Just out of curiosity, I wanted to check what's going on with the local market. I wanted to see market activities as of October 30, 2006. We're talking about listing of condos on the market vs. number of properties "under contract" in various neighborhoods near or around metro stations. So, here it is -- a snapshot of market activities for Northern Virginia.
The criteria use to extract the data includes, one or more bedrooms under $400,000 range. The numbers are presented in a very simplified way, ignoring a couple of factors, like specific month to month activities (listing, under contract on a mo-to-mo). The information is gathered using MRIS data.
ARLINGTON (22201, 22202, 22203, 22206, 22209)
Active Listings: 152
Properties Under Contracts: 47
Days on market: 66
FALLS CHURCH (22042, 22043, 22046)
Active Listings: 80
Properties Under Contract: 16
Days on market: 67
VIENNA and OAKTON (22180, 22181, 22182, 22124)
Active Listings: 41
Properties Under Contract: 8
Days on market: 100
CITY OF ALEXANDRIA
Active Listings: 368
Properties Under Contract: 69
Days on market: 72
ALEXANDRIA outside the City limit
Active Listings: 201
Properties Under Contract: 34
Days on market: 67
What these numbers tell you: Properties stay longer on the market, but they're still selling. Interestingly, one of the reasons that these properties are still on the market is because of price. Some sellers are simply still asking too much. There is a condo en route to auction in the next couple of weeks. The starting price for this condo... at least $60K above comparable condos in the same building! There's no way they're going to get the price they're looking for. What are they thinking?
If you are buying -- by using the stats, you can have a sense of direction for an area where condos are still in high demand, for resale purposes. For example, demand is much better for Arlington condos located close to metro stations -- than for condos in Alexandria, Vienna, Oakton and Falls Church.
On the other hand, if you are thinking about selling your home, understand that it will take longer to sell your house. In addition, you might have to make some adjustments later on, if you insisted on selling your house using last year's prices. For serious sellers, you might want to read these tips on how to sell your home faster, here and here.
TOMORROW: DC Condo Market Activities