For immediate release:

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

Local Real Estate Market Continues to Improve

July 2010

Warrenton, Virginia, July 3, 2010 – The real estate industry is now two months beyond the federal Home Buyer Tax Credit and the sales numbers for the Washington Baltimore area remain strong. 

UNDER CONTRACT ACTIVITY

The overall market for the Washington Baltimore market continues to see good contract numbers.  For June, there were 10,824 homes placed under contract.  To give a comparison, the first four months of 2010, the months that included the Home Buyer Tax Credit, our average monthly under contract number was 10,861.

Under Contract Chart.

MEDIAN HOME PRICES

The median home price in this area has also remained firm overall.  When you separate the foreclosed homes from the owner sale, an interesting statistic is revealed.  The median home price on foreclosed homes has been dropping while non foreclosure homes show that home prices are back to the level of two years ago. 

Market Median Prices
Foreclosure Median Prices
Non-Foreclosure Median Prices

NUMBER OF HOMES ON THE MARKET   

The supply of available homes since the expiration of the tax credit has dropped slightly.  In April we had 83,599 homes on the market.  In June, this number is down to 80,180.  The supply of Foreclosed homes on the market has also dropped. 

Market Listing Inventory
Foreclosure Listing Inventory

MONTHS SUPPLY OF INVENTORY

The Months Supply of Inventory of homes is a key data point used by market researchers.  This number is derived by dividing the total number of homes on the market at the end of the month by the number of homes placed under contract for that month.  In other words, if you have 10 homes on for sale, and 5 get contracts this month, you have a two month supply of homes on the market.  A "Balanced" real estate market is one with 5 to 6 months supply of homes.  This is a market that has a good selection of homes for buyers while still providing stability of prices.  When inventory levels drop below this number, we have a smaller selection of homes for the buyer and prices go up.  The opposite happens as inventory levels increase. 

The overall market for June in the Washington Baltimore area stands at a 5.6 month supply level.  This is down from May's level of 6.9 months.  The foreclosure months supply of homes is much lower than the overall market, coming in at a 2.7 months supply.

Market Months Supply
Foreclosure Months Supply

Here are links to more localized market studies

Virginia

Under Contract Chart
Market Median Price
Foreclosure Median Price
Non-Foreclosure Median Price
Market Listing Inventory
Foreclosure Listing Inventory
Market Months Supply
Foreclosure Months Supply

Maryland

Under Contract Chart
Market Median Price
Foreclosure Median Price
Non-Foreclosure Median Price
Market Listing Inventory
Foreclosure Listing Inventory
Market Months Supply
Foreclosure Months Supply

Fairfax County

Under Contract Chart
Market Median Price
Foreclosure Median Price
Non-Foreclosure Median Price
Market Listing Inventory
Foreclosure Listing Inventory
Market Months Supply
Foreclosure Months Supply

Prince William County

Under Contract Chart
Market Median Price
Foreclosure Median Price
Non-Foreclosure Median Price
Market Listing Inventory
Foreclosure Listing Inventory
Market Months Supply
Foreclosure Months Supply

Loudoun County

Under Contract Chart
Market Median Price
Foreclosure Median Price
Non-Foreclosure Median Price
Market Listing Inventory
Foreclosure Listing Inventory
Market Months Supply
Foreclosure Months Supply

Fauquier County

Under Contract Chart
Market Median Price
Foreclosure Median Price
Non-Foreclosure Median Price
Market Listing Inventory
Foreclosure Listing Inventory
Market Months Supply
Foreclosure Months Supply

Culpeper County

Under Contract Chart
Market Median Price
Foreclosure Median Price
Non-Foreclosure Median Price
Market Listing Inventory
Foreclosure Listing Inventory
Market Months Supply
Foreclosure Months Supply

Madison County

Market Median Price
Market Months Supply

Orange County

Market Median Price
Market Months Supply

Rappahannock County

Market Median Price
Market Months Supply

Spotsylvania County

Market Median Price
Market Months Supply

Stafford County

Market Median Price
Market Months Supply

Warren County 

Market Median Price
Market Months Supply

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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 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