March 2010 sales and statistics have been released by our local Multiple Listing Service (MLS) provider – MRIS. As expected, the numbers have confirmed what we’ve been noticing over the past few weeks…inventory is LOW and things are selling much faster than this time last year. First let’s take a look at the numbers by zip code:
Zip Code Days on Market 2010 Days on Market 2009
22201 67 69
22202 57 73
22203 62 77
22204 50 86
22205 74 83
22206 30 62
22207 88 109
22209* 140 79
22213 14 58
22209 (Rosslyn area) is the only zip code to see an increase in days on the market for March (my only explanation for that is that several of the properties were new construction and have been on the market for quite some time as the teaser listing to get people to the site).
The March statistics for the overall Northern Virginia area (which includes Arlington and Fairfax County, Alexandria, Falls Church and Fairfax Cities, and the towns of Herndon, Clifton, and Vienna) shows that we’re at 4.99 months supply. We tend to think anything between 5-7 months is balanced, and under 5 months is a seller’s market.
It’s hard to say what will happen in the upcoming months once the tax credit is expired (except for our Military families, who have the tax credit through April 30, 2011), but my speculation is that the market will calm down a little in the price ranges under $800,000 (which is the current break-point to be eligible for the $8k credit). April will wipe out more inventory as people get things under contract by April 30th.
Again, without a crystal ball it’s hard to say for sure what will happen..but these are just my 2 cents on the market!