Taking a quick look at the overall market in Northern Virginia, including Prince William and Loudoun, 2008 was a better year in terms of the number of transactions--but we're still way off from the peak of the market in 2004. In fact, we're not even back to the level of homes sales in 1999. The significant drop in sales has put downward pressure on pricing.
It is safe to say that if one measures a market recovery as one with both an increase in the number of transactions and an increase in prices, we're not there yet, and probably won't be until the third quarter of this year--at the earliest. And since the increases in contract activity that we are seeing are concentrated in the lower price ranges-- you can also expect that it will take even longer for any significant recovery in more expensive homes.
But don't fret! This means it is an excellent time to buy a home, especially for first time buyers, and 2009 is already showing a pick-up in activity! Please don't hesitate to call or e-mail us for any of your real estate needs!
Interesting and informative perspectives on life and real estate in the Washington Metropolitan area from Sue Goodhart, one of the area's leading real estate agents
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