November Housing Market Data Updates
December 12, 2007
All of our monthly charts are updated with November housing data for Northern Virginia (Fairfax and Loudoun counties). See Market Conditions under Topics. Additional detail can be found at:
Metropolotan Regional Information System (MRIS) and
Northern Virginia Association of REALTORS@reg; (NVAR)
The last three months shows sold listings at its lowest level in the last 6 years. Although current average prices are in a seasonal downturn, Fairfax County prices appear to be relatively flat since the summer of 2005. Average prices in Loudoun County dropped about 7 to 8% from the summer of 2005 through the summer of 2006 but appear to be relatively flat since.
With all the news about foreclosure rates, especially in Loudoun County, it remains to be seen how these come back on the market early in 2008 and what price pressures will result. It is also unknown how the administration's recent deal with lenders to forestall more foreclosures will impact local market conditions going into 2008.
Comment on November Housing Market Data Updates. Follow this article is off. More articles like this one filed in: Fairfax County Market News , Loudoun County Market News , Prince William County Market News
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A good update:
"The last three months shows sold listings at its lowest level in the last 6 years. Although current average prices are in a seasonal downturn, Fairfax County prices appear to be relative.."
We're experiencing something very similar in Reno,NV
-Ian
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