Year over year home prices are up in Northern Virginia / December report

This monthly Market Update separately includes the Northern Virginia Association of Realtors, the Dulles Association of Realtors (Loudoun County), and the Prince William Association of Realtors.  Numbers do not include new homes not listed on MRIS, which are probably not significant at this time.

Improved numbers are in green. Worse numbers are in red.

NORTHERN VIRGINIA ASSOCIATION OF REALTORS

 

December listings compared to November: Decreased 11% to 5,421.

 

December sales units compared to November: Decreased 14% to 1,349.

 

December 2009 Sales Units compared to December 2008 Sales Units: Down 11%

 

The average sold price for all homes in December was $474,104, Up 12% compared to 2008.

 

Absorption Rate* comparing July thru December 2009:

 

	JUL	AUG	SEP	OCT	NOV	DEC
Under 249,999	117 days	71 days	130 days	115 days	120 days	143 days
250,000 - 299,999	107 days	110 days	106 days	99 days	97 days	115 days
300,000 - 399,999	93 days	88 days	83 days	94 days	85 days	95 days
400,000 - 499,999	71 days	82 days	83 days	101 days	82 days	108 days
Over 500,000	131 days	131 days	176 days	193 days	160 days	128 days

 

DULLES ASSOCIATION OF REALTORS (LOUDOUN COUNTY)

 

December listings compared to November: Decreased 8% to 1,806.

 

December sales units compared to November: Increased 6% to 391.

 

December 2009 Sales Units compared to December 2008 Sales Units: Increased 6%.

 

The average sold price for all homes for December was $393,735, Up 11% compared to 2008.

 

Absorption Rate* comparing July thru December 2009:

 

	JUL	AUG	SEP	OCT	NOV	DEC
Under 249,999	137 days	132 days	122 days	129 days	137 days	132 days
250,000 - 299,999	92 days	101 days	136 days	109 days	89 days	83 days
300,000 - 399,999	103 days	97 days	92 days	99 days	106 days	101 days
400,000 - 499,999	104 days	145 days	153 days	114 days	163 days	120 days
Over 500,000	244 days	193 days	235 days	253 days	249 days	188 days

 

PRINCE WILLIAM ASSOCIATION OF REALTORS

 

December listings compared to November: Decreased 4% to 2,630.

 

December sales units compared to November: Decreased 11% to 578

 

December 2009 Sales Units compared to December 2008 Sales Units: Decreased 42%

 

The average sold price for all homes for December was $249,211, Up 23% compared to 2008.

 

Absorption Rate* comparing July thru December 2009

 

	JUL	AUG	SEP	OCT	NOV	DEC
Under 249,999	102 days	96 days	108 days	102 days	106 days	124 days
250,000 - 299,999	123 days	148 days	132 days	100 days	110 days	134 days
300,000 - 399,999	140 days	121 days	139 days	128 days	129 days	116 days
400,000 - 499,999	162 days	146 days	153 days	164 days	179 days	152 days
Over 500,000	241 days	311 days	325 days	398 days	336 days	392 days

 

*Absorption Rate is the number of days, at current rates of sale, that would be required to dispose of current inventory, provided no additional listings are added to the market. This calculation accurately tracks market conditions and has been used by the home building industry for more than 30 years.

Posted via web from Jim's posterous

2010 is here, where will our local housing market go?

This past year was an interesting time for real estate in Northern Virginia. We went from a flurry of foreclosure properties to a very limited inventory. As home prices fell and many found themselves underwater, it became difficult if not impossible to sell their homes. A large majority of the homes in Prince William County were found to be short sales. A short sale occurs when the seller’s lender, due to some sort of hardship, allows him to sell for less than the full amount owed. Buyers hurried to compete on these homes, only to wait for up to 6 months to find out whether the lenders would approve the sale. These buyers were encouraged by the federal tax credit giving a break of $8000 to any purchaser who had not owned a home in the past 3 years.

2010 is now here! There is still very little inventory. The tax credit was expanded to include many current homeowners as well as first time buyers, yet it expires on April 30^th. There has been little success in loan modifications. Most owners that qualify to modify, find that in three to six months they are right back where they started. The federal government had been buying up some of these “toxic” assets, or defaulting loans but that is also set to expire soon. This should certainly have an adverse impact on interest rates. Although prices are extremely good right now, what will a 7 or 8% home loan rate mean? We are not talking about in a couple of years. We are talking about in the next 4 or 5 months!

Anyone on the fence should beware! If this doesn’t give you an incentive to get your DREAM HOME now, I don’t know what to say. Why wait for that investment property?

It is true, short selling will continue well into 2010. Foreclosures will continue to come on the market as well. Question is: Will anyone be able to afford them?

 

 

Posted via web from Jim's posterous