Greetings,
I've enclosed below the yearly sale statistics for Fairfax County compiled by MRIS (the MLS in the Northern Virginia region). These numbers paint a different picture than the doom and gloom that is always projected by the National media.
Fairfax County Real Estate Statistics - (2005, 2006, 2007) | |||
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ITEM / YEAR | 2005 | 2006 | 2007 |
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Ave Sold $$ | $543,230 | $543,163 | $541,982 |
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% Change (From Previous Year) | 22.67% | -0.01% | -0.22% |
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Median Sold $$ | $479,195 | $470,000 | $459,990 |
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% Change (From Previous Year) | 24.47% | -1.92% | -2.13% |
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% Sold Price | 99.25% | 95.51% | 94.05% |
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DOM | 21 | 63 | 88 |
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% Change (From Previous Year) | 5.00% | 200.00% | 39.68% |
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Units Sold | 23,114 | 16314 | 13557 |
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% Change (From Previous Year) | -10.12% | -29.42% | -16.90% |
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Source: Metropolitan Regional Information Systems, Inc. MLS Resale Data | |||
Based on the above numbers, the following can be derived:
1. The Ave Sold Price in Fairfax County barely went down from 2005.
2. The Median Sold Price in Fairfax County has gone down by 4% from 2005.
3. The Number of homes sold had dropped significantly by over 58%.
The National Media only focuses on the # of homes sold and the fact that prices have crashed in other parts of the country.
In Fairfax County, the overall price hasn't come down at all. The reason the # of homes sold has dropped is because the consumer is buying into the fear perpetuated by the media.
Lastly, within Fairfax County, different areas will show different numbers and the consumer should do more in-depth research to find out the local information.
The local conditions will be a topic for another blog!
Good Luck.
Residential Real Estate Broker with over a decade's worth of experience serving buyers and sellers in Northern Virginia with a focus on the areas of Ashburn, Herndon, and Sterling.
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