The numbers speak for themselves that Northern Virginia market see the challenges of overbuilding, high supply of resale homes and low demands. NVAR, released their February '08 resale home sales number recently. The total number of homes sold in Northern Virginia for February picked up steam a bit on a month-to-month from 716 homes to 969 homes. The number of homes sold within the same period declined 33.7% from 1,462 homes. The average sold price this year follows the same pattern, declined five percent from $504,943 to $479,320. The average list price (when agents listed) down from $539,065 to $522,473. On a percentage basis, the sale price as percentage of list in 2007 was 93.67% while 2008 was 91.74%.
Overall, we've seen that prices show a declining trend. We're kind of surprised to see that Alexandria did a little bit better than Arlington in terms of prices. Maybe buyers started looking in Alexandria City, because it is still one of the 'best-kept-secrets' of close-in to DC hoods.
BY THE NUMBERS: Breakdown by county
|Total units sold||105||184||-42.9%|
|Ave. sold price||$477,997||$468,556||+2%|
|Ave. list price||$514,249||$502,173||+2%|
|Sale price as % of list||92.95%||93.31%||-0.36%|
|Days on market||109||110|
|Total units sold||137||205||-33%|
|Ave. sold price||$508,232||$524,538||-3.1%|
|Ave. list price||$542,205||$553,200||-1.9%|
|Sale price as % of list||93.73%||94.82%||-1.09%|
|Days on market||81||86|
|Total units sold||704||1,039||-33.2%|
|Ave. sold price||$467,979||$508,545||-9%|
|Ave. list price||$513,320||$544,350||-5.7%|
|Sale price as % of list||91.17%||93.42%||-2.25%|
|Days on market||123||113|
Price trends from 2000 to 2008
click to see larger image
When you look at the resale trends from January 1, 2008 to February 28, 2008, it clearly shows that the market is upside down. The number of active listings on the market - shows despite how resilient Washington DC region market is - still not enough cushion to overcome the housing slump. Since last year, we saw bank-owned properties or REOs started to show up on MRIS listings by the numbers. There is no question that foreclosure prices will drag down the non-distressed properties prices until market bounces back.
Here is a look at the market trends between non-distressed homes versus distressed (bank-owned, pre-foreclosure and short-sale) from January to February.
UPDATE-1: A closer look into the numbers (supply vs. under contract) tell that foreclosure (distressed) properties sell faster than the conventional sale (non-distressed).
-- we'll continue with DC numbers tomorrow --