About Northern Virginia Real
Estate...
Home Shoppers will Find Plenty of Choices this Spring
Potential homebuyers in Northern Virginia will continue to have many choices and negotiating tools as spring moves forward, while interest rates remain at favorable levels, below where they were one year ago.
The Northern Virginia market slowed slightly in March, but seems to be following similar trends to the national market. National Association of REALTORS Chief Economist David Lereah noted recently that home sales data suggests an underlying stabilization in the housing market, but it will take another month or two to clarify.
“If it wasn’t for the unusually bad weather in February, we’d be seeing a better performance in pending home sales,” he said. “We also may be seeing some fallout from a decline in subprime lending…” This has caused lenders to tighten credit standards toward applicants or mortgages.
Prospective buyers and sellers in Northern Virginia will reach deals if both sides are willing to negotiate. Buyers can still seek a bargain with reasonable offers. Meanwhile, sellers should base list prices on up-to-date sales trends in their neighborhoods.
March data confirms that the 2007 rebound will be gradual. The Northern Virginia local economy continues to have strong economic indicators for job growth and unemployment.
Northern Virginia
|
March 2006 |
March 2007 |
Change |
| Average Sale Price |
$535,633 |
$532,517 |
DOWN -.58% |
| Home Sold |
1,867 |
1,752 |
DOWN -6.16% |
| Inventory |
8,577 |
8,077 |
DOWN -5.83% |
| Average Days On Market |
53 |
101 |
UP 20.8% |
| Months Supply |
4.59 |
4.61 |
UP +0.35% |
For further statistical facts and trends, visit the
Virginia Association of Realtors market stats web page.
For detailed statistics for each of the county, please visit
NVAR Market Reports.
Ziep Truong
(703) 861 1686 (C)
(703) 873 3500 (O)
Ziep@ZiepCodes.comhttp://ZiepCodes.com
Ziep
