No September blues. That's the headline on NVAR (Northern Virginia Association of Realtors) website for the recent September market stats. Not only Northern Virginia has 4months of inventory, but also pending sales (the lingo for homes under contracts) up 13%. For one thing, my observation from the field, is there's not enough properties on the market to support buyer's home spree.
Here's a snapshot.
With the exception of townhouses, sales are up for single homes and condos. For the same period, the number of single homes sold up from 674 in 2008 to 740 units in 2009. Townhouse units sales drops from 554 to 490 units. And condos sales up from 422 to 454 units. Moreover, the average days these properties stay on market improved from 93 days to 63 days.
The November 30 deadline, to claim the $8,000 first time buyers credit, is approaching fast. So, as a result, it's becoming very common to see multiple contracts - not one or under 10 contracts on the table - but, 20, 30. It's way up there. That's why the number of home sales up 2%. And average price up 5% from $407,748 to $427,881. If we look at the median price is still under $400k. The sales median price is $375,000, which have gone up 8% from last year's at $348,250.
The good thing is: prices lower than 2008. YTD ave. sales price is off -9.36% from $472,180 to $427,996. And interest rates way down there.. uhm, like below 5%. So, homes have become more affordable for many.
I'm rushing to go to a meeting, so we'll continue looking at the details soon..