Arlington Virginia Real Estate Market Statistics - November 2008

It's time to take a look at how Arlington is holding up as we begin to wrap up 2008. Below are some market statistics for November 2008.

Arlington County - Total
136 properties sold

Arlington County - Condominium Market
53 Condos Sold
Average Days on the Market: 78
Average Sale Price: $330k (about 13% less than last year)

Arlington County - Single Family Homes
65 Detached/Single Family Homes Sold
Average Days on the Market: about 2 months (62)
3 Bedroom House: $556k (ranging from $222 to $1.2M)4 Bedroom House: $746k (ranging from $257 to $1.7M)

These statistics may show a slight price decline...but let's highlight the opportunity here:

There are TREMENDOUS opportunities here to buy. There should be a sign that says "Arlington Real Estate On Sale" next to the "Welcome to Arlington" signs. See below:

Active Listings Below $200,000
In 2007: 49
In 2008: 76

Listings Sold Under $200,000
In 2007: 5
In 2008: 11

With interest rates below 5% for the first time in years!!!!! and prices like these....now really is the time to jump into buying.

Northern Virginia Real Estate Market Update - November 2008

Now taking a look at the Greater Northern Virginia Real Estate market, let's take a macro view of the market. The follows statistics are for Arlington County, Fairfax County, the cities of Alexandria, Fallls Church, and Fairfax, and the towns of Vienna, Herndon, and Clifton.

Average Sales Price
2008: $423,088
2007: $513,930

Days on the Market
2008: 91
2007: 99

# of Sales
2008: 1,100
2007: 1,065

Absorption Rate
2008: 7.61
2007: 9.12

What does this mean?

We've had MORE sales, in a SHORTER amount of time, and the inventory is lower this month than in 2007. The sales price is less than this time last year - but these are signs of a strong and rebounding market.

There was an article in the New York Times that said, we may not know when the bottom was until years from now...but there's no question that there are great opportunities out there to buy real estate. So do you want to be the one's saying "I wish I had bought in 2008" like some sellers are thinking "I should have sold in 2004!"?