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An interactive (mouse-over for totals) graph showing the Median* Days on Market (DOM) for homes in Fairfax County, Prince William County and Loudoun County.
*Median is not the same as the Average Days on Market; it is in the middle. Meaning, half of the homes are on the market for more days and the other half are on for less days. Median is less affected by a few unusually long periods of time or short periods of time making it a more accurate figure.
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.