One Month Does Not a Trend Make - OR Does It???
October 18th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Market Stats, McLean Dirt, Northern Virginia Real Estate Dirt, Reston Dirt
Most of us, whether we’re in the real estate business or not, everyone is tuned in to what I’ll call the State of the Market. Right? Everywhere I go, once someone realizes I’m an agent, 999 times out of 1000, the question posed to me is “How’s the Market?”
Well, our Multiple Listing Service, MRIS, just released some interesting regional statistics for September, 2007. They state that while the selling prices are flat throughout the GREATER Washington DC Metro and GREATER Baltimore Metro Regions, guess what??? We in Virginia are holding our own, actually “bucking the trend” reporting positive numbers. In some cases, these are the highest increases some markets have seen in well over a year!
In fact, looking at the percentage increases JUST for the close-in DC Metro areas, look at the table below:
(you can click on it to enlarge)
One item to note: Falls Church City seems to be crushing the whole area! Really, it’s such a small community that 1 sale can affect huge swings in the numbers… so don’t pay too close attention to that.
Really, I’m not sure what all of this means; however, it can’t be bad news! Of course, our sales volumes aren’t what they were last year, and days on market have certainly increased, but we may have reached a point where we’re starting to balance out seller and buyer expectations in terms of price.
If you have any questions or would like to talk numbers, I always welcome your comments and questions!
Happy Thursday!
Jennifer
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