In my last column, I stepped away from facts and figures and had a little fun by looking at bad real estate photos and humorous typos. I received a lot of feedback from that little diversion (the most-liked typo is “swimming poo in back yard”). But, now that we’ve had some fun, it’s time to get back to business and take a look at the numbers that were just released for March.
As always, we strive to separate the local realities of real estate from the national headlines – many of which are too broad and just don’t ring true in our area. As you know, ALL real estate is local – sometimes down to the street level - and the best advice on what’s happening here should be obtained from a local, experienced real estate professional. We subscribe to Realestate Business Intelligence (RBI), a Metropolitan Regional information Services company, who compiles market data, by region, County, and even by ZIP code. This enables top agents to better understand specific market conditions and share them with their clients.
The numbers for March, 2012 look healthy. Here are the highlights from Fairfax County:
Total SOLD dollar volume: $494,916,183 – UP 10.62% from March, 2011
Total SOLD units: 1,041 – UP 0.68% from March, 2011
Average SOLD price: $475,424 – Up 9.88% from March 2011
Here is a link to a more detailed report for Fairfax County:
In ZIP code 22079 (Lorton), the trends are also positive:
Total SOLD dollar volume: $14,195,345 – UP 10.02% from March, 2011
Total SOLD units: 35 – DOWN 7.89% from March, 2011
Average SOLD price: $405,581 – Up 19.45% from March 2011
Here is a link to a more detailed report for Lorton (22079): http://18.104.22.168/get_report.php?action=pdf&agg_type=MONTHLY&f_id=1000&loc_type=5&loc_id=22079&time_period=201203
Right now, the biggest difference I see in our area as compared to the national news is the smaller inventory - meaning, we have fewer homes on the market. This is reflected in the almost 8% decrease in total sold units. In fact, the number of homes available for sale in Lorton now is about half as much as it was three years ago and 78% lower than it was in 2008. With lower supply and increasing demand, prices are rising modestly and buyers are having a difficult time finding a home. In fact, we have seen many listings generate multiple offers.
Spring is normally the best season for real estate sales and this year is no different. Activity is strong, buyers are serious, and sellers have a larger pool of potential buyers to work with. If you’re looking to make a move, you should feel confident about doing so here in our area.
If you would like statistics from other ZIP codes in the area, please let us know.
Ron Kowalski, of , is a realtor with with Re/Max Gateway in Lorton, VA.