Mortgage Rates Continue to Present An Opportunity to Save:
November Average Sales Prices Grow In the Region

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Cited from the Wall Street Journal:

…”Meanwhile, home shoppers looking to tap current record-low rates might want to act quickly: Fixed rates will average about 4.4 percent in the fourth quarter, but, that they could climb to 5.1 percent by the end of 2011 and then edge closer to 6 percent in 2012.”

Northern Virginia: November 2010
The Northern Virginia Association of Realtors® reports on November 2010 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,260 homes sold in November 2010, a decrease of about 20 percent below November 2009 home sales of 1,567.
Active listings increased by about 7 percent this month compared to last year, with 6,486 active listings in November, compared with 6,067 homes available in November 2009. The average days on market (DOM) for homes in November 2010 increased by 26 percent to 63 days, compared with 50 days in November 2009.
 
Average sales prices rose by about 10 percent compared with those realized last year. The average sales price this November was $469,965, compared with last November’s average of $428,581.
 
The median price of homes sold in Northern Virginia in November was $395,000, which is an increase of around 6 percent compared with November 2009’s median price of $374,000.
The number of pending home sales in Northern Virginia in November was almost identical to last year with 1,538 sales pending compared to 1,534 in November 2009.

Greater Northern Virginia: November 2010
The Northern Virginia Association of Realtors® also reports on home sales activity within Greater Northern Virginia, which includes NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties.
 
The number of Greater Northern Virginia region homes sold in November was 2,223, which was about 19 percent lower than November 2009’s total of 2,757 sales. Pending home sales were down only slightly, with 2,748 contracts pending, compared with 2,817 in November 2009, a difference of around 2 percent.
The average sales price of $405,525 in November 2010 was an increase of about 10 percent higher than November 2009’s average sales price of $367,717.
 
Across Greater Northern Virginia, the number of listings increased by about 3 percent over this time last year. There were 12,729 listings active in November 2010, compared with November 2009’s 12,330 homes for sale. The average DOM for a home sold in November 2010 was 63 compared with last year’s 52 DOM, an increase of about 19 percent.