For those waiting those waiting to buy a home “At the bottom of the market”, it would appear, in my opinion, that the bottom of the market has come and gone! While we are not seeing price appreciation at this time, we ARE seeing: Multiple contracts on homes priced less than $400,000, bidding wars, homes going for more than list price, and a quicker sale than we have seen over the last few years. I have reports of one property even having 32 offers on it!
Here are the latest Fairfax County Statistics, for the month of March:
The market continues to see signs of improvement throughout the area serviced by our multiple listing service. Check out these statistics for the week ending 3/14/09 compared to the same week last year:
New Listings: Down 22.6%
Pending Sales: Up 19.4%
Active Listings: Down 20.6%
Months Supply of Inventory (as of Feb): Down 15.4% (7.6 months supply)
And some of the best news for anyone looking to buy a home: The Housing Affordability Index is at the level we were at in early 2003! This index is at 154 right now, which means that the median income in the area is 154% of the necessary income to qualify for the median priced home under prevailing