200767 Resource 160154 161269 161269 1206989820643 1206989820643 Controlled Numbers Tell a Story about the Northern Virginia Real Estate Market

February 2008 Homes Sales Compared to Prior Years

<h2 style="MARGIN-TOP: 2px"><img title="A year can make a difference especially in real estate" height="214" alt="A year can make a difference especially in real estate" hspace="8" src="http://activerain.com/image_store/uploads/5/9/6/2/6/ar120698774962695.jpg" width="323" align="right" />What a difference a year can make... sometimes.</h2>Examining some numbers for the month of February in 2005, 2006, 2007, 2008, make it exceedingly clear that Northern Virginia's real estate market has indeed changed.  For sellers wondering why their home has not yet sold, there is one number that explains the frustration.  In February 2008, the average home sale took 5 TIMES longer than the average sale in February 2005, and almost 2 TIMES longer than in February 2006.Prices have dropped too, though not significantly.  Average prices in Northern Virginia increased from February 2005 through February 2007 by an almost negligible 4%.  However, with the 5% decline from February 2007 through February 2008, the average sales price is back below February 2005 prices.Homes are selling for a lower percentage of the asking price.  This has been decreasing steadily over the past few years and months, providing home buyers with an opportunity for additional negotiating room.While total home sales in Northern Virginia declined in 2006 and 2007, the numbers for this year are glaring.  Total volume of sales and number of home sales in February 2008 are at only 56% of the level reached in February 2005.Here are the full set of numbers: <table class="MsoTableGrid" cellspacing="0" cellpadding="0" width="628" border="1"><tbody><tr><td valign="top" width="163"> </td><td valign="top" width="116">February 2008</td><td valign="top" width="116">February 2007</td><td valign="top" width="116">February 2006</td><td valign="top" width="116">February 2005</td></tr><tr><td valign="top" width="163">Total Sales Volume</td><td valign="top" width="116">$464,461,021</td><td valign="top" width="116">$738,225,951</td><td valign="top" width="116">$703,311,112</td><td valign="top" width="116">$832,557,318</td></tr><tr><td valign="top" width="163">Average Sales Price</td><td valign="top" width="116">$479,320</td><td valign="top" width="116">$504,943</td><td valign="top" width="116">$514,116</td><td valign="top" width="116">$484,608</td></tr><tr><td valign="top" width="163"># of Sales</td><td valign="top" width="116">969</td><td valign="top" width="116">1,462</td><td valign="top" width="116">1,368</td><td valign="top" width="116">1,718</td></tr><tr><td valign="top" width="163">Days on Market</td><td valign="top" width="116">116</td><td valign="top" width="116">108</td><td valign="top" width="116">63</td><td valign="top" width="116">23</td></tr><tr><td valign="top" width="163">Average List Price</td><td valign="top" width="116">522,473</td><td valign="top" width="116">539,065</td><td valign="top" width="116">532,371</td><td valign="top" width="116">487,703</td></tr><tr><td valign="top" width="163">% of Sales Price/List Price</td><td valign="top" width="116">91.74</td><td valign="top" width="116">93.67%</td><td valign="top" width="116">96.57%</td><td valign="top" width="116">99.37%</td></tr></tbody></table> SELLING A HOME IN THIS MARKET<img title="Selling a Home in Northern Virginia" height="173" alt="Selling a Home in Northern Virginia" hspace="6" src="http://activerain.com/image_store/uploads/3/6/6/7/0/ar120698783207663.jpg" width="250" align="right" />If you are trying to sell a home, these numbers can be a bit scary and intimidating.  That's why it's important to work with the right REALTOR to price your home properly, market it extensively, and get it sold:<a href="http://activerain.com/blogsview/338745/Come-on-Down-You" rel="bookmark">Come on Down! You're the Next Contestant on The Price is Right</a> <a href="http://activerain.com/blogsview/389388/The-World-Can-Be" rel="bookmark">The World Can Be Your Oyster -- Marketing Your Home Across the Seven Seas</a>  <a href="http://www.brianblock.com/realtor_contact.shtml" target="_blank">CLICK HERE TO CONTACT ME ABOUT SELLING YOUR HOME</a>  <img title="Buying a Home in Northern Virginia" height="346" alt="Buying a Home in Northern Virginia" hspace="6" src="http://activerain.com/image_store/uploads/1/6/5/5/2/ar120698789425561.jpg" width="347" align="left" />BUYING A HOME IN THIS MARKETThe current market presents a buying opportunity.  If you've been sitting on the fence or on the sidelines of the real estate market in Northern Virginia, now may be the right time to jump in:<a href="http://activerain.com/blogsview/432278/Good-Buy-for-the" rel="bookmark">Good Buy for the "Regular Guy" -- Median Priced Homes in Northern Virginia</a> Now's not the time for panic or <a href="http://activerain.com/blogsview/428623/Fear" rel="bookmark">Fear</a>  Also read <a href="http://activerain.com/blogsview/417885/Your-Homebuying-Horoscope" rel="bookmark">Your Homebuying Horoscope</a>  <a href="http://www.searchhomesbyemail.com/" target="_blank">CLICK HERE TO TAKE THE FIRST STEP TO START YOUR HOME SEARCH</a>  10 application/xml false brian block february 2008 home sales february 2008 homes sales in northern virginia home price decline northern virginia homes for sale in northern virginia housing market northern virginia northern virginia real estate northern virginia real estate blog northern virginia realtor real estate in northern virginia real estate slump northern virginia Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322; .NET CLR 2.0.50727; IEMB3; IEMB3) 127.0.0.1 127.0.0.1 bblock 69.143.51.135 false true false false true 205801 false false true false false false true 160154 blog blogsite/BrianBlock/web