"Market Conditions Vary Widely"

The Fairfax County Times has an article out based on the July Northern Virginia Association of Realtors' report.

Home sales fell by 5.89 percent for the first half of the year, to a total of 10,011, according to the [NVAR] July report. The median sales price also dipped, from $476,225 to $465,000, for a 2.4-percent decrease. The picture became bleaker as the six-month period went on.

Some communities were spared the suffering, though. These close-in, move-up markets actually saw gains, as market expert David Howell reported. But they were the exceptions to the rule.

. . .

'It is undeniably true that the residential real estate market is softer as a whole than this time last year," said David Howell, a Mount Vernon resident who is executive vice president of McEnearney Associates and author of its Metropolitan Washington Residential Real Estate Market Report and Market Watch newsletter.

However, he added, "Market conditions vary widely among submarkets.'"

In McLean and Great Falls, sales increased by 9.5 percent. "The 117 homes priced over $1.5 million represented 52 percent of all such sales in Northern Virginia." (DOM (days on the market) rose to 113 from 73 in 2006).

Oakton, Reston and Vienna gained 0.7 percent in sales. DOM rose from 58 to 78.

In the Fairfax County section of Alexandria, sales were down by 15.8 percent. The City of Alexandria declined 5.1 percent. DOM rose in both places from 48.6 to 77.9.