While October 2008 average sale prices for homes in Northern Virginia dropped an average of 20% throughout the state (compared to Oct 2007), sale prices held strong in Arlington County, dipping by just 2.73%. All other stats held strong as well:
Arlington County Oct 2008 Oct 2007 Percent Change
Average Sale Price $541,339 $556,517 Down 2.73%
Days on Market 66 66 No Change
Average Sale Price
(as percentage of average List Price) 94.64% 94.92% Down .28%
Compare this to another popular area of Northern Virginia, Prince William County. This is an area sought after many times by home buyers searching for lower prices and who want to stay south of the “big city”. Prince William County encompasses cities like Woodbridge, Dumfries, etc. The sales price stats for October 2008 were much lower compared to this same time a year ago. This, while the DOM was down and the % of List Price was up:
Prince William County Oct 2008 Oct 2007 Percent Change
Average Sale Price $228,581 $357,061 Down 35.98%
Days on Market 114 128 Down 10.94%
Average Sale Price
(as percentage of average List Price) 90.31% 89.71% Up .60%
You can see what some of the recent foreclosed homes have sold for on my website http://www.jenniferyounghomes.com/ or send your email address to jenyoung@kw.com for active listings and coming soons!
**Stats in this article are from Metropolitan Regional Information Systems, Inc (MRIS)
Monday, November 24, 2008
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