Fairfax County Real Estate Activity February 2007
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March 11, 2007
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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 declined only 97 units to 5,154 in February. New listings are down 294 units to 1,812 (14%). Net new listings for the month (new listings - new contracts) rose by 581 properties offset by homes being withdrawn or expiring. About 20% of new listings are properties coming back on the market after expiring or being withdrawn.
HOME PRICE APPRECIATION:
Average home price declined by about 4% in February and 5.5% YTD. It still remains to be seen where the market is headed this spring.
DAYS ON MARKET DOMP:
Average time it takes to sell rose another 7 days to 113 days. The Daily Market watch shows this measure declining (109 days as of March 11th). Will the early daylight savings time spawn an early spring housing surge?
SOLD TO LIST PRICE RATIO:
This ratio remained at 93.5%. Buyers are still in a demanding position in this market.
NEW CONSTRUCTION (chart not yet available):
As of February 28th, the MLS is reporting 550 homes on the market with only 39 sold for the month, a 7% SOLD to ACTIVE absorption rate. Builders are still offering big incentives to move their homes. 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.
Average home price declined by about 4% in February and 5.5% YTD. It still remains to be seen where the market is headed this spring.
DAYS ON MARKET DOMP:
Average time it takes to sell rose another 7 days to 113 days. The Daily Market watch shows this measure declining (109 days as of March 11th). Will the early daylight savings time spawn an early spring housing surge?
SOLD TO LIST PRICE RATIO:
This ratio remained at 93.5%. Buyers are still in a demanding position in this market.
NEW CONSTRUCTION (chart not yet available):
As of February 28th, the MLS is reporting 550 homes on the market with only 39 sold for the month, a 7% SOLD to ACTIVE absorption rate. Builders are still offering big incentives to move their homes. 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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Tracked on April 10, 2007 12:11 PM
» Fairfax County Real Estate Activity February 2007 from Northern Virginia Real Estate Guide
Inventory of homes for sale declined slightly in February (by only 97 homes) to 5,154. Average price is down 4% for the month. Time on the market increased to 113 days. [Read More]
Tracked on April 10, 2007 12:26 PM
» Fairfax County Real Estate Activity March 2007 from Northern Virginia Real Estate Guide
Inventory of homes for sale declined slightly in February (by only 97 homes) to 5,154. Average price is down 4% for the month. Time on the market increased to 113 days. [Read More]
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