| Active | Reduced | Percentage | ||
| 12/15/2007 | ||||
| Arlington | 856 | 365 | 43% | |
| Alexandria | 789 | 376 | 48% | |
| Falls Church | 54 | 27 | 50% | |
| Fairfax | 7,008 | 3,580 | 51% | |
| Fairfax City | 165 | 78 | 47% | |
| Loudoun | 3,336 | 1,659 | 50% | |
| Prince William | 5,468 | 2,901 | 53% | |
| Fauquier | 932 | 411 | 44% | |
| Stafford | 1,527 | 763 | 50% | |
| Warren | 857 | 351 | 41% | |
| 11/15/2007 | ||||
| Arlington | 969 | 423 | 44% | |
| Alexandria | 853 | 416 | 49% | |
| Fairfax | 7,560 | 3,852 | 51% | |
| Loudoun | 3,534 | 1,791 | 51% | |
| Prince William | 5,560 | 2,912 | 52% | |
| Fauquier | 979 | 418 | 43% | |
| Stafford | 1,538 | 772 | 50% | |
| Warren | 896 | 358 | 40% | |
| 10/15/2007 | ||||
| Arlington | 1,025 | 407 | 40% | |
| Alexandria | 918 | 416 | 45% | |
| Fairfax | 8,022 | 3,924 | 49% | |
| Loudoun | 3,683 | 1,769 | 48% | |
| Prince William | 5,532 | 2,884 | 52% | |
| Fauquier | 995 | 435 | 44% | |
| Stafford | 1,603 | 771 | 48% | |
| Warren | 916 | 373 | 41% | |
| 9/17/2007 | ||||
| Arlington | 991 | 328 | 33% | |
| Alexandria | 886 | 389 | 44% | |
| Fairfax | 8,043 | 3,783 | 47% | |
| Loudoun | 3,688 | 1,776 | 48% | |
| Prince William | 5,591 | 2,851 | 51% | |
| Fauquier | 994 | 466 | 47% | |
| Stafford | 1,652 | 814 | 49% | |
| Warren | 941 | 379 | 40% | |
| 8/15/2007 | ||||
| Arlington | 925 | 340 | 37% | |
| Alexandria | 843 | 375 | 44% | |
| Fairfax | 7,878 | 3,622 | 46% | |
| Loudoun | 3,643 | 1,695 | 47% | |
| Prince William | 5,575 | 2,827 | 51% | |
| Fauquier | 1,008 | 473 | 47% | |
| Stafford | 1,725 | 842 | 49% | |
| Warren | 936 | 337 | 36% |
Source: ZipRealty
6 comments:
It's interesting to see just how steady the inventory in PWC has held (fluctating around the 5550).
I wonder if this lends itself that the market may indeed stabalize a bit with prices continuing to fall a bit until they can start coaxing some of the pent up demand out from the shadows.
As I mentioned before I bought in PWC recently, but for about 25% off what the same style townhomes were going for in 2004/2005. I'm not worried too much though, as I have a 30 year fixed at 5.5% and won't be moving for at least 7 years or so.
Dec. 14 (Bloomberg) -- For U.S. homeowners, builders, bankers and realtors, the crash of 2007 will only get worse in 2008.
Everyone from mortgage-finance company Fannie Mae to Lehman Brothers Holdings Inc. expects declines next year. Existing home sales will drop 12 percent and existing home prices will fall 4.5 percent, Washington-based Fannie Mae says. Lehman analysts estimate almost 1 million mortgage loans will default in 2008, up from about 300,000 this year.
``We're only halfway through the housing shock,'' said Ethan Harris, chief U.S. economist at New York-based Lehman, the fourth- biggest U.S. securities firm by market value. ``It's just a matter of time before the weakness spreads to the rest of the economy.''
http://www.bloomberg.com/apps/news?pid=20601109&sid=aFGRVkX98Hzw
PWC's inventory has been very flat, but it has been flat at a time when seasonally it should be moving down.
I suspect PWC is still in for a rough ride for at least the next 6-12 months.
Eventually demand will materialize and the excess inventory will start to disappear. The only question is at what price level.
Only when you see the months of inventory start dropping dramatically can you expect prices to stabilize.
William, I purchased in PWC recently myself. I purchased a single family home for low fours (423) and they where going about 580 + at the peak.
I think one thing people that dont live in PWC dont see one thing. Im in Woodbridge by Hoadly and they just opened a Harris Teeter, Wegmanns is opening down the road with Macy's + several other high end stores (Potomac Towncenter). And the new PWC government center is proping up on the Parkway. In Gainville a lot of BIOTECH companies are opening offices. PWC never had retail and jobs to compete with FairFax. So basically I think there will be some attraction to PWC that wasnt here before. Route 1 expanding one lane. Belvoir getting larger.
Mike-
I looked in Potomac club originally and drew up a contract for a 2 over 2 condo. The sale price was for about 338,000 which wieghed heavily on me as it was a little out of my price range.
I ended up buying from Lennar about 2 miles further south for 265,000. Though its technically a condo because I don't maintain the land, roof, etc., its really a townhouse.
The people in Potomac club were of the impression that, despite the change in market conditions, they would not drop the price as they are a "premiere community". I pretty much told them to screw off, and for 70k less (and 5k more in closing) I would live in a very nice community with a much cheaper association fee.
Reduced house on Pershing sold (for a tidy sum).
http://tinyurl.com/28oumn
Stuff in Ashton Heights/Lyon Park is moving again. Next on the watch list is 514 N. Nelson. I think they will have some problems. It's in great condition but it is not really a family friendly layout and that is a lot for a house you have to renovate.
http://tinyurl.com/2nfxzj
503 N. Nelson sold for $775K.
http://tinyurl.com/yte8z7
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