SPRINGFIELD, Virginia showed encouraging signs in the real estate market for October. The following figures reflect the upturn in activity:
New listings: 111 Sold listings: 80 Pending sales: 116 Average sales price: $358,024 Average DOM: 42
As October drew to a close there was some uncertainty regarding whether the First-Time Homebuyer Tax Credit would be extended. This may account for the increase in pending sales as buyers were hurrying to get under contract. The average sales price increased by nearly 5% to $358,024, and the average days on market (DOM) decreased 50% to just 42 days. The list price to sales price ratio also increased by 5% to over 97%. Last week the President signed the bill extending the tax credit until April 30, 2010. Buyers now have until then to be under contract and an additional 2 months to settle. The bill also provides for a tax credit for step-up buyers who have been in their homes for five consecutive years and are ready to move up to another home!
ARLINGTON has shown signs of a recovering market through the first three quarters of this year. The following represents market activity for September:
Active listings: 907 Closed sales: 221 Pending sales: 265 Average sales price: $478,911 New listings: 351 Average DOM: 62
The number of units sold in September was up 15% over 2008. However, the average sales price was down 6.5%. This would indicate sales were happening in the lower priced homes where first-time buyers are taking advantage of incentives and low interest rates. The days on market (DOM) was DOWN from 85 days in September 2008 to 62 days this year, reflecting lower inventory and an increase in the buyer pool causing increased interest. Consequently, when houses are in good condition and priced right, the buyers will come. If you're thinking of selling, now is the perfect time.
Feel free to call me at 571-722-4348 or visit me on the web at www.LANGEandHAHNhomes.com for a free market analysis of your home.
Location Characteristics: A very historic area. One of the most highly-rated educational systems. Home of George Mason University and Ft. Belvoir Army installation.
Visit Fairfax County Government website: http://www.fairfaxcounty.gov/
