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September, 2011 in Northern Virginia had slightly lower inventory than the previous September and slightly lower sales than the previous September, but the figure that homeowners care about the most–median sales price–went up 7.34% from last September.
For buyers, it continues to be a great time to buy. Prices are still down from the height of the market, and it appears that we are at or near the bottom so buyers won’t lose much, if any, equity, if they buy today. Interest rates are hovering around historic lows, and if a buyer has an assumable loan, this will be a very attractive to future buyers when the home is sold and interest rates are much higher. Banks are once again resuming the foreclosure process so more homes will be coming on the market, and my experience is that these recent foreclosures are in much better condition than what we were dealing with a couple of years ago.
Below are charts for cumulative and September, 2011 statistics.
Active Listings v. Homes Sold
Median Sales Price
September Median Sales Price
September Active Listings
September Homes Sold
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