July & August 2008 Stats

Stats are in from the Northern Virginia Association of Realtors for July and August sales. For July: Total Sold Volume is -12% from July '07, Average Sold Price is -12% and the Total Units Sold is about the same. The days on the market is up 37% from last year to an average of 91 days. For August: Total Sold Volume is -10% for August '07, Average Sold Price is -15% and drum roll.....the Total Units Sold is up 5.78%! The average days on the market for August sold properties was 87 days. It is easy to hyperfocus on all of the bad news in the media, but it's really not doom and gloom when you look at it from a historical perspective. It is a GREAT time to buy right now and rates are still at historic lows. Real estate is one of the very best long-term investments to make, plus you get to enjoy ownership benefits that you just don't get with other types of investments. Call me if you want more specific stats for your local neighborhood!