Fairfax County Homes For Sale (condos and more)
May 17, 2007
There was a Washington Post feature story in the Business Section yesterday titled The Bad News On Condos that provided some insights into how terrible the condo market is in the DC Metro area (see In The News). Since I collect daily data, I did a little sample of the Northern Virginia condo market and here is what I found:| Condos (May 16, 2007) | Resales | New Construction * | ||||
| Active | List Price | DOMP | Active | List Price | DOMP | |
| Fairfax | 1,382 | $321K | 76 | 83 | $612K | 111 |
| Loudoun | 342 | $297K | 103 | 41 | $376K | 148 |
| Prince William | 271 | $300K | 92 | 78 | $351K | 151 |
| Arlington | 377 | $398K | 71 | 61 | $800K | 85 |
| Alexandria | 455 | $355K | 97 | 22 | $548K | 115 |
| Total | 2,827 | 285 | ||||
| * New construction data is notoriously unreliable in the MLS | ||||||
The Post is reporting a 3.4 year backlog of condos for sale in the entire region according to Delta Associates, an Alexandria real estate and consulting firm. Ouch!
While collecting data this morning, I found the following for Fairfax county:
| Fairfax County (May 17, 2007) | Resales | ||
| Active | List Price | DOMP | |
| Single Family Detached | 3,331 | $823K | 99 |
| Single Family Attached | 1,688 | $452K | 68 |
| Condos | 1.385 | $320K | 77 |
| Total | 6,404 | $616K | 86 |
Several of my readers have asked if I could break down the current aggregate data I collect by housing type and include the jurisdictions listed above (and more). I wish I could. It is just too time consuming. There are new monthly reports published by the Northern Virginia Association of Realtors® on their website that does a pretty good job presenting all the jurisdictions by housing type. The reports are usually available by the 15th of the month for the prior month activity. For Fairfax County in April, only 224 units were sold from an inventory of 1,436, about a 15% absorption rate. Fairfax County may be fairing a bit better than the region as a whole. If we had better new construction data from the MLS it may look much worse.
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Tracked on June 12, 2007 8:13 AM
» Fairfax County Real Estate Activity May 2007 from Northern Virginia Real Estate Guide
Inventory of homes for sale rose another 12% in May to 7,980. The number sold is up 10% from the previous month. Average price is 3.4% higher than the previous month. Time on the market decreased to 79 days. Activity is generally flat this year ... b... [Read More]
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