Real Estate Report: January 2010 Wrap-Up

By Rachel Carter, Realtor

Coldwell Banker Residential Brokerage

Spring is around the corner and as sellers prepare their homes for sale, buyers are already out in force testing the waters.  A slight increase in interest rates at the end of last year and another last week have made buyers realize that now could be the time to buy.  However, with one of the lowest inventories in a couple of years (January’s numbers for Fairfax County showed a 4.2 months’ supply, lower compared to January 2009 and 2010), buyers don’t have as much to choose from.

This situation would normally lead one to think that the market may be shifting back in favor of the seller and rising prices.  However, the higher inventories of short sales and foreclosures continue to put downward pressure on prices.  So many sellers are willing to make a deal happen even if it means taking less for their homes.

In 22309, we are seeing some mixed results and are looking ahead to a possibly vibrant market for several reasons.  First of all, sales in 2010 improved in total volume by nearly 7% over 2009, but sales from December 2010 to the end of January this year have fallen by over 35%.  Indeed, prices overall have fallen which is one reason why sales have increased.  Low numbers for January reflect the slowness of the winter months’ sales. 

However, activity has begun to increase as the spring market “heats up”.  There is a lot of movement and interest from the military community in 22309 as the Base Closure and Realignment (BRAC) activities that affect Fort Belvoir ramp up.  One recent listing in the Mount Vernon Terrace neighborhood held an open house this weekend where 22 parties came through, 90% of whom were military families that are currently renting and looking to buy in the area.

Interest rates have had some ups and downs recently but remain historically low.  Military relocations and low interest rates may combine to be a real boost in this zip code over the coming months.

Statistic

Values

YoY

MoM

Total Sold Dollar Volume

$7,070,738

+6.84%

-35.5%

Closed Sales

26

+30%

-27.78%

Median Sold Price

$240,000

-2.04%

-10.45%

Avg Sold Price

$271,951

-17.81%

-10.7%

Avg Days on Market

82 days

+12.33%

+78.26%

Avg Sold to Avg List Ratio

92.63%

-2.28%

-1.49%