For immediate release:

Contact:
Chuck Cornwell
RE/MAX Regency
540-341-1075
ChuckCornwell@remax.net

Local Real Estate Market Continues to Improve

May 2010

Warrenton, Virginia, June 1, 2010 – We are continuing to see the real estate market improve in the Washington DC metro area. 

ALL MRIS MARKET STATS

First, let's look at all of the local area MLS data.  Our MLS is one of the largest in the country and it covers many local markets.  To see the area, click here.

Over the past two months we have seen an increase in the median list price of over $22,500.  See the chart here.  Our Month’s Supply of homes did increase to a 6.3 months supply, but this is no the heals of the tax credit expiration.  Statistically, this is a balanced market. Looking at our contract number, we had 9,286 homes placed under contract in May. See this chart here. 
 
Lastly for the stats on all of MRIS, see the Basic Absorption chart here.  You will need to compare this chart to the more local markets just to really understand how the local markets in Virginia have improved.

VIRGINIA MARKET STATS

Now let's look at the Virginia MRIS market area...

In the entire Washington/Baltimore area market, the Northern Virginia area is outperforming the overall market.  The median list price of our real estate has been on the rise.  Our current median home jumped $45,000 in the past two months! The median list price for residential homes now stands at $374,900.  See the chart here.

Our Months Supply of homes remains low.  We are now down to 3.5 month supply.  See the chart here.  This market is a SELLER'S market.

You see this narrowing in the sales to new inventory here in the Basic Absorption chart for Virginia.

FAIRFAX COUNTY MARKET STATS

The real estate market in Fairfax County also continues to improve.  The Median List Price of residential real estate jumped almost $69,000 in the past two months and is now $488,945.  See the chart here.  Inventory supplies of homes  is low at only 2.5 months supply.  Fairfax County remains in a Sellers market.

The Basic Absorption Chart also shows how the overall market has tightened.

PRINCE WILLIAM COUNTY MARKET STATS

Prince William County real estate home prices are up nearly 30% above the level found two years ago with median list price now at $324,250.  The last two months alone we had a $54,350 JUMP in median home price.  See Median List Price Chart.  Pricing pressure will continue to escalate in this local market.  Just look at where our Month’s Supply of homes is for last month - a 2.1 month’s supply!  See the chart here.  This IS a SELLERS market.

Now here is where you really see the market has changed with the Basic Absorption Chart for Prince William County. 

LOUDOUN COUNTY MARKET STATS

Loudoun County also is seeing major improvement in its real estate market.  The median price in this area is also UP - now 15% above its level found two years ago and our supply of homes on the market remains low.  The median home price now in Loudoun County stands at $460,900.  See the Median List Price Chart here.  The month’s supply of homes is now 3.5 months.

The Basic Absorption Chart also shows how we continue to see our inventory of homes tighten.


FAUQUIER COUNTY MARKET STATS

Now let's look at Fauquier County's stats.  The median price in this market has also improved, jumping over $40,000 in last two months!  See the chart here.  Our Month’s Supply in this area is, at 7 months.  Here is the Months Supply chart. 

The Fauquier Basic Absorption Chart also shows market improvement. 

CULPEPER COUNTY MARKET STATS

Lastly, for this report, we will look at Culpeper County.  Again, we are seeing prices on the rise - the median home price in Culpeper County has risen nearly $20,000 over the past two months.  The Median home price in this county now stands at $279,425.  See the chart here.  The month’s supply in this area is 7 months of inventory.  Her is this chart.

Lastly, we look at the Basic Absorption chart for this market area.

Some additional markets:


Madison County, Virginia  - Median List Price - Months Supply
Orange County, Virginia - Median List Price - Months Supply
Spotsylvania County, Virginia - Median List Price - Months Supply
Stafford County, Virginia - Median List Price - Months Supply
Warren County, Virginia - Median List Price - Months Supply


State of Maryland - Median List Price - Months Supply - Basic Absorption


##########

Chuck Cornwell is the Broker and Co-Owner of RE/MAX Regency, a multi office real estate franchise company based in Warrenton, Virginia, and he is the Vice-President of the Greater Piedmont Area Association of REALTORS.  RE/MAX Regency has been recognized as a leading real estate company in the nation by industry publications including RIS Media's "2009 Power Broker Report" and being named a "Great Office" by RE/MAX International.

If you would like more information on this topic, or to schedule and interview with Chuck Cornwell, please call 540-341-1075 or e-mail to ChuckCornwell@remax.net

 

 

 

 

 

Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale.
Information Deemed Reliable But Not Guaranteed.
Some real estate firms do not participate in Broker Reciprocity and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller.
Each office Independently owned and operated.  Licensed in the Commonwealth of Virginia