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Real Estate Lounge : Blog
Tax Credit Statements and October Sales Numbers
NAR economists estimate that the current tax credit has contributed approximately $22 billion to the general economy, and approximately 2 million people will take advantage of the tax credit this year.
They say that “The substantial rise in home sales we’ve seen over the past few months proves that the tax credit is working” This incentive is helping to stabilize the housing market and stimulate the economy. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership."
Northern Virginia: October 2009*
*Courtesy NVAR, www.nvar.com
The Northern Virginia Association of Realtors® reports on October 2009 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 1,604 homes sold in October 2009, a 10.09 percent increase above October 2008 home sales of 1,457.
Active listings decreased by 21.91 percent from last year, with 6,877 active listings in October, compared with 8,806 homes available in October 2008. The average days on market (DOM) for homes in October 2009 decreased by 38.30 percent to 58 days, compared with 94 days in October 2008.
Sales prices were lower than those realized last year. The average sales price in October decreased by less than one percent from October 2008, to $424,510, compared with last October's average of $427,502.
The median price of homes sold in Northern Virginia rose in October to $356,800, which is a decrease of less than one percent compared with October 2008's median price of $359,000.
The number of pending home sales in Northern Virginia in October shows an increase of 24.06 percent at 1,990 compared to 1,604 in October 2008.
Greater Northern Virginia: October 2009*
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for October 2009 shows a decrease from October 2008.
The number of Greater Northern Virginia region homes sold in October was 2,902 a 3.27 percent decrease from October 2008's total of 3,000 sales. Pending home sales showed a slight increase from October 2008's 3,543 to 3,670 in October 2009, a 3.58 percent increase.
The average sales price of $360,964 in October 2009 increased by 5.86 percent over October 2008's average sales price of $340,993.
Across Greater Northern Virginia, the number of listings showed a decrease from 2008 numbers, with 13,395 listings active, which is 26.84 percent less than this time last year, when 18,309 homes were available. The average DOM for a home sold in October 2009 was 57 compared with last year's 103 DOM, a decrease of 44.62 percent.
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