October 2008 Sales are Up Year to Date for Northern Virginia Real Estate

As we move towards a new year and what is often considered a ‘slow time’ for realtors, there are several positive indicators for the Northern Virginia real estate market.  Most significantly, October 2008 sales were up over October 2007 sales.  At the same time, October 2008 listings were down from October 2007 listings.

Why is this important? One of the strongest indicators of whether the real estate market is going up or coming down is comparing the number of homes coming on the market versus the number of homes going under contract.

If homes are selling faster than homes are coming on the market, then prices have to go up.  If more homes are coming on the market than homes going under contract, then prices have to go down.

For more information about Washington, DC and the close in Virginia counties of Alexandria, Arlington and Fairfax, click on any of the links for a chart  showing the number of homes under contract versus the number of homes just listed and inventory activity.

It’s still a great market for buyers, especially with the $7500 credit for first time home owners still available.  Don’t wait, call me at 703.927.4554 and let’s make the market work for you.

Thanks for stopping  by,

Michael