After having just read a report on Bloomberg.com touting that home prices for May rose the most in more than seven years according to the S&P/Case-Shiller index, I thought I’d share the Burke market stats with you.
In July 2008, the average sales price in Burke was $420,357. Today’s average sales price is $442,626. In July 2008, the average Days on Market (DOM) was 32. Today, you can sell your Burke home in less than one week!
It’s true – and you can clearly see – that there are seasonal differences, but these graphs show that over a 5 year period, homes in Burke are selling for more, faster.
These interactive, mouse-over charts below show you the real time data for all home types. Here are detailed reports for detached homes, town homes and condominiums.
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True to the data reported by corelogic®, the number of foreclosures and short sales remain at or below below 10% of the active listings in Fairfax County. That’s good news for owners since the value of your home is based on the strength of your local market. The less frequent appearance of bank owned properties means that sellers don’t have to compete with low priced foreclosures, in essence, driving down the housing prices. A glut of foreclosure properties may be good news for buyers, but not for owners and sellers.
Their research shows that falling REO shares strongly correlates to price appreciation.