The NVAR is in the process of resolving and fixing the data involving the January 2006 for the Greater Northern Virginia area. They have a 'new' formula that is being used to recalculate the average sales price for January 2006. Jill M. Landsman who is the Manager, Communications & Media Relations for the NVAR wrote me today: "I am going to re-figure that average price NOW, based on the newly suggested formula. For both 2005 and 2006 amounts .. I need to get all the new data from the MRIS database for the sales volume info so it will take time to re-calculate." I believe this is the same formula that was used in the numbers used for December 2005 and before.
See Previous Posts:
Some NVAR January 2006 Data is Incorrect (Feb 19)
Update: NVAR Data Discrepancies (Feb 17)
Discrepancies in Northern Virginia Association of Realtors' Data (Feb 15)
Pages that have known problems on NVAR Site:
Home Sales Statistics January 2006
Greater Northern Virginia Home Sales Spread Sheet
Hopefully, discrepancies in the data will be resolved today or tomorrow. The new correct data will then need to be published on the NVAR site. A special thanks to Jill for being very responsive to my inquires.
Stay tuned. More information will be published as it becomes available.
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One thing that I'm confused about is that both nvar.com and nvfh.com show huge increases in inventory and yet the housingtracker website is only showing modest increases.
ReplyDeleteThe housingtracker guy says on his site "For the most part, all we have to rely on the quarterly Realtor reports". I'm starting to think nvfh.com and nvar.com better reflect reality of the market.
Regardless which one is accurate, one metric that provides some insight into the market is that decent 2 bedroom condos are now selling for under $400,000 in Arlington, whereas before that was the price for a one bedroom. Not that I'm going to buy at that price ;) Or any condo in this market at this time ;)
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