“How is the market in Tysons Corner” is a question I hear all the time. After looking at the types of sales in Fairfax Countyoverall, I decided to go a bit more into detail and look at the number of sales in Tysons Corner.
My perception has been that well priced home are in short supply – especially in the lower price ranges. I still have multiple motivated clients that I have not been able to find suitable homes for yet. They are not necessarily looking for the deal of a century – just a well kept home in a specific area.
The first graph shows the number of homes that went to closing in a given month in the Tysons Corner zipcodes(22102,22182.) At first glance it is clear that there are fewer sales in 2011 than in 2010 even though the summer ended well. However, if we keep in mind that the home buyer credit skewed the market last year, the trend looks pretty promising on the sales front. Sales did take a dive in October despite record low interest rates – will be exciting to see how the numbers are for November!
The number of sales is just one part of the puzzle. The number of homes available should also affect the number of closings. The second graph shows the number of new listings for a given month (it is harder to get an accurate number of active listings from the MRIS as homes are re-listed, turned into rentals etc.)
For 2010 you can see the steep steep drop in April/May, and the number of listings never really recovered until the spring of 2011. The number of new listings went down in May 2011 and has been declining since.
For purchasers in the Tysons Corner area April-August is the prime buying season of the homes that primarily gets listed in the March-April time frame.
If you are looking to buy and sell in the Tysons Corner area, please contact us.