UPDATE: August 2008 Fairfax County Real Estate Bubble ** Prices Plunge 22% in past 12 months (Arlington: sales, foreclosure)

[mojo_1979]

August 2008 home sales data is now available. The median price of all homes sold in August 2008 was $375,000. Prices haven't been this low since April 2004.

Fairfax County Historical Real Estate Prices

Fairfax County VA *** Year-over-year median price comparison of all homes sold.

*** 2008 *** 2007 *** Change
Aug / 375,000 / 478,750 / -21.67%
Jul / 379,950 / 480,000 / -20.84%
Jun / 412,500 / 490,000 / -15.82%
May / 399,000 / 460,000 / -13.26%
Apr / 400,000 / 474,200 / -15.65%
Mar / 395,000 / 456,000 / -13.38%
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 / 478,750 / 469,000 / +2.08%
Jul / 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%
Jul / 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%
Jul / 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%

*** 2004 *** 2003 *** Change
Dec / 410,000 / 339,000 / +20.94%
Nov / 395,000 / 315,575 / +25.17%
Oct / 395,000 / 312,000 / +26.60%
Sep / 395,000 / 315,000 / +25.40%
Aug / 395,000 / 332,000 / +18.98%
Jul / 397,000 / 325,000 / +22.15%
Jun / 400,000 / 325,000 / +23.08%
May / 385,750 / 315,000 / +22.46%
Apr / 365,000 / 299,900 / +21.71%
Mar / 360,000 / 289,900 / +24.18%
Feb / 326,000 / 274,900 / +18.59%
Jan / 325,000 / 274,950 / +18.20%

*** 2003 *** 2002 *** Change
Dec / 339,000 / 280,000 / +21.07%
Nov / 315,575 / 265,000 / +19.08%
Oct / 312,000 / 265,900 / +17.34%
Sep / 315,000 / 274,999 / +25.40%
Aug / 332,000 / 289,900 / +14.52%
Jul / 325,000 / 282,700 / +14.96%
Jun / 325,000 / 286,600 / +13.40%
May / 315,000 / 272,300 / +15.68%
Apr / 299,900 / 260,000 / +15.35%
Mar / 289,900 / 269,990 / +7.37%
Feb / 274,900 / 245,000 / +12.20%
Jan / 274,950 / 250,000 / +9.98%

*** 2002 *** 2001 *** Change
Dec / 280,000 / 255,000 / +9.80%
Nov / 265,000 / 236,900 / +11.86%
Oct / 265,900 / 235,950 / +12.69%
Sep / 274,999 / 240,000 / +14.58%
Aug / 289,900 / 250,000 / +15.96%
Jul / 282,700 / 244,900 / +15.43%
Jun / 286,600 / 245,000 / +16.98%
May / 272,300 / 234,450 / +16.14%
Apr / 260,000 / 226,000 / +15.04%
Mar / 269,990 / 230,000 / +17.39%
Feb / 245,000 / 220,000 / +11.36%
Jan / 250,000 / 218,875 / +14.22%

*** 2001 *** 2000 *** Change
Dec / 255,000 / 230,000 / +9.18%
Nov / 236,900 / 210,000 / +11.90%
Oct / 235,950 / 203,850 / +15.28%
Sep / 240,000 / 202,000 / +16.34%
Aug / 250,000 / 214,997 / +16.23%
Jul / 244,900 / 213,000 / +12.63%
Jun / 245,000 / 218,000 / +10.05%
May / 234,450 / 212,700 / +10.48%
Apr / 226,000 / 197,000 / +13.71%
Mar / 230,000 / 195,000 / +17.95%
Feb / 220,000 / 198,000 / +11.11%
Jan / 218,875 / 190,000 / +13.16%

*** 2000 *** 1999 *** Change
Dec / 230,000 / 197,500 / +14.94%
Nov / 210,000 / 191,000 / +9.95%
Oct / 203,850 / 189,890 / +7.96%
Sep / 202,000 / 194,000 / +3.09%
Aug / 214,997 / 207,750 / +3.49%
Jul / 213,000 / 209,000 / +1.87%
Jun / 218,000 / 209,000 / +3.83%
May / 212,700 / 193,700 / +9.68%
Apr / 197,000 / 192,000 / +1.56%
Mar / 195,000 / 189,000 / +5.24%
Feb / 198,000 / 184,900 / +8.17%
Jan / 190,000 / 190,000 / +0.00%

MRIS Statistics

[EuroExpat]

Mojo, thanks for the update!!

[AnalyzeThis]

Well when will I be able to get a 3/2+ bath TH in Kingstowne or Island Creek for under $400k!

[AnalyzeThis]

Oh and I need a garage and small outdoor space...lol am I asking too much? Here I am just 3 hours south in Hampton Roads VA and have problems selling a 5 bedroom/2.5 bath house on a third acre for $374K...gotta love it

[scimitar12]

"August 2008 home sales data is now available. The median price of all homes sold in August 2008 was $375,000. Prices haven't been this low since April 2004."

And, given wages here current home prices are still too high.

[Tee11]

These median prices include all studio and 1 BR condos I assume? I'm pretty sure they must as these are NOT median prices for single family houses. Therefore I find these statistics somewhat useless as they give a skewed picture (they should break up the categories into condo, townhouse, SFH).
You're STILL asked to pay $450,000 for a plowdown 1950s place or $750,000 for a "constructed in last 10 yrs" SFH in FFX. I can hardly detect any changes in prices in FFX despite the whole finance world tumbling into an abyss! How can this be?

[ArizonaBear]

Originally Posted by scimitar12

"August 2008 home sales data is now available. The median price of all homes sold in August 2008 was $375,000. Prices haven't been this low since April 2004."

And, given wages here current home prices are still too high.

No joke there.

Prices went 'stupid' back in the early 1970's when I still lived in Arlington.

Case in point: my folks had a 1938 Cape Cod near Lee Hwy/Glebe Rd (Yorktown HS district) they paid about $33K for in 1969-----------which was quite a bit of loot. They sold it in 1976 for ca. $65K------------today, that same house is estimated to be worth $800K!

[mojo_1979]

Originally Posted by Tee11

These median prices include all studio and 1 BR condos I assume? I'm pretty sure they must as these are NOT median prices for single family houses. Therefore I find these statistics somewhat useless as they give a skewed picture (they should break up the categories into condo, townhouse, SFH).
You're STILL asked to pay $450,000 for a plowdown 1950s place or $750,000 for a "constructed in last 10 yrs" SFH in FFX. I can hardly detect any changes in prices in FFX despite the whole finance world tumbling into an abyss! How can this be?

Yes these numbers are for ALL homes sold. I think you're missing the point about how to use these statistics. These were the statistics that were used to measure the overall housing market when the bubble was inflating, so they obviously have to be used to measure the overall housing market now that the bubble is deflating.

FYI -- Follow the link that I provided and you can indeed find the data on "detached" (i.e. single family) homes. Here is the current data below. A 19% haircut since last year is very significant.


******************************
** "Detached" Fairfax County Homes **
******************************
*** 2008 *** 2007 *** Change
Aug / 608,025 / 748,865 / -18.81%

[car54]

I'm absolutely LOVING* this housing market....I sold several houses during the boom, profiting immensely.

Now I'm bidding on distressed properties (and the more distressed, the better!). I scored on one just last month....a SFH foreclosure that had fire damage. I paid peanuts for it, and will make at least $100K when I sell it. Plus, I love working with my hands, so there's great "recreational" value to rehabbing a house also.

However, there's no way I would buy a "move-in" ready house now....I think prices will fall a LOT more.


* of course, I'll be singing a different tune if the massive bailout underway is unsuccessful and we end up with total anarchy in the streets. A distinct possibility, in my opinion.

[mojo_1979]

The current bailout will not provide any support for the housing market. Most intelligent economists say that the current problems are just the tip of the iceburg and our economy will get much worse before it gets better. If that is true, then housing does have a lot further to fall.