Time for some stats!
September was a good month for Northern Virginia with sales and prices posting year-over-year gains. Average number of days on the market also dropped.
Sales were up by a little more than 2%, while prices were up by nearly 5% compared to September 2008. In terms of days on the market, there was a nearly 30% drop from approx. 90 days to 60 days on average.
What does all that mean? Well, if you are in the market for a single-family home, the average sales price is up by 4% at about %560k. For townhouses and attached homes, the price increased by 7% at about $370k average. Condominiums saw the smallest increase, 3% at an average of $270k.
The other good news is that the inventory of homes continues to drop, as there are more home sales than listings. Generally speaking the market seems to be balanced, however you will find some sub-markets within Northern Virginia being more of a buyers’ or more of a sellers’ market.
These statistics cover Fairfax and Arlington County and the Cities of Alexandria, Falls Church and Fairfax.
I am planning to have more in-depth stats starting next month.
