A Brief Look at Days on Market in NoVa for April

Courtesy of a rainy day and a "No TV Week" policy from my kids' Kindergarten class (thankfully this is the last day - Tremé and Game of Thrones tomorrow!), I had a few idle moments to play with RBI's interactive charts. Thought I'd share a quick analysis of what I looked at - I'll leave out the ZIP level stuff, considering that even these 5 counties are not entirely relevant to the wider MRIS customer base!

First I took a look at sales totals for the 5 most active RE markets in Northern VA:

I then looked at the Median DOM for these sold units...

Takeaways:

• Out of 1,047 Fairfax listings that closed in April, half were on the market less than 20 days
• Of the 209 closed sales in Arlington, 104 sold in less than 21 days.
• Nearly half of the homes sold in all 5 of these counties sold in less than 1 month.

Here's a look at the Median DOM in April over the past 5 years for these counties (keep in mind the tax buyer credit deadline impacted last year's metric):

Most noticeable trend here: Prince William's Median DOM has dropped nearly 75% since 2008.  I'd take the time to dive into differentiating the bank-mediated vs. standard sales and how that correlates, but I'll leave that to other RBI subscribers in Prince William - I've got a date with the kids to go see the movie Rio. (I'm hoping that doesn't go against the no TV guidelines!).  I'll sign off with rainy day recommendation for you to check out this video for a quick tutorial on utilizing interactive charts - grab stats like the above for ZIP codes near you.