The Northern Virginia Realtors Association (NVAR) have some of their March numbers out. The linked pagesare pdf. The below information it from Ben's Jones is Housing Bubble Blog
The following are single family homes, inventory numbers are year over year:
Arlington CountyActive listings up 274.4%,
with the median down to $650,000 from the $669,154 high in 2005.
Alexandria City
Active listings up 390.3%, with the median flat and average price down.
Falls Church City
Active listings up 291.7%, and the median is higher with only one home sold under $500,000.
Fauquier County
Active listings up 204.3%, with a median at $390,000, down from $419,950 in 2005.
Fairfax County
Active listings up 496.4% with the median and average price down from the 2005 highs.
Loudoun County
Active listings up 434.7% with a year to date decrease in contracts of 23.5%, The median is down $5,000, even with triple or double digit declines in price ranges beneath $500,000.
Prince William County
Active listings up 497.2%, with a flat median price even with big declines in price ranges below $300,000.Compared to 2005, contracts are down 26.4%, year to date.
The only two condo and co-op reports were pulled up; Loudon County which saw an increase in active listings of 608.5% and a decline of year to date contracts of 21.3%. And Prince William County saw an increase in active listing of 800% and a 16.3% decline in year to date contracts.
These number are incredible. Inventory is exploding and the median price is falling in many of the Northern Virginia jurisdictions. This is major news in the Washington, DC bubble zone. The spring season will not save this bubble.
Posts
