Here is a snapshot of Real Estate Market Trends in Northern Virginia for the first 4 months of the year:
We continue to see a decrease in the number of active listings, increase in the average listing price, increase in the number of properties going under contract and sold, and an increase in the average prices of those properties.
This is driven by several factors, first and foremost is Fannie and Freddie continue to hold off foreclosure auctions in an effort to work out situations with borrowers that are in true financial distress. The second factor is the continued favorable mortgage climate for credit worthy buyers.
For the third month in a row, we can see a decrease in the number of distressed properties, influenced by the above factors as well as a sincere effort by lenders to work out adjustments for those in true financial distress
Most foreclosure properties on the market are receiving multiple contracts, as well as traditional sales and approved short sales.
Trends and analysis provided by Jim Agnew of the VMR Team. Visit Jim On-Line at www.vmrteam.com
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