Home sales in Fairfax County dropped 7.7 percent in July compared to last year. In Arlington, they tumbled nearly 19 percent due to a sharp decline in condo sales. Loudoun County fell 12.3 percent.
It's something we've been waiting for. It's just a natural market balance. We thought it was coming last year," said Amy Ritsko-Warren, spokeswoman for the Northern Virginia Association of Realtors.
The rising inventory, along with fewer sales, helped push July's average price of a single-family home or townhome in Fairfax County down $19,000 from June, to $597,255.
DC is a special market in that there has been strong high paying job growth in the past 4 years. The DC area is likely to see stagnating prices with home price appreciation being near to inflation.
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i agree with skytrekker...
ReplyDeletealso check out...
realtynow.blogspot.com
good real esatate blog...
from the Inman news report:
ReplyDelete"The Washington, D.C., area also has seen a surge in luxury condo projects. Douglas M. Firstenberg said, 'Right now we're looking at a potential oversupply of residential. There is a lot of conversion of residential coming online, and huge price escalation."
The overbuilding should take care of all of those new jobholders.