Fairfax County Real Estate Activity March 2007
April 10, 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 jumped over 1,000 units to 6,183 in March driven by new listings up 1,320 homes (up 26%). Net new listings for the month (new listings - new contracts) rose by almost 1,100 properties offset by homes being withdrawn or expiring. About 18% of new listings are properties coming back on the market after expiring or being withdrawn.
Average home price rose by 4% in March and 4% YTD. It still remains to be seen where the market is headed this spring.
DAYS ON MARKET DOMP:
Average time it takes to sell declined 9 days to 104 days. The Daily Market watch shows this measure is flat (105 days as of April 10th). Will the early daylight savings time spawn an early spring housing surge? Selling activity is up but, so are new listings.
SOLD TO LIST PRICE RATIO:
This ratio rose slightly to 94.6%. Buyers are still in a demanding position in this market.
NEW CONSTRUCTION (chart not yet available):
As of March 31st, the MLS is reporting 550 homes on the market with only 39 sold for the month, a 7% SOLD to ACTIVE absorption rate, unchanged from February. 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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Copy this link (Trackback URL) to track this article.Listed below are links to Blogs that track Fairfax County Real Estate Activity March 2007:
» Fairfax County Real Estate Activity March 2007 from Northern Virginia Real Estate Guide
Inventory of homes for sale rose significantly in March (by 1,320 homes) to 6,183. Average price is ip 4% for the month offsetting declines in the first quarter. Time on the market decreased to 104 days. [Read More]
» Fairfax County Real Estate Activity April 2007 from Northern Virginia Real Estate Guide
Inventory of homes for sale rose significantly in again April to 7,101. The number sold is down nearly 10% from the previous month. Average price is flat from the previous month. Time on the market decreased to 84 days. The anticipated surge is turni... [Read More]
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