Market Update Northern Virginia

This monthly Market Update separately includes the Northern Virginia Association of Realtors, the Dulles Association of Realtors (Loudoun County), and the Prince William Association of Realtors. Numbers do not include new homes not listed on MRIS, which are probably not significant at this time.

The significant increases in sales and significant reductions in Average-days-on-market that began in March have continued in April. The improvements appear in virtually all price ranges and areas. For April, Prince William continued to lead market activity with the lowest overall average time on the market, 26% below NVAR and 40% below Loudoun.

NORTHERN VIRGINIA ASSOCIATION OF REALTORS

April listings compared to March: Increased 2% to 8,234.

April sales units compared to March: Increased 12% to 1,544.

April 2009 Sales Units compared to April 2008 Sales Units: Up 6%.

The average sold price for all homes in April was $405,514, Down 16% compared to 2008

Absorption Rate* comparing November 2008 thru April 2009:

	NOV	DEC	JAN	FEB	MAR	APR
Under 249,999	184 days	109 days	180 days	177 days	151 days	133 days
250,000 - 299,999	182 days	116 days	177 days	165 days	138 days	125 days
300,000 - 399,999	180 days	116 days	165 days	170 days	114 days	113 days
400,000 - 499,999	208 days	126 days	196 days	179 days	157 days	110 days
Over 500,000	354 days	228 days	402 days	409 days	298 days	276 days

DULLES ASSOCIATION OF REALTORS (LOUDOUN COUNTY)

April listings compared to March: Increased 4% to 2,421.

April sales units compared to March: Increased 4% to 370.

April 2009 Sales Units compared to April 2008 Sales Units: Decreased 13%.

The average sold price for all homes for April was $352,578, Down 10% compared to 2008.

Absorption Rate* comparing November 2008 thru April 2009:

	NOV	DEC	JAN	FEB	MAR	APR
Under 249,999	140 days	123 days	158 days	163 days	124 days	101 days
250,000 - 299,999	233 days	139 days	192 days	156 days	153 days	137 days
300,000 - 399,999	230 days	146 days	197 days	145 days	153 days	150 days
400,000 - 499,999	210 days	153 days	267 days	343 days	168 days	157 days
Over 500,000	432 days	385 days	491 days	570 days	435 days	395 days

PRINCE WILLIAM ASSOCIATION OF REALTORS

April listings compared to March: Decreased 5% to 3,341.

April sales units compared to March: Decreased 5% to 845.

April 2009 Sales Units compared to April 2008 Sales Units: Increased 15%

The average sold price for all homes for April was $204,524, Down 28% compared to 2008.

Absorption Rate* comparing October 2008 thru April 2009

	NOV	DEC	JAN	FEB	MAR	APR
Under 249,999	137 days	101 days	140 days	130 days	105 days	109 days
250,000 - 299,999	261 days	173 days	169 days	156 days	146 days	131 days
300,000 - 399,999	185 days	150 days	169 days	233 days	152 days	137 days
400,000 - 499,999	159 days	173 days	359 days	312 days	197 days	186 days
Over 500,000	243 days	627 days	470 days	608 days	416 days	476 days

*Absorption Rate is the number of days, at current rates of sale, that would be required to dispose of current inventory, provided no additional listings are added to the market. This calculation accurately tracks market conditions and has been used by the home building industry for more than 30 years.

Laura Evans

Prudential Carruthers Realtors

703-508-1091

Laura@VAsells.com

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