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Signs Of A Real Estate Turnaround In Northern Virginia

by @ 6:52 pm on September 15, 2009. Filed under Economics, Prince William County, Real Estate, Virginia

Northern Virginia, especially Prince William and Loudoun Counties, was one of the hardest-hit areas when the real estate market collapsed starting in 2007. Now it looks like things have started turning around:

Average home prices rose for the first time in at least two years in Virginia’s Prince William and Loudoun counties, the Washington area’s most troubled housing markets, according to the most recent data from the local multiple listing service.

In August, prices jumped 5.9 percent in Loudoun County from the same time last year, the first such increase in two years, according to a review of listing data by George Mason University’s Center for Regional Analysis. In Prince William County, prices climbed 2.5 percent during that period, up for the first time since mid-2006.

The most recent statistics add to the general optimism about the housing market both nationally and locally. For months, sales have surged as bargain hunters raced to take advantage of plummeting prices. But prices now appear to be stabilizing, and even rising, in some pockets of the country and the region, suggesting that the market may be on the mend.

(…)

As buyers snap up deals, the excess supply of homes shrinks, helping to stabilize prices.

For instance, the number of homes listed for sale in Northern Virginia has fallen 28.8 percent in August from a year ago, with a drop reported in every submarket, according to Metrostudy, a research firm that analyzed the most recent statistics. The listings now total 16,723, the lowest number since January 2006, said Kenneth Wenhold, a Metrostudy regional director.

As a result, the average price in Northern Virginia as a whole was flat in August compared with a year ago, down by 0.5 percent, to $372,616. It also was nearly flat in Fairfax County, where the price dropped 1.7 percent over the same period.

Finally, some good news around here.

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