Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Real Estate ChartThis blogger has the June MRIS data in a nice chart format.
Terrific Spring Buying Season!
Although I have been addicted to the insanity that is real estate (especially in the DC area) for about 3 years now, I am still dumbfounded by the numbers.I am hoping that the reduction in sales and the large amounts of inventory will continue to have an impact to bring things back towards earth, but as a reminder of how far we have to go, glance at the column for average price for detached properties. Only one line falls under 300k! So a theoretical family, making 100k a year wanting to buy an 'average' detached property (assuming they do not have the benefit of a large inheritance) would need to set their sites on "Winchester City & Clarke, Frederick, Warren Counties, VA", and learn all about extreme commuting.Ugh.
The problem with this data is that it mixes in NEW homes with older resales. Since new homes tend to be more expensive, they therefore keep UP the averages.So NOVA might look like only a 2% drop, but in reality, everything is skewed significantly and the REAL drop isn't disclosed. And NAR likes that!I don't believe numbers like that. Your TRUE SALES examples are more realisticFrank Borges LL0SA- Broker in VirginiaBlog.FranklyRealty.com
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