.

How many homes sold in Northern Virginia in 2007?

ALEXANDRIA CITY                 2,207 Homes Sold in 2007
ARLINGTON COUNTY              2,973 Homes Sold in 2007
FAIRFAX COUNTY                 13,293 Homes Sold in 2007
FALLS CHURCH CITY                   141 Homes Sold in 2007
LOUDOUN COUNTY                  4,963 Homes Sold in 2007
PRINCE WILLIAM COUNTY    4,897 Homes Sold in 2007

How many homes will sell in 2008?

 

How many will sell in 2008?  That's anyone's guess.  You may as well try to guess how many gumballs are in this antique gumball machine.  Anyway, there's no prize for right answers.  Everyone likes to make predictions and prognostications, yet even the so-called experts are always revising their numbers up, down, diagonally and sideways as the year progresses.

As of the start of 2008, here are the inventories of resale homes listed for sale on the Multiple Listing Service:

ALEXANDRIA CITY                    665 Homes Available
ARLINGTON COUNTY                 674 Homes Available
FAIRFAX COUNTY                  5,868 Homes Available
FALLS CHURCH CITY                    48 Homes Available
LOUDOUN COUNTY                 2,804 Homes Available
PRINCE WILLIAM COUNTY  4,757 Homes Available


What does all this mean?  In Arlington, the inventory of homes available is 22% of the number of sales that were completed in 2007.  Contrast this with Prince William County where inventory represents over 97% of the total number of sales last year.  This means that it will be increasingly difficult to sell your home in Prince William County than it is in Arlington, due to the high inventory numbers.  This assumes that home sales continue at the rates that they did in 2007.  What if sales continue to slow through 2008?  People who wish to sell their homes will have to lower their price to get the home sold.

You can't control the market.  You can't control the prices or the number of sales.

Northern Virginia Real Estate MarketYOU CAN CONTROL HOW YOU PRICE AND MARKET YOUR HOME!

2008 is NOT THE TIME to price your home high and "test the market."  If you need to sell your home, you must price it right from the beginning.

2008 is NOT THE TIME to try to sell the home by yourself.  You need to expose your home to the broader market and utilize the expertise of a professional Realtor to market and sell your home.

2008 is NOT THE TIME to leave your home a mess and expect buyers to overlook the condition.  To compete in the marketplace, your home needs to be in tip-top condition and may need professional staging.

2008 IS THE TIME to get expert advise, a skilled negotiator, and a savvy internet Realtor who knows how to market and sell your home.

Whether you are considering buying or selling a Northern Virginia home in 2008, here are some important articles that you should read:

You Might Actually Afford a Home in 2008

Selling Your Home -- Know the Broker's Duties

Single Family Homes are Available in ALL price ranges in Northern Virginia

How long does it take to Sell a Home in Alexandria, Virginia?

No Day Trading in the Real Estate Market

Mighty Paragaph 7 of the Sales Contract

Choosing a Good Negotiator for Your Real Estate Deal

Waiting for the Bottom: Don't Bother

Increasing the Value of Your Northern Virginia or D.C. Home

Selling a Home in Northern Virginia & D.C.: Step by Step Flowchart

7 Things You Must Do to Sell Your Home in Northern Virginia

"We can always reduce the price later" -- Price Reductions are NOT A GOOD MARKETING PLAN for Northern Virginia Homes

 

** CLICK HERE TO FIND OUT HOW MUCH YOUR HOME IS WORTH **

 

Brian Block      RE/MAX Allegiance    703-626-0715     

 

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Comment balloon 20 commentsBrian Block • January 01 2008 02:32PM

Comments

Good post Brian. I am anxious to see what 2008 will bring for all of us. Best of luck to you in 2008!!
Posted by Sally Zatkoff, Making a Difference (Berkshire Hathaway Home Services PenFed Realty) over 10 years ago
Brian, the Prince William County numbers are fascinating!  That's a lot of inventory compared to last year's sales numbers.  
Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 10 years ago
Goodness, Prince William County has a year's worth of inventory!  'Bet home prices are tanking there...  Excellent post, Brian - another twist on those details that consumers like to read.
Posted by Margaret Woda, Maryland Real Estate & Military Relocation (Long & Foster Real Estate, Inc.) over 10 years ago
SALLY:  I think we're all anxious to see what 2008 holds in store.  While the market may continue to be tough, I've resolved to not worry about the market and just work on my own business.  Thanks for your comment and best wishes for a great year!
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
PATRICIA:  Yes, those numbers for Prince William are glaring.  Lots of inventory and an absolute buyer's market.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
MARGARET:  Thanks for your comment and compliment.  I expect that these inventories will continue to grow somewhat as many owners were waiting until after the holidays to put their homes on the market.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
Brian,  An interesting comparison will be to make the comparison about March or April when the "new batch" comes on plus those that were pulled because they did not sell,  but I agree "close in" is better than "farther out"
Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Executives) over 10 years ago
Brian, I like your 2008 is not the time statements. All, right on the money.
Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 10 years ago

Homes are selling in PWC if they are priced really well and professionally staged.  Keep in mind about 50% of our inventory is bank owned properties.  I am finding that seller owned homes priced strategically are selling because a lot of buyers don't want to deal with the hassle of working with the banks.

Prince William is a great place to get a deal, so bring the buyers! 

Posted by Chelle Gassan, NOVA Realtor and Stager (RE/MAX Regency and Staged Homes VA) over 10 years ago
KAREN:  It will be interesting to see whether March and April brings a ton of new inventory and high levels and whether some of the current inventory will be weeded out either by going off the market or lowering the asking prices and getting contracts.  Thanks for your comment.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
GARY:  Thanks for your comment and compliment.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
CHELLE:  You are definitely right.  There are certainly a lot of bank owned properties and foreclosures in Prince William.  When I have some buyers looking in PWC, I'll be bringing them down that way.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
Hi Brian, you have produced a great piece on the market that should help sellers and buyers get a better feel for the market in the respective area...nice post Brian.
Posted by Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375, Real Estate Services You can Trust! (Flexit Realty "Flexible Home Selling Solutions") over 10 years ago
Well said. I just trend data for Haymarket, Gainesville, and Manassas.  All show negative trends for 2007 with final sale prices roughly 93% of original list list. If seller don't checking in with reality and (some) Realtors stop enabling them with dream with the clouds, the inventory will remain high and market will continue in its spiral. Hopefully, we start seeing some leveling off in early spring.
Posted by Scott Wall (StoneHouse Realty, Inc) over 10 years ago

Brian,

2008 is NOT THE TIME to leave your home a mess and expect buyers to overlook the condition. 
Amen to that; thanks for posting to Localism!

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago
GARY:  Thanks for your compliments on this post.  I do hope that it will help to give an accurate picture of inventory and sales in the Northern Virginia market.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
SCOTT:  Prince William County is definitely having a hard time of it over the last year and into 2008.  As you say, hopefully the spring market will being a leveling off and some of the inventory will start moving.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
MIKE:  Thanks for your comments and joining the Amen chorus.
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago
Great news, it actually looks like things are looking up there, excellent indeed, Lance
Posted by Lance Winslow (The Car Wash Guy) over 10 years ago
LANCE:  Thanks for your comments.  I think that 2008 will be a good year for buyers.  Seller, I'm not so sure...
Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago

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