How is the Northern Virginia Real Estate Market as of May 2012?
Three things that can summarize all about the Northern Virginia Real estate market:
7% Increase in median sold price compared to last year of May 2011.
Continuous shrinking inventory of new listings(April down -4.3% & May -2.7%).
Number of distressed property sale (foreclosures and short sales) is at the lowest level.
The increase in the price of the home is across the DC metro
area. Here is a chart with year to date in all the major jurisdictions.
Bottom line: Is
this the cause of the spring and summer market or things will slow down
as the summer housing market tapers off? Lack of inventory has caused
some panic in our market. Home that are priced right are getting under
contract right away others that are too aggressively price will need
adjustment to attract right buyer for their home. Buyers are savvy and
caution. Lower interest rate, high rents and strong job market
continuous to keep housing market health in Northern Virginia area.
For this market report Northern Virginia market consist of areas
of: City of Alexandria, Arlington County, Fairfax City, Fairfax County
and Falls Church City.