Profile picture for mayank_gupta123

Northern Virgina - April Sales

http://www.rbintel.com/statistics/northern-virginia

Northern Virginia's April 2011 housing sales - down 25% YoY
Median prices - up by 6.7%
The average days on the market - increased by 40% to 63 days.

I would like to initiate a discussion expecting expert's opinion on these numbers. 

  • May 11 2011 - Chantilly
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Answers (4)

Hi Mr. Gupta, two words that come to my mind are bleak and a bit scarey.
The market obviously has a long way to go, I guess if I am a half full guy, the average price increase is good news....Jim
  • May 12 2011
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Profile picture for mayank_gupta123
Thanks James for your response. I also felt that it is positive but the total number of dollar sales and the kind of pending inventory gives me a -ve vibe. 
  • May 12 2011
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Profile picture for klarek the realist
The numbers are volatile.  I'm used to seeing those monthly reports with prices being up 7% one month, down 7% the next.  The sales numbers and DOM are a bit more telling though. 

NOVA houses are still way overpriced in my opinion.  There's not much more beyond low unemployment and a psychological sentiment that "this area is special" which has kept them from correcting like they should have (and have elsewhere in the country). 

But some areas have corrected faster than others.  Loudoun and Prince William counties are a safer area to buy than anything within the beltway. 
  • May 12 2011
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Real estate is very local. Neighborhood by neighborhood.

Looking at the real estate statistics for such a huge and highly populated area like Northern Virginia is nearly meaningless ...... It does *suggest* that market slowed down somewhat, but again one needs to look at the *local* stats.
  • May 22 2011
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