Coldwell Banker Reports April Increase in Northern Virginia Home Sales
May 27th, 2008 Categories: Real Estate News
Coldwell Banker offices across Northern Virginia saw a 17.5 increase in homes under contract during April 2008 compared to April 2007.
This is in comparison to across the board home sales which were down 11% from April 2007.
At the same time, this represents a steady overall improvement in month-to-month comparisons from 2008 to 2007.
Another positive note - almost 37% of April homes sold in Northern Virginia were on the market for 30 days or less. Overall, homes settled in April sold for approximately 97% of the listing price and appropriately priced home ARE receiving multiple offers.
MRIS data also showed a decrease in inventory in all but one price range with the total months to absorb dropping to 7.4 months in April. This continues a four-month decline from 12.4 months in January. “Months to absorb” suggests the time it would take to absorb the current inventory at the present rate of sales vs. the number of homes coming on the market.
The continuing balance in inventory suggests that buyers are starting to recognize the values in today’s market and sellers are responding appropriately.
Is this the time for you to make a move? For more information about today’s changing market, call me at 703.927.4554.
Michael
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