Northern Virginia Home Prices, Sales Dip
The northern Virginia home sales numbers are available. "Although the number of single family homes and condos sold in January was down by almost 30% when compared to 2005, the average sales price did top the 2005 January average sales price by 10.3%. Active listings increased dramatically when comparing homes on the market in January 2005 versus January 2006, with a 392.5% increase."
"Sales prices for the first month of 2006 in Greater Northern Virginia (including Prince William, Loudoun and Fauquier Counties) also followed an upward trend as did closer-in Northern Virginia region. The average sales price was up 15.22% from the January 2005 average of $417,395 to the January 2006 sales price average of $480,931."
"Units sold were 10% below January 2005 levels with 2,298 units sold in January 2006. Active listings were up 300% when compared to the number of listings in January 2005." "The average sales price for a home in Northern Virginia in 2005 was $532,825, which represented a 20.75% growth rate above 2004. A comparison of 2005 total units sold (29,235) to the 2004 units sold (32,828), shows a decrease of 10.95 % in 2005."
But a check of the December numbers shows Januarys' price dip. "Average sales prices continued to rise through December in Northern Virginia, despite a decrease in sales and sizeable increase in inventory. The average sales price rose to $552,621, a 16% increase over December 2004's average of $476,941."