February 2008 Real Estate Data: Fairfax County (-10%) -- Northern VA (-9%) -- Prices Continue to Drop (Arlington: sales, apartment)

[mojo_1979]

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NVAR (Fairfax County, Fairfax City, Arlington County, Alexandria City, & Falls Church City)

NVAR *** Year-Over-Year Median Price Comparison

**** 2008 *** 2007 *** Change

Feb / 411,000 / 449,000 / -8.57%
Jan / 400,000 / 455,000 / -12.09%


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Fairfax County

Fairfax County VA *** Year-Over-Year Median Price Comparison

**** 2008 *** 2007 *** Change

Feb / 405,000 / 448,000 / -9.78%
Jan / 395,000 / 456,000 / -13.20%


**** 2007 *** 2006 *** Change

Dec / 430,000 / 450,000 / -4.44%
Nov / 420,000 / 462,000 / -9.24%
Oct / 425,000 / 460,000 / -7.61%
Sep / 435,000 / 445,000 / -2.25%
Aug / 478,000 / 469,000 / +2.08%
July / 480,000 / 485,000 / -1.03%
Jun / 490,000 / 500,000 / -2.00%
May / 460,000 / 487,000 / -5.59%
Apr / 474,000 / 480,000 / -1.21%
Mar / 456,000 / 477,000 / -4.40%
Feb / 448,000 / 469,000 / -4.47%
Jan / 456,000 / 450,000 / +1.39%


**** 2006 *** 2005 *** Change

Dec / 450,000 / 484,000 / -7.05%
Nov / 462,000 / 482,000 / -3.99%
Oct / 460,000 / 489,000 / -6.02%
Sep / 445,000 / 485,000 / -8.25%
Aug / 469,000 / 500,000 / -6.20%
July / 485,000 / 503,000 / -3.58%
Jun / 500,000 / 500,000 / 0.00%
May / 487,000 / 489,000 / -0.50%
Apr / 480,000 / 458,000 / +4.80%
Mar / 477,000 / 441,000 / +8.14%
Feb / 469,000 / 416,000 / +12.69%
Jan / 450,000 / 408,000 / +10.60%


**** 2005 *** 2004 *** Change

Dec / 484,000 / 410,000 / +18.80%
Nov / 482,000 / 395,000 / +22.03%
Oct / 489,000 / 348,000 / +33.45%
Sep / 485,000 / 349,000 / +22.89%
Aug / 500,000 / 380,000 / +18.60%
July / 503,000 / 351,000 / +21.30%
Jun / 500,000 / 380,000 / +16.58%
May / 489,000 / 359,000 / +29.8%
Apr / 458,000 / 365,000 / +25.48%
Mar / 441,000 / 360,000 / +22.53%
Feb / 416,000 / 327,000 / +27.40%
Jan / 408,000 / 325,000 / +25.69%

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Monthy Real Estate Trend Indicator

[mojo_1979]

Where are all the real estate bulls at today?

[TrueVCU]

Saints be Praised!

[NOVAmtneer82]

keep on dropping, i want to get out of this apartment soon!

[mojo_1979]

Originally Posted by jfronz

keep on dropping, i want to get out of this apartment soon!

Patience will be rewarded. Don't believe the realtors' hype that "now is a good time to buy".

[EuroExpat]

Can't wait for the prices to drop more.. I think late this fall we'll finally be able to buy and we can get a house, don't have to look for townhouses anymore. Yay!!

[JesDC]

Unfortunately, the median price in Feb increased a bit over that of Jan. But maybe the houses sold are different. We are still waiting!

[mojo_1979]

Originally Posted by JesDC

Unfortunately, the median price in Feb increased a bit over that of Jan. But maybe the houses sold are different. We are still waiting!

This is a seasonal phenomenon and is expected. It is typical for the median sales price to be volatile from one month to the next. This is the reason that real estate prices are measured in year-over-year terms instead of month-to-month. If you look at the historic data, you will notice that the median price, within one calender year, usually peaks in the summer months and is usually lowest in the winter months.

Therefore, it is expected that the current monthly median price will show a modest increase between now and June/July and will then decrease the rest of the calender year. However, the most important thing is that prices will continue to be lower than they were last year... as measured by the year-over-year numbers.

[vanyali]

Yep, the market always picks up in February, so you'd expect the sales statistics to look better for Feb than for Jan. doesn't really mean the "market is recovering" or anything like that.

[JesDC]

Originally Posted by vanyali

Yep, the market always picks up in February, so you'd expect the sales statistics to look better for Feb than for Jan. doesn't really mean the "market is recovering" or anything like that.

Yeah...I understand that. But in my particular case, I put an offer last month but the owner did not take it. Obviously he has expectation that he can get a better price in spring/summer. The only thing that works in my advantage is that I have no cost in waiting, he has...