Northern Virginia Real Estate MarketWatch Video for July 2010

The short video above was produced by RealEstate Business Intelligence (RBI), a subsidiary of MRIS which runs the D.C. and Northern Virginia area MLS system.  They have access to all the data for home sales in the area and produce these monthly videos to detail a compilation of the information.

For July 2010, the news is a mixed bag.  Pending sales have dipped from July 2009 - not a good thing.  Inventory has decreased -- that's good (at least for sellers).  Median prices in Northern Virginia are up 10.1% from July 2009 -- that's good for sellers and good for the market (maybe not so good if you're buying and missed the bottom). 

Overall, the video states that the housing market in Northern Virginia will remain a bit uncertain while the overall economy sorts itself out.  The biggest drag on the economy and in turn housing is the unemployment and job situation.  While it's much better in Northern Virginia and the D.C. metro area than almost anywhere else in the country, it's still a factor in the overall recovery.

Please note that this video and numbers cover all of Northern Virginia.  Real estate markets are very local.  What's happening in Fairfax Virginia can be very different than what's happening in Arlington Virginia.  Alexandria's market is drastically different than the market in Great Falls.

If you'd like to learn more about what's going on in your neck of woods, or the area you'd like to be your neck of the woods, feel free to contact me for a more detailed analysis.