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Archive for the ‘Home values’ Category

That headline is certain to seize your attention if you are living inside DC metro area! It just so happens though that it was the past line of a write-up with all the headline: Ideals Hit 2002 Levels by Julie Schmit which appeared in america Today on June 1, 2011. Similar articles appeared for the top of the page in the Wall Street Journal along with the Washington Post. All of this news is at reply to the discharge of the S&P 20-city composite index comparing home sales in March 2011 with March 2010. The DC metro area will be the only major market portion of the 20 that did not go down annually.

The month over month increase (March 2011 over February 2011) for that Washington DC metro area was 1.1%. Just one other market area experienced an upturn in prices knowning that was Seattle which in fact had only 0.1%.

The headlines of of the publications indicated that costs are at 2002 levels. The neighborhood Sun Gazette newspaper has tracked the final 36 years of home sales within the Northern Virginia marketplace of Fairfax, Arlington, Alexandria and Falls Church. According to that report in 2002 the common sales price of a home was $319,292 there were 27,936 total sales. There was clearly double digit appreciation year over year from 2001 through 2005. Then in 2006 and 2007 the appreciation was flat at 0.1% a year. The peak year in average sales price was 2007 at $538,463. The peak year with regards to amount of sales was 2004 at 32,735. In 2010, the average sales price was $469,018 where there were 17,858 sales. Based on these statistics, the common sales price for this Northern Virginia companies are currently between 2004 and 2005 levels.

Having an increase annually of four years old.3%, that statistic informs me that the Washington, DC metro area including Northern Virginia has hit the lower and it is slowly but surely making its made use of as much as peak levels. Typically these market cycles take 7 years from peak to peak, and then we should see peak prices sometime between 2012 to 2015.