May 2009 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton:
- A total of 1,803 homes sold in May 2009, a 5% increase over May 2008 home sales of 1,724. This is the 10th consecutive month of increased year-over-year sales.
- Active listings are down 25% from last year, to 8,050. This represents less than a 4.5 month supply of homes for sale. The average days on market decreased by 14% to 76 days. Pending home sales in Northern Virginia increased 22% at over May 2008, the 14th straight month of year-over-year increase.
- Sales prices continue to remain lower year over year. The average sales price in May fell 9% to $433,257, and the median price was $375,000, 7% lower than May 2008. However, these prices are 5-6% higher than April’s, which were higher than in March.
Clearly, these are warning signs for buyers that the bottom in Northern Virginia is long gone.
Kim Hannemann, Real Estate Consultant/Realtor®, Samson Realty Cell: 703-861-9234 • Fax: 703-896-5055 • Email: KimTheAgent@gmail.com
If you would like to discuss real estate questions, sell or buy a home in Northern Virginia – including Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax, Fairfax Station, Falls Church, Kingstowne, Lorton, McLean, Reston, Springfield, or Vienna – contact Kim today.
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