Market Stats Keep Improving

Northern Virginia housing sales statistics for October were published today and they are consistently improving, especially in the lower end of the market. Just over 10% more homes sold this October compared to a year ago. Median prices are down only .6% and the number of days a property is on market is down by 38%. A total of 1990 homes went under contract last month, with 6877 listings still active.
On a weekly basis, Halloween week was frightfully busy! The week of October 31, 52% more homes went under contract than a year ago. That’s certainly not a dead market! Actually, this is not the least bit surprising since prior to the extension of the first time buyer tax credit, Halloween week was the last week to write a contract and be confident that the property could close within 30 days. Before Congress took action, the tax credit was going to expire November 30.
New listings are coming on the market at a rate slower than last year with 5.6% fewer new listings than last year.
We Realtors who are scouring the streets for properties are hopeful that the new $6500 tax credit for existing home owners will pull a few sellers off the fence. We need more inventory!
The government’s housing push last week should keep the momentum rolling. With the extension of the first time buyer tax credit until next spring, higher income limits for that credit, and a new credit for existing home owners who are upsizing or downsizing, I’m planning on a busy winter and spring! Once again, I’m so grateful to be in the Northern Virginia market where our location keeps has helped real estate stabilize more quickly than the rest of the country.

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