Hello Friends and Folks Interested in Real Estate
We are in the middle of the Spring selling season, and there are lots of real estate contracts being written each week at Re/Max Allegiance.
In my travels, I have noticed the following:
For the Arlington condos priced below $600,000, at this me, 37 condos went under contract last week out of 367 listings on the market, not counting new home sales. At about 10%/ week > 40%/month. This checks with the other data. Of 628 condo properties listed in the past 90 days, 268 or 42% have sold. Only 58 owners decided not to sell. The others are still on the market.
A 42% absorption rate is up from the 33% which Arlington condos sustained in the weak year of 2007. After that weak year, prices fell slightly. The newer condos are out performing the rest of the condo market. The average days on market was 18 days.
You can compare this with the Kingstowne townhouse market in Alexandria, Fairfax County. At this time, there are multiple offers on most townhouses. The absorption rate is 62%, and average days on market is 11. Prices are rising in that area.
Most Realtors in this area expect prices to remain pretty stable over the next few years. In areas where prices were severely depressed, the values are rising.
You can click the following link to see Northern Virginia Housing Statistics http://nvar.com/MarketStatistics/MonthlyReports/2010/March2010MarketReports/tabid/604/Default.aspx
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