Fairfax County Real Estate Activity October 2006
« Loudoun County Real Estate Activity October 2006 |
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| Dissecting Loudoun's Housing Market »
November 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 declined again in October by 615 homes or 7% to 7,839. Most of the decline was due to new listing down by 558 homes. Net new listings for the month (new listings - new contracts) declined by 600 homes to 1,055. About 25% of new listings are properties coming back on the market after expiring or being withdrawn.
HOME PRICE APPRECIATION:
Home prices have only declined by about 3% from October of 2005, much better than surrounding jurisdictions. I suspect prices will hold up for the rest of 2006.
DAYS ON MARKET:
Average time it takes to sell rose by 7 days from 77 to 84. The Daily Market watch shows this measure to be holding as of this morning. This measure may rise a bit more going into the winter season.
SOLD TO LIST PRICE RATIO:
This ratio is holding in the 93 to 94% range. 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 November 9th, the MLS is reporting 626 homes on the market with only 36 new contracts for 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 have only declined by about 3% from October of 2005, much better than surrounding jurisdictions. I suspect prices will hold up for the rest of 2006.
DAYS ON MARKET:
Average time it takes to sell rose by 7 days from 77 to 84. The Daily Market watch shows this measure to be holding as of this morning. This measure may rise a bit more going into the winter season.
SOLD TO LIST PRICE RATIO:
This ratio is holding in the 93 to 94% range. 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 November 9th, the MLS is reporting 626 homes on the market with only 36 new contracts for 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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