The NOVA Real Estate Market-A Long Hot Summer

Northern Virginia Real Estate Market Update

I realize it’s been a little quiet on the blog the last few weeks.  To be honest the hot weather market in Northern Virginia has me working overtime.  Not complaining at all.

In the last few weeks we’ve closed the following properties:

525 Belmont Bay Drive Unit 303 (Belmont Bay)
500 Belmont Bay Drive Unit 302 (Belmont Bay)
12901 Alton Square (Worldgate)
15218 Chula Place (Lake Terrapin)
21188 Millwood Square (Potomac Lakes)

We still have more listings and buyers under contract around Northern Virginia and are working towards smooth settlements for late summer.  So what’s happening overall in the Northern Virginia market? New listings were up in June which is normal for the “seasonal” nature of our local market but the total number of new listings is still wel below summer 2011 levels.

As a result the days on the market have dropped for 77 in January 2012 to 45 in June 2011. There are homes languishing on the market but in most cases when I tour those homes with buyers it is evident why. No matter how hot the market if a home is overpriced or in poor condition it isn’t going to catch a buyer’s attention.

If you are thinking of buying or selling a home in the Northern Virginia area give me a call at 703-346-2213 to talk about how I can help.

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