Arlington County 2007, 2006
Total Sold Dollar Volume: $143,291,295; $139,391,599 2.80%
Median Sold Price: $469,900; $470,000 -0.02%
Total Units Sold: 263, 248 6.05%
Alexandria City 2007, 2006
Total Sold Dollar Volume: $97,715,939; $100,961,184 -3.21%
Median Sold Price: $479,500; $445,000 7.75%
Total Units Sold: 186, 206 -9.71%
Fairfax County 2007, 2006
Total Sold Dollar Volume: $667,550,650; $743,198,826 -10.18%
Median Sold Price: $456,000; $477,000 -4.40%
Total Units Sold: 1,261, 1,386 -9.02%
Loudoun County 2007, 2006
Total Sold Dollar Volume: $225,748,881; $300,020,320 -24.76%
Median Sold Price: $447,450; $503,500 -11.13%
Total Units Sold: 440, 552 -20.29%
Prince William County 2007, 2006
Total Sold Dollar Volume: $170,783,920; $305,187,841 -44.04%
Median Sold Price: $389,450; $395,000 -1.41%
Total Units Sold: 418, 699 -40.20%
Also, some highlights from the Northern Virginia Association of Realtors® for March:
Greater Northern Virginia: March 2007
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for March 2007 reflects a slightly greater dip comparatively.
Greater Northern Virginia sales data shows a slight lag in market activity, as a higher inventory and lower demand in further-out suburbs have slowed the sales pace compared to the core Northern Virginia region. The average sales price of $497,666 in March 2007 was 1.10 percent less than the March 2006 average sales price of $503,200.
The number of Greater Northern Virginia region units sold in March was 2,826, nearly a 17 percent decline from the 3,392 houses that sold in March 2006.
Across Greater Northern Virginia, 18,528 listings are active on the market, about 0.5 percent (that is, one-half of 1 percent) more than this time last year, when 18,444 homes were available. The average number of days on the market for a home sold in March 2007 was 113, which is about 78 percent higher than the DOM of 64 days one year ago.
3 comments:
Somewhere out there in the bubblesphere there's a chart that illustrates how bubbles work... they start at urban centers and radiate out to the outermost suburbs, when they collapse the outer rings get hit first working back to the center.
I would say these numbers reflect that to a tee.
Bubble Chart
This is the chart I was remembering.
Yes, John, that's a good representation.
I thought of the phrase "last hired, first fired." Something I've noticed after watching this exurban/rural market for several years is that these sellers seem very slow to lower their prices, while homes closer in are actually priced lower in some cases. For example, one can buy a single-family house in Reston or Chantilly in the mid 500's, so why price one for that in Gainesville or Warrenton?
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