Northern Virginia Homes: Sales Statistics for August 2011

The sales figures for Aug 2011 are in.  Sales are slowing down which is a seasonal trend.  We see the typical summer decline in sales hit in August.  Everyone who’s been looking to buy and get settled before school starts usually has it secured by August.  The focus turns to getting the summer vacation time in before Labor Day.  So the slow- down in sales is not unusual.

The good news is that the supply of inventory is holding below 6 months for all 3 areas; Falls Church City, Arlington County and Fairfax County.  Typically, what that translates to is a bit more of a seller’s market than a buyer’s market.

However, as an agent in the field with buyers I still tend to see buyers being very picky about their selection before making an offer.  They’re sitting on the fence longer instead of accepting what’s available on the market and making a selection.  A direct reflection of the current national economic climate: caution.

The National Capital Region’s economy remains strong – of major metropolitan areas, the NCR trails only NYC and Boston with growth of 3.6% as compared to national growth rate of 2.5%.  That means there are more opportunities for jobs and business growth in the area, which, in turn, helps support a good housing market.

I will be watching to see how the fall season develops.  With the recent decision by the Federal Reserve to keep interest rates steady through 2013, buyer incentives to purchase continue.  With the concern about interest rates rising off the table, though, buyers are more motivated to find the “right” home before making a move.

If you’re thinking of selling I see your best incentive right now as having your home in top selling condition:   neutral colors, de-cluttered to show maximum space and opportunity, excellent property maintenance and last, a competitive price.

Now is not the time to try and push for top dollar since you’re still trying to win over a buyer and show your home is a good value for the marketplace.

The following sales statistics are comparing figures from August 2010 to August 2011.