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For the month of August, inventory of homes in Northern Virginia declines to 3.87 from 5.07 months. Below 5-6 months supply is clearly seller's market. Sellers don't get your chin up yet, because lower priced homes 'still' dominate the sales.
What's interesting is this: the sub-$200k no longer dominate the sales. Twelve percent of all homes sold is in the sub-$200k. However, about thirty-nine percent of homes sold in August was in the $200,000 to $400,000 range. So, prices inched up a bit.
A total of 1813 homes was sold in August, up by 1 home from the same period last year. Days on market gets shorter, from 87 to 63 days. The average sales price sales price declined by 3.17% from $473,183 to $458,172. Using the point of reference above with more sales happening in the $200k-400k, the median price also up by 1.31% from $389,000 to $395,000.
On the other hand, year-to-date sales was up by 9.83% from 11,683 to 12,831 homes. Average sales price, still in negative territory. It's down 11.07% from $481,280 to $428,011.
Real-time data via MRIS:
Active listings 4,233
Under $400k 1,374
Under contract 4,315
Distressed properties still dominate the listings under $400,000. Of 1,374 actives, about 557 or 40% of listings is distressed properties (in foreclosure and short-sale). The number of short-sale homes on the market actually 3 to 1 foreclosures.
So long as foreclosures and short-sale are still around and dominate the market, pricing properties will be an uphill battle for regular sellers...
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