Richard's Ramblings

Home prices in NOVA nearing bottom, DC has farther to fall.
By Thomas A. Lawler, edited from WSJ 2-13-09

The author, founder of a consulting firm, says, “…The stats suggest that home prices in NOVA, which have fallen considerably after peaking in late 2005/early 2006, may be nearing a bottom.” He noted that “residential home sales in January were up by almost 56% from last January, while active listings were down by over 25%....” He went on to say that, “The sales gain (mainly from “distressed sales) was led by the battered Prince William County area, where sales were up by almost 111%, while the median sales price was off by 41% from last January.

Tax valuations hit this week in the City of Alexandria, and the Beverley Hills list serve was dominated by this news. Some, no doubt will challenage the assessment as still being too high. Maybe. Base on my own research, prices for single family homes in the 22305 zip code for parts of North Ridge showed only a 5% decline in 2008. This once again shows that our neighborhood is a great value and sought after for its closeness to DC and other amenities that it offers.