Just the Facts!

The facts are hard to find these days. With the media publishing any news that is negative and all the different views and opinions that are out there, this blog is intended to give you an accurate picture of what's is truly going on in the Northern Virginia Real Estate market......just the facts.

The news is usually behind what's actually going on by about 2 months....so if you want to stay abreast to current news, stay tuned to this blog. I will report on the news from a front-line perspective.

Currently, the market is hot! Despite what you read, the local market is cooking. Inventory of homes on the market is low and sales are rising. Foreclosures are still making up about 45% of the sales, but they are decreasing. The number of foreclosures coming on the market has been slowing down.....it's down to a trickle compared to what we were seeing last year. Prices are still low and now that interest rates are hovering at historic lows, buyers are snatching up the available homes. Multiple contracts are common practice especially on the foreclosures because of their lower prices.

Here are the actual numbers for Northern Virginia for February:

Pending Home Sales are up +19.07% from February 08.

Number of Homes on the Market is down -17.75% from February 08.

Average Sale Prices are down -20.07% from February 08.

Prices do remain down; however, that can't hold true if inventory remains low and sales continue to rise. March's numbers look to be holding true to these trends.

We are lucky to live in Northern Virginia. Our unemployment is half of what the national average is and our job growth outlook is strong. Real estate here has taken a hit but it appears it needed it and now seems to be showing signs of life again. I'm happy to any of your specific questions....just give me a call!

(Figures include data collected from the counties of Fairfax and Arlington, and the cities of

Alexandria, Falls Church, Fairfax, and the towns of Vienna, Herndon and Clifton.)