MARKET REPORT

THE LOCAL MARKET SUMMARY

MARCH 2010

This month's market index increased to 2.8 months supply from 2.4 last month. This unseasonal increase is the result of our bad weather and the fact that February is a short month: Fewer days to sell homes but no effect on homes on the market.

Northern Virginia and Loudoun County lead at 2.1 months supply; followed by Montgomery County at 3.1; and Washington DC with 4.5. Townhomes continue to be most popular with condos in second place and detached homes last.

The average home price decreased 3.3% from last month but remember this latest data is for homes sold in December, our slowest month. Buyers were negotiating about 2.2% off asking prices on the average, and 70% of buyers were paying less than the asking price.

Foreclosures decreased to 5.6% of homes on the market and short sales decreased to 15.3% of homes on the market. If you missed the recent 2009 review and look ahead into 2010 click here. An analysis of home prices will be issued by email in mid-March.

Notes
(1) Market Index (Months Supply of Resale Homes): Below 1.5 is a hot sellers' market; 1.5 to 4.0 is a (normal) sellers' market; 4.0 to 6.0 is a neutral market; above 6.0 is a buyers' market.
(2) Northern Virginia: Alexandria, Arlington County, and Fairfax County.
(3) Pricing data above are the very latest, but they are inherently 2 months old due to data collection limitations. Media reports are generally another 2 months old.

The report above is prepared monthly from David's independent research for his clients. Click this link: to learn how this report is prepared. Contact David for current data on your market segment.

Let David know if you'd like to get the monthly report by email.