Daily Market Watch Changed Today
September 2, 2006
New Construction is now removed from the daily sample as of this morning. The charts will show an abrupt change in all the trends (we did not go back and re-sample the last 30 days). Additionally, the chart window will gradually expand to 90 days. Below are the daily sample for September 1st BEFORE New Construction was removed and also a sample of ONLY New Construction.BEFORE NEW CONSTRUCTION REMOVED
| Total | Fairfax | dom | Loudoun | dom | |
| Listings | 7,814 | na | 4,069 | 123 | |
| Contracts | 1,400 | 80 | 449 | 112 | |
|   | |||||
| Activity in last 30 days: | |||||
| Listings | 2,389 | 38 | 933 | 51 | |
| Contracts | 993 | 79 | 317 | 118 | |
| Sold | 1,261 | 67 | 397 | 92 | |
| Expired | 601 | 122 | 321 | 145 | |
| Withdrawn | 1,561 | 97 | 760 | 126 | |
| Buyer Intensity | -0.71 | -0.82 | |||
|   | |||||
| Recent Average Price: | |||||
| LIST Price | $570K | -- | $578K | -- | |
| SOLD Price | $537K | 94.2% | $533K | 92.2% | |
dom = days active from original list date
NC = New Construction
NEW CONSTRUCTION ONLY COMPONENT
| Total | Fairfax | dom | Loudoun | dom | |
| Listings | 624 | 130 | 707 | 207 | |
| Contracts | 98 | 101 | 22 | 109 | |
|   | |||||
| Activity in last 30 days: | |||||
| Listings | 124 | 33 | 90 | 35 | |
| Contracts | 28 | 73 | 10 | 166 | |
| Sold | 41 | 86 | 28 | 43 | |
| Expired | 47 | 127 | 46 | 187 | |
| Withdrawn | 90 | 105 | 93 | 203 | |
| Buyer Intensity | -0.89 | -0.95 | |||
|   | |||||
| Recent Average Price: | |||||
| LIST Price | $845K | -- | $718K | -- | |
| SOLD Price | $769K | 91.0% | $686K | 95.5% | |
dom = days active from original list date
NC = New Construction
Reminder: Many builders do not post in the MLS until after closing therefore, the above data is not reflective of actual activity and the reason for removing it from the Daily Sample. On the other hand, the data clearly shows the tremendous weakness in New Construction home sales with Loudoun County suffering to a greater degree.
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made the following comment on September 2, 2006 6:39 PM
Thanks for the compliment Elizabeth. We have no idea what the market might be like next spring. So, you need to start preparing now. Here's what I would recommend as a plan of action:
1) Have someone give you an assessment of what you need to do to get your home in "show" condition.
2) Arrange for repairs of any known maintenance issues (such as wood rot, broken screens, etc.).
3) Have heating and air serviced if you haven't had it done in the last 6-12 months.
4) Implement recommendations from 1) above that you can afford to do.
5) Start packing ALL unnecessary household and personal items and put in temporary storage. The idea here is to open everything up to make the home look more spacious.
6) Have someone (an agent) do an immediate market analysis to determine approximate value and time it is taking to sell a home like yours in your area.
Also, see these articles on Property Presntation.
The question as to when you should put it on the market is a tough one. I would say NLT the 1st of the year. If you can be flexible with moving out before the transfer takes place, then list as soon as you have the first 6 items completed.
PS: Send me your address via email (don't post it here) and I will do a quick market analysis for you.
I currently reside in Loudoun County in a TH. I am looking at a job transfer April-May of 2007. Should I list now, or do you think it is better to list next spring?
Your website is so full of information. Thank you so much and keep up the good work!!
