Northern Virginia Real Estate Snapshot – November 2010

Welcome to the monthly NOVA Real Estate snapshot prestned to you by Rot Ouy with the AJ Team/Century 21 New Millennium. This month, we’re going to focus on area stats and show how smaller locals, though geographically close to each other, can be very different. Days on market has gradually crept up to 61 days in Northern Virginia and 45 in Prince William. There are increases of about 6% year over year. Ironically, Arlington’s days on market is at 58 and Alexandria, 61. However, Arlington has seen a 6% decrease since last year’s days on market and Alexandria, a 16% decrease from last month. All these areas I’ve mentioned are only about 15 miles apart from each other, yet you see these same trends heading in opposite directions. An increase in days on market versus a decrease. A couple stats that are consistent for the area are average and median sale prices. Those numbers are up between 10-12% all across the board from a year ago this time. Buyers, with the winter market approaching and expected seasonal home sales to be lower, NOW might be a good time to enter the market and capture a deal on some inventory that’s been sitting on the market a bit longer. Sellers, marketing your home now before the new year might be a good time for your home to shine, especially in a market where some inventory is becoming stale from sitting on the market longer. Thanks for tuning in this week and don’t forget to check out our blog @ Till next time, you have the dream, we

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