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Inventory Comparison between December 2004 and December 2004
For single family homes we see that in December 2004 there were 1,286 active listings in Northern Virginia. By December 2005 that number had almost tripled and reached 3,816 or a 196% increase in active listings.
For condos & coops we see that in December 2004 there were a mere 359 active listings in Northern Viginia. By December 2005 there were five times as many listings, reaching 1,842 or a 410% increase in active listings.
Home Sales Comparison between Decemeber 2004 and December 2004
For all housing units in December 2004 there were 2,801 sales. In December 2005 that number had decreased by 24% to 2,131.
Price Comparison between December 2004 and December 2004
For all housing units in December 2004 the average price was $476,941. In December 2005 that number had increased by 15% to $552,621. Please note that the price appreciation happened in the spring and summer and not in the later months of the year.
The spring numbers will be very interesting. I'll be watching closely. Stay Tuned.
The data was published by the NORTHERN VIRGINIA ASSOCIATION OF REALTORS
* EDITOR'S NOTE: Figures are based on data extracted from the Metropolitan Regional Information System, Inc (MRIS). Figures include data collected from the counties of Fairfax and Arlington, and the cities of Alexandria, Falls Church, Fairfax, and the towns of Vienna, Herndon and Clifton. The information is deemed reliable but not guaranteed. Data maintained by MRIS may not reflect all real estate activity in the market.
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This is my first time to your blog.
ReplyDeleteWhat is the point of this information?
I am not being rude, but I do not understand it, so could you please explain.
It shows that the inventory for housing is %344 higher this time than last year.
ReplyDeleteThat is a bubble.
There must be a lot of sweaty flippers out there.
ReplyDelete"What is the point of this information?"
ReplyDeleteIn the past year in Northern Virginia, the number of housiong units available for sales has exploded, the number sold has decreased significantly and the avergae sales price is up.
If you'll notice this numbers are for Fairfax, Arlington, and Alexandria and incorporated areas therein. It does not include Loudoun, Prince William, Faquier, Stafford or Spotsylvania counties, which are now are "Northern Virginia" commuting suburbs.
ReplyDeleteLast check on MLS, there are now 900 townhouses for sales in Eastern Loudoun in the $550,000 to $400,000 price range... and that is not counting the new ones being built by HB's in areas such as Chantilly (Loudoun part) Aldie, South Riding and the like.
It does not include Loudoun, Prince William
ReplyDeleteGood catch. Who wants to buy a $700,000 dollar house and commute 2 hours a day in D.C. traffic? anyone?
I agree that it is unsettling to witness this huge increase in inventory. If the market falls dramatically; I mean 50% or more as predicted by some, what will be the impact on the economy as a whole?
ReplyDeleteDoes anyone really believe that people will still have the jobs and income, that interest rates will remain so low, that those now priced out of their desired home will be merrily continuing their careers and now be able to buy that house at half price?
If that house drops in half, I doubt interest rates and salaries and unemployment and taxes and the stock market etc. will be unaffected. I am not an economist and would like to hear what some of you think.
I am a big believer in the bubble, but I think the effect on the economy will be huge.
ReplyDeleteThe elites have been offshoring good U.S. jobs as fast as they can for the last 15 years. They have kept enough of the population distracted with first a stock market bubble, and now a housing bubble.
If the housing bubble pops, how are people going to pay back their debts? How are they going to continue living the lifestyle they have been borrowing to afford? Their last illusion, now that they know they are not getting rich from dot com stocks, was that their house (or houses) was the key to their retirement.
When it goes, I think you will see a massive loss in confidence.
"If the housing bubble pops, how are people going to pay back their debts?"
ReplyDeleteUnfortunetly, a growing number of households will not be able to pay off their debts and will be forced into bankruptcy.
"How are they going to continue living the lifestyle they have been borrowing to afford? "
Living standards are going to decline for most Americans in eth coming 5 years. Ii will NOT be a Great Depression sort of situation but it will be worse then thne 2000 or 1990 recession.
I guess cold hard cash will be king. Even those blue chip portfolios will be in jeopardy. Would it even be safe to have cash in the FDIC insured banks?
ReplyDelete