The Metropolitan Regional Information Service, the local multiple listing service company, just issued their November 2009 summary statistics for the D.C. metro area, showing, "[t]here is currently 6.0 months of supply available, down dramatically from the mark of 9.5 months seen at the same time in 2008." Experts generally agree that a 6 month's supply of homes shows a market in balance; greater than 6 months is a buyer's market and less than 6 months is a seller's market.
The report continues that, "Townhomes have the lowest months supply by far at 3.6 months, while single-family detached homes and condos have 6.8 months and 6.7 months of supply, respectively. Sales are up across the board, but the biggest gains in buyer activity can be found in the lower price ranges. The challenging conditions that sellers face in the upper price ranges is evident when looking at how close (or far) they get to their original asking prices and how long it takes them to sell. Above $1,000,000, sellers are only getting 89.2 percent of their original prices, and their homes are taking an average of 175 days to sell. Both numbers are the worst of all price ranges."
Looking at northern Virginia data by jurisdiction, Arlington, Alexandria, and Fairfax County show nearly unanimous increases in prices and decreases in days on market for condos, townhouses, and single family detached homes. This is valuable information, especially since the media isn't reporting it. Whether you're buying or selling, I'd be glad to speak with you about how my serving as your agent may help you achieve your goals more effectively. Drop me a line at John.Mentis@LNF.com or leave me a message 24/7 at 703-284-9457.
Of the 7 homes in Arlington I saw at today's broker's open, 2 had multiple offers already! Both on the market less than a week.