Average Sales Price in Greater Northern Virginia Falls Significantly

The Northern Virginia Association or Realtors (NVAR) has posted their monthly January Market Summary here is an excerpt:

Although the number of single family homes and condos sold in January was down by almost 30% when compared to 2005, the average sales price did top the 2005 January average sales price by 10.3%.

Active listings increased dramatically when comparing homes on the market in January 2005 versus January 2006, with a 392.5% increase.

Sales prices for the first month of 2006 in Greater Northern Virginia (including Prince William, Loudoun and Fauquier Counties) also followed an upward trend as did closer-in Northern Virginia region. The average sales price was up 15.22% from the January 2005 average of $417,395 to the January 2006 sales price average of $480,931.

But here is the kicker. Here is an excerpt from the December report:

Sales prices in Greater Northern Virginia (including Prince William, Loudoun and Fauquier Counties) followed the same upward trend as the closer-in region. The average sales price was up 18% from December 2004 at $525,274 for December 2005. Units sold were 20% below December 2004 levels with 3,984 units sold in December 2005. The number of active listings is up 199% over December 2004.

The average sales price for a single family home and condo in Greater Northern Virginia in December 2005 was $525,274, a month later, in January 2006 the average sales price was lower at $480,931. Therefore, the average sales price was 8.5% percent less in January 2006 then in December 2005.

Wow! Try spinnin that!