Fairfax County Inventory Goes Down, Demand Goes Up

The inventory of single family homes for Fairfax Virginia real estate doubled in a short few months during the 1st half of 2006. That was tough for sellers who saw their homes priced at what in their experience was market value languish for months on end never sell after consecutive price drops. Well inventory has almost come back to normal--much of sold although a lot of perhaps was just withdrawn till 2007. However the prices are lower now by about 5% and therefore buyers and sellers should get along better this year. There will be a lot more transactions than 2006 as so many people did not buy yet, and so many homes did not sell yet. But buyers and sellers have come much closer together in their expectations. In fact homes that show very well and are priced right stand a good chance of receiving a couple offers on their homes. In fact one VERY interesting trend indicating a return to a strong market is that for the 1st time in 6 years the region experienced an INCREASE in pending contract in November in 2006 versus the previous 5-6 years. Traditionally contracts follow a steep line downwards from Oct-Dec. So many 2006 buyers waited and waited for corrections to play out than many entered the game late and thus transactions started moving up in Nov.--sort of a late Fall Market of sorts. Indicates a strong 2007 for the market. Demand is still there for Northern Virginia Real Estate.

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