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Some Moving Sales Stats

By Doug Francis

When I took “Statistics” at Boston University, I had a professor who really couldn’t speak English very well. Lectures were frustrating, but I really remember one key concept from that class.

Essentially, statistics are always subject to an individuals interpretation depending on what they/you hope to demonstrate to make a point. There can be many variations as to what they signal.

Like: Statistics show that more people select vanilla ice cream over strawberry! But only when scooping from a container of Neopolitan ice cream at winter birthday parties in Back Bay.

Blah, blah… basically nonsense if you want.

So, as I was looking at the Arlington and Fairfax real estate sales statistics generated by RealEstate Business Intelligence (RBI), I noticed that Closed Sales were down 7.82% in March over last year in Fairfax. And Arlington County Closed Sales were down 20.36% in March compared to last year.

What gives?

Interest rates maybe? I think it may be due to the rapid price appreciation that the region experienced over the past 16 months. And there were fewer homes for sale during our cold and wet winter. Or, it could mean that RBI is missing some of the sales that never went into the MRIS database. Hmmm…

Arlington_VA_March_2014_Real_Estate_Stats

 

Fairfax Real Estate 2014 Virginia

Analysis

I think that the Northern Virginia real estate market has entered into a new, more balanced phase this spring. There are significantly more homes hitting the market for sale and real estate buyers are recognizing that trend. Take a look at the interactive chart below (changes monthly) that shows a significant uptick in new listings. Like the previous two years, this is a classic “shoulder” building in the chart which will likely peak in early July when Washingtonians typically go on summer hiatus.

A snapshot of the Vienna real estate market in 22182:

Is it a buyer’s market? No, not really but it does give buyers a little more wiggle room.

In the past, my buyer clients have been able to finally get a house or simply negotiate on one.

This is also a point in time when homes priced over $1.2 million see a split from the lower priced market, especially in Fairfax real estate circles. That market traditionally endure longer days-on-market trends, plus only the really nice ones will garner interest.

Really nice ones… again, that is subjective but clients tell me that they expect to see details like professional landscaping, a screened in porch, a stone patio, stone walls, pools or sport courts. Not a box on two acres.

Expectations run high and a 2006 kitchen may be a little too dated. Truth hurts!

Okay, let’s watch that upward trend in listings for sale and hopefully find you a nice new spot to call home.

Filed Under: Blog, Home Buyer Tips Tagged With: Fairfax County Virginia, Home Buyer Tips

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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Doug: (703) 304-6827

TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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