January 2008 Data -- Fairfax County VA prices plunge 13% in one year ! (Realtors, state)

[mojo_1979]

Fairfax County VA

----------------- / Jan 2008 / Jan 2007 / % Change

Average Sold Price..$472,016 / $531,143 / -11.13%
Median Sold Price....$395,000 / $456,250 / -13.42%
Total Units Sold...............538 / 1,004 / -46.41%


Monthy Real Estate Trend Indicator (http://www.mris.com/reports/stats/monthly_reti.cfm - broken link)

[CouponJack]

Originally Posted by mojo_1979

Fairfax County VA

----------------- / Jan 2008 / Jan 2007 / % Change

Average Sold Price..$472,016 / $531,143 / -11.13%
Median Sold Price....$395,000 / $456,250 / -13.42%
Total Units Sold...............538 / 1,004 / -46.41%


Monthy Real Estate Trend Indicator (http://www.mris.com/reports/stats/monthly_reti.cfm - broken link)

How could this be? Mr. Yun the chief economist for the NAR "predicted" 2 1/2 yrs ago that the chance for a price decline in the DC market was "zero". I'm glad his predictions are always right on target!

got popcorn?

Northern Virginia Association of Realtors® - nvar.com (http://nvar.com/newsdetail.lasso?articleno=nvarn100831 - broken link)

[KCfromNC]

Keep in mind that median and average price measures the amount buyers are willing to spend as much as it measures price change in an average house. If the top end stops selling (for instance, if hypothetically jumbo loans are impossible to get) the average and median will go down even if no other price changes happen.

But with a change this large, I'd have to imagine that this reflects a significant price drop across the board. And this is backed up by the Case-Shiller numbers, which showed a 7.8% drop for the DC area using November year over year numbers.