July’s Market Report Shows Decrease in Inventory, Slight Rise in Sales for Northern Virginia and Alexandria

August 15th, 2008 Categories: Monthly Statistics

Inventory in Northern Virginia’s Arlington and Fairfax Counties dropped slightly last month while new listings and houses under contract rose slightly. Alexandria City County saw a small drop in inventory and listings but a rise in contracted houses.

Overall, the three counties are holding steady thanks to continued favorable mortgage rates and smart pricing on the part of agents and home owners.

Pricing continues to be the biggest factor in moving from “for sale” to “sold” but as transportation costs consume a larger portion of monthly budgets, home buyers are adding a “close in” location to their list of must haves.

With four MetroRail stations serving Alexandria, three serving Fairfax County and eleven serving Arlington County, Northern Virginia offers home buyers a number of transportation alternatives.

Following are market statistics by county. I encourage you to look at them and then give me a call at 703.927.4554 and let’s talk about what they mean to you.

We’ll be listing market figures for some of the outlying areas in Virginia and Maryland next week so be sure and check back with us.

Michael