|
CURRENT MARKET STATUS - Dulles Market Corridor (DMC)*:
The real estate market along the Dulles Market Corridor in Northern Virginia is recovering and the inventory of available properties priced below $600K is the best we have seen since the market turned down in May 2005 – thus, supply and demand appear to be in balance or equilibrium at present. Major mortgage lenders have recently declared the real estate market in the Capitol Region as an improving market, no longer a declining market. Empirical data indicates that home prices continue to increase in the more affordable price ranges. Multiple competing contracts with escalators have become common once again for the better properties in the more affordable price ranges and interest rates continue to hold in the historically low range. Also, buyer activity for homes in all price ranges continues but at a reduced pace with the onset of a summer market. While seasonal demand has waned more recently, the supply of traditional resale homes has continued to increase on the DMC.
| ||||||||||||
|
CURRENT STATUS OF FORECLOSURES (FC)/ SHORT SALE (SS) PROPERTIES & MARKET ABSORPTION RATES: (As of: 7/6/10) | ||||||||||||
|
TYPE |
|
ACTIVE LISTINGS |
|
AVG DOM** |
|
# FC/SS |
|
AVG DOM** |
|
% FC/SS |
|
Market Absorption Rates*** |
|
THs |
516 |
67 |
122 |
47 |
23% |
2.7 Mos | ||||||
|
CONDOs |
238 |
86 |
74 |
48 |
31% |
2.4 Mos | ||||||
|
SFDs |
943 |
117 |
126 |
70 |
13% |
3.1 Mos
| ||||||
|
***Months needed to sell off existing inventory
Data above is based on Resale Properties ONLY for homes of All Ages/ All Prices in the MRIS/ MLS database. | ||||||||||||
|
CURRENT MARKET INFLATION/ DEFLATION: Analysis - 23 Jun 10: +0.9% Per Month
| ||||||||||||
|
CURRENT 30-Year Fixed Mortgage Interest Rate: 4.58% (0.7% fees/ points) (Freddie Mac, 1 Jul 10)
| ||||||||||||
|
NOTES:
| ||||||||||||
|
*Dulles Market Corridor (DMC) encompasses all zip codes in the large market area of Herndon/ Oak Hill, Reston, Sterling/ Potomac Falls/ Dulles, Ashburn/ Broadlands/ Brambleton, Leesburg/ Lansdowne and South Riding/ Chantilly/ Stone Ridge/ Aldie/ Arcola
| ||||||||||||
|
**DOM means days on market (DOM) for the property type
| ||||||||||||
|
***Market Absorption Rates (Months) reflects number of months needed to sell off existing inventory for that property type based on current buyer activity. Real estate authorities nationally and regionally indicate that market forces need to reduce home inventory levels to a 3-/ 4-month level before seeing a return to "normal market" inventory levels with equilibrium between supply and demand forces
| ||||||||||||
|
|||||||