June 2009 Sales Statistics for Northern Virginia
This might not come as a surprise to anyone active in real estate right now… the market is improving. According to the Northern Virginia Association of Realtors, total sales in Northern Virginia in June compared to the same time last year are up nearly 14%. 2,169 sales were reported compared to 1,900 in 2008. Additionally, pending sales are up 17% which means that we will see this uptrend continue. What is really making things interesting out there is the total inventory of homes for sale is DOWN 27%. More buyers, less inventory, and great interest rates has led to bidding wars and multiple contract on many well priced homes. Bad news? The average sales price is down and distressed sales continute to depress values in many neighborhoods.
