End of the Summer Real Estate Slump in Northern VA?
There has been no shortage of alarming press these last couple of weeks talking about the slow summer that the real estate market has had. They’re correct, it has been a slow summer, even in Northern Virginia. That said, it was an abnormally active real estate market this spring. 
At the end of this year, when looking back at 2010 as a whole, I think we will find that it was a year that was very much on par with 2009. I obviously don’t own a crystal ball, but I am a local real estate broker who pays close attention to the Northern Virginia real estate market.
Back to the summer real estate slump… the following chart shows the volume of housing inventory absorbed by the market compared to the previous year (aka: year-over-year or YoY). When at zero percent, an equal amount of inventory is being absorbed as the year previous. As you can see below, Arlington and Fairfax VA are both climbing out of an ugly summer to outperform 2009. Alexandria is still under-performing 2009, but is steadily moving in a positive direction.
It has been an ideal summer to be in the market for real estate in Arlington, Fairfax and Alexandria. Interest rates are jaw-dropping low and competition for homes cooled down after the tax credit expired. Yet, there were not as many people taking advantage of the summer real estate slump as in 2009. It seems that many would be buyers, already bought in the spring. As we head into September the market is starting to normalize again. Is it still a good time to be in the market for homes in Northern Virginia? Yes (for some people). If you are a current home owner, should you be worried that the sky is falling? Probably not. Of course we are happy to provide you with a custom report that will help you understand how the market is affecting your neighborhood.
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