JOE’S TAKE ON THE MARKET
2011 Market Recap posted by Joe 1/18/12
OTHER MARKET STATS AND RECAPS
Sales and Inventory by Month A post by Joe on 2/5/12 that has charts showing the annual flow of inventory and sales.
Average Northern Virginia Sale Prices 1975-2011. Posted by Joe 2/16/12
Northern Virginia Association of Realtors Monthly Market Stats This site will give you the latest monthly reports for all sales that were in the MLS in Fairfax County, Arlington County and the cities of Alexandria, Fairfax and Falls Church . There is also an archive where you can get the monthly reports for the last year and a link to an excel spreadsheet that provides detailed numbers back to 2000.
Real Estate Business Intelligence Here you can great more detailed reports for all of the surrounding counties and can also get stats for a specific zip code. There are options for viewing the data in charts and graphs as well as tables.
National Association of Realtors Metropolitan Area Existing Home Prices and Sales A great place to easily compare markets around the country and see the direction of prices in dozens of sub markets. This is a great site for investors to scout opportunities around the country.
S&P/Case-Shiller Home Price Indices This is one of the most cited barometers of the national trend in home prices. The data for our market will not be as detailed as the NVAR or REBI info but it does offer another perspective and a different take on the market. Personally, whenever I hear this index mentioned on the news I cringe a little. There is no doubt that most of the real estate markets in the US are struggling but housing is local. The stock price for McDonalds is the same in Portland Maine and Portalnd Oregon but the direction of housing prices are not. So listen with caution when you hear this on the news. Almost always, because of the government, our local market is doing better than the national averages.
Zillow trends. I know folks love Zillow and I, too, think it provides a needed service (hey my listings are advertised there so I believe in Zillow power) However, I have noticed that some of the Zillow Zestimates can be way off. I advise caution in using these to get a feel for the price of an individual home. In many ways they are like tax assessments. When a home value is mostly based on neighborhood, square footage, lot size and info in the tax records but no one has looked inside, there is value that can be missed or overstated. Zillow has no idea if a home features new granite counter tops, updated appliances, refinished hardwood floors or if the home has peeling laminate counters, 1980s carpet, a roof leak and mold. One would hope that all updates in a home are done with permits but quite a few basements, attics and extra baths are finished without contacting the county. For an interesting take on the Zillow formulas check out this article from Smart Money Magazine The Fuzzy Math of Home Values. This is also another place to go to get info on markets outside of Northern Virginia.
