Fairfax County Real Estate Activity December 2006
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Red Bars: HOT (Sellers Market) Blue Bars: COLD (Buyers Market) Gray Bars: Balanced Market |
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INVENTORY:
Inventory of homes for sale declines to 5,419 in December (1,272 homes or 19%). Most of the decline was due to new listing down another 26%. Net new listings for the month (new listings - new contracts) were essentially even . About 26% of new listings are properties coming back on the market after expiring or being withdrawn.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 December of 2005, much better than surrounding jurisdictions. It appears prices may have bottomed. it remains to be seen where the market is headed this spring.
DAYS ON MARKET DOMP:
Average time it takes to sell rose another 6 days from 97 days. The Daily Market watch shows this measure continues to rise, 103 days as of January 10th. DOMP may rise a bit more through the winter season.
SOLD TO LIST PRICE RATIO:
This ratio rose by 1% to 93.5%. Buyers are still in a demanding position in this market.
NEW CONSTRUCTION (chart not yet available):
As of December 30th, the MLS is reporting 551 homes on the market with 125 sold for the month, a 23% SOLD to ACTIVE 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. Also, December is historically a big sales month as builders are clearing their inventory.
Home prices have only declined by about 3% from December of 2005, much better than surrounding jurisdictions. It appears prices may have bottomed. it remains to be seen where the market is headed this spring.
DAYS ON MARKET DOMP:
Average time it takes to sell rose another 6 days from 97 days. The Daily Market watch shows this measure continues to rise, 103 days as of January 10th. DOMP may rise a bit more through the winter season.
SOLD TO LIST PRICE RATIO:
This ratio rose by 1% to 93.5%. Buyers are still in a demanding position in this market.
NEW CONSTRUCTION (chart not yet available):
As of December 30th, the MLS is reporting 551 homes on the market with 125 sold for the month, a 23% SOLD to ACTIVE 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. Also, December is historically a big sales month as builders are clearing their inventory.
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» Fairfax County Real Estate Activity January 2007 from Northern Virginia Real Estate Guide
Inventory of homes for sale declined slightly in January (by 168 homes) to 5,251. Average price is down 1% from the same period last year. Time on the market increased to 106 days. [Read More]
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