Fairfax County Real Estate Activity September 2006
« I wonder...or, let me tell you what I really think... |
This Article
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October 11, 2006
| Fairfax Buyer Intensity |
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Red Bars: Sellers Market |
Green Bars: Buyers Market Gray Bars: Balanced Market |
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INVENTORY:
Inventory of homes for sale is slowly declining after peaking at nearly 9,200 in June. September shows a small decline to a little less than 8,500 homes, down 2.6% from August. About 25% of new listings are properties coming back on the market after expiring or being withdrawn.
HOME PRICE APPRECIATION:
Home prices seem to be holding up much better than surrounding jurisdictions. If anything, appreciation this year looks to be about 0 or slightly negative.
DAYS ON MARKET:
Average time it takes to sell ballooned to 77 days, 10 days higher than last month. A few days into October shows a slight increase to 79 days. With a slower sales season ahead of us I suspect this measure is going even higher.
SOLD TO LIST PRICE RATIO:
This ratio held up at 93.8% from last month. This is the "negotiated" ratio, SOLD PRICE as a percent of the LAST LIST PRICE. Buyers are getting about a 6 - 7% price reduction during negotiations.
NEW CONSTRUCTION (chart not yet available):
As of the end of September, the MLS is reporting 667 homes on the market with only 40 SOLD during the month, a 6% absorption rate. A lot of the excess inventory may be due to Condos being overbuilt and investors trying to flip. Reminder: new construction data in the MLS is very unreliable. More may have sold but we won't know the real number for several months.
Home prices seem to be holding up much better than surrounding jurisdictions. If anything, appreciation this year looks to be about 0 or slightly negative.
DAYS ON MARKET:
Average time it takes to sell ballooned to 77 days, 10 days higher than last month. A few days into October shows a slight increase to 79 days. With a slower sales season ahead of us I suspect this measure is going even higher.
SOLD TO LIST PRICE RATIO:
This ratio held up at 93.8% from last month. This is the "negotiated" ratio, SOLD PRICE as a percent of the LAST LIST PRICE. Buyers are getting about a 6 - 7% price reduction during negotiations.
NEW CONSTRUCTION (chart not yet available):
As of the end of September, the MLS is reporting 667 homes on the market with only 40 SOLD during the month, a 6% absorption rate. A lot of the excess inventory may be due to Condos being overbuilt and investors trying to flip. Reminder: new construction data in the MLS is very unreliable. More may have sold but we won't know the real number for several months.
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