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Market Trends
Commentary Provided byMartina Burns RE/MAX Keep in mind the tax advantage will expire 04/30/2010. You need to be under contract by then and have to close on the property by 06/30/2010!! If you can qualify, now is an exceptional time to buy a home in Burke. Low rates makes a home purchase a great value! Why rent when you can buy for similar monthly payments? Call the local real estate expert Martina Burns now for more information at 703-650-8533 or toll free at 866-361-6655 |
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| Report Date | Winter 2010 | ||
| Nearest Metro Area | DC | ||
| Buyers’ or Sellers’ Market | More buyers than sellers | ||
| Average Time on Market | 60-90 days | ||
| Market Trend | Increasing | ||
| Housing Inventory | Limited Supply | ||
| Inventory Comments | Foreclosures and short sales in ok condition are getting multiple offers within the first few days on market, most at least 5-10 offers, some 10-20 offers, therefore homes are selling above asking price in the 250,000-400,000 price range! | ||
| Average Home Price | $575,000 - View Graph Trend | ||
| Best Selling Price Range | $500,000 - $549,000 | ||
| Worst Selling Price Range | $1,000,000+ | ||
| Compared to Last Year | Up 20-25% | ||
| Prices As % of Asking Price | 90-95% | ||
| Multiple Offers? | Yes | ||
| Multiple Offers Commentary | Homes in the lower price range < $ 400,000 are in very high demand! | ||
| Greatest Activity | First Time Buyers | ||
| Buyer Activity for the past 90 days in Falls Church is | Increasing | ||
| Seller Activity for the past 90 days in Falls Church is | No Change | ||
| Is Financing Available For Qualified Buyers in Falls Church? | Yes | ||
| Existing Home Prices for the past 90 days are | Increasing | ||
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 20-25% | ||
| Housing Hot Spots | Everything inside the Beltway or within 5 miles just outside and close to Metro or VRE! Most cities within the Fairfax County area are considered 'Housing Hotspots' | ||
| Reason to Buy/Sell | Tax incentives, lower prices and competitive interest rates creates a perfect time to buy in Falls Church! | ||
| Average Sold Price | $575,000 - View Graph Trend | ||
| National Real Estate Market | |||
| National Summary: National Housing Market Recovery Near? Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there. Click here for full article... | |||
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RE/MAX Allegiance Alexandria, Virginia 703-650-8533 MartinaBurns@cox.net Agent Home Page 
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Falls Church Local News
Real Estate News for Falls Church City, VA - Thursday February 11th, 2010 11:33am
January 2010 Year to Date
Please copy and past this link into your browser
http://www.mris.com/reports/marketupdate/Falls%20Church%20City.pdf
Trends in Housing Year End 2009 / Fairfax County, Northern VA / news for Falls Church, VA - Wednesda
Trends in Housing, a joint publication of MRIS and Delta Associates, provides an in-depth look at the statistics and issues that shape the Mid-Atlantic housing market. Following are highlights of market activity at Year-End 2009:
¡Prices are showing signs of a moderate recovery: 4th quarter prices in the metro are up from the same quarter in 2008, with the Outer jurisdictions outperforming the Core and Inner jurisdictions. Prices will likely gain traction in 2010, as buyer and seller expectations continue to move closer to a balance, facilitating an increase in transaction volume. This is the first time prices have risen on a trailing 12-month basis since the 4th quarter of 2007.
¡Days on market continue to decline compared to both last quarter and a year ago. Properties in the Outer jurisdictions (Loudoun, Prince William and Frederick Counties) have experienced the sharpest decline, but across the region, time on market is at or below the regionfs long-term average.
¡The ratio of inventory to sales continues to decline in most jurisdictions from one year ago. The metro-wide ration of 5.3 monthsf worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
¡The gap between buyer and seller demands is closing with the average sales price in the 4th quarter of 2009 at 93.7% of list price, the highest share in more than two years.
News for Falls Church, VA - Wednesday January 13th, 2010 8:50am
Fairfax County Local Real Estate Market Updates
December 2009 Year to Date
New Listings 1,348 942 - 30.1% 26,623 21,292 - 20.0%
Closed Sales 1,211 1,023 - 15.5% 13,976 15,236 + 9.0%
Pending Sales 936 953 + 1.8% 14,517 16,622 + 14.5%
Median Sales Price* $325,000 $365,000 + 12.3% $372,000 $355,000 - 4.6%
Percent of Original List Price Received at Sale* 92.9% 97.3% + 4.7% 92.9% 95.3% + 2.6%
Average Days on Market Until Sale 92 52 - 44.1% 98 70 - 28.0%
Single-Family Detached Inventory 2,961 1,407 - 52.5% -- -- --
Townhouse-Condo Inventory 2,496 866 - 65.3% -- -- --
http://www.mris.com/reports/marketupdate/Fairfax%20County.pdf
News for Falls Church, VA - Wednesday December 16th, 2009 11:22am
Real Estate News for Falls Church / Fairfax County / VA
Local real estate up-date for Fairfax County November 2009
Pending Sales up 12.6 %
Median Sales Price up 9.4 %
List Price vs. Sales Price = 97.2 %
Average Days on Market = 48 days = down 49 %
http://www.mris.com/reports/marketupdate/Fairfax%20County.pdf
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