Below is a quick summary of the Northern Virginia Housing Market at mid year 2010. Without question, this is the most encouraging report we have seen in 4 years as it clearly indicates a 3 quarter, sustained positive trend not only for the "core" areas, but also the outlying counties. This report combined with continued low interest rates is a very clear indication that now is the time to buy in Northern Virginia!
Joe Gladden, Managing Partner, VR SAM
Welcome to Trends in Housing, a joint publication of MRIS and Delta Associates. This report provides a regular in-depth look at the statistics and issues that shape the Mid-Atlantic housing market. Following are highlights of market activity at mid-year 2010.
The Washington area housing market is in the recovery cycle, ahead of the rest of the nation:
• Prices continue to show signs of recovery: 2nd quarter prices in the metro are up from the 1st quarter
and from the same quarter in 2009, with the Outer jurisdictions (Loudoun, Prince William and Frederick
Counties) outperforming the Core and Inner jurisdictions. Prices will likely gain traction through the
remainder of 2010 facilitating further increases in transaction volume. This is the third consecutive quarter prices
have risen on a trailing 12-month basis.
• Days on market continue to decline compared to both last quarter and a year ago. Properties in
the Outer jurisdictions have experienced the sharpest recovery, but across the region, time on market
is very close to or below the region’s long-term average. Time on market is the lowest since 2006.
• The ratio of inventory to sales continues to decline in most jurisdictions from one year ago. The metro-wide ratio
of 4.5 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is
beginning to outpace supply.
• The gap between buyer and seller demands is closing, with the average sales price in the 2nd quarter of
2010 at 95.2% of list price, the highest ratio in more than two years
Reproduced with permission of the MRIS and Delta Associates
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Veteran Realty Serving America’s Military, Inc., VR SAM®, is a partnership of retired Military Officers and Spouses, all Military Realtors, serving Military Families purchasing or selling homes in the Northern Virginia region including Fairfax County, Prince William County, Loudoun County, Fauquier County, Stafford County, Arlington, and Alexandria, Many of our purchaser clients are PCSing to the Pentagon, NRO, Fort Belvoir, Fort Meyer, Anacostia, Bolling AFB, Andrews AFB, Navy Yard, Quantico, Coast Guard Headquarters, and other NOVA military installations. VR SAM also serves a large number of defense contractor employees and Federal Employees from the FBI, NCIS, CIA and other agencies. VR SAM is a leading advocate for the improvement of home owner benefits for Military Families. Call VR SAM today to learn about our industry leading purchaser client credit and competitive listing programs and rates.
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