Fairfield's zip code had the largest annual sales increase out of the top 25 on a list released by First American CoreLogic. As projected, areas in CA, NV, AZ, and FL were high on the list. Other communities strong sales last year were Humble, TX; Woodbury, MN; Duluth, GA; and Des Plaines, IL. The rankings were limited to zip codes with at least 10K households and only one zip code per metropolitan area. Without these filters California would have almost completely had the Top 25.
Though sales numbers are up in these areas, they are still essentially recovering from rock-bottom levels over the last few years. Multiple areas prices are dropping because of rampant foreclosures, bringing more damage to the situation. Meanwhile, the rise in home sales is cutting into the number of houses on the market. In January, there were a little over 1900 houses on the market compared with over 3,000 last year. However, a local real estate professional says, the numbers will rise again due to many foreclosures currently or soon-to-be executed.
During the last real estate boom, construction and sub-prime mortgages were common and the downturn brought distress to the housing market. Also, a controversial local law which allowed local authorities to enforce immigration laws drove out immigrant workers slowing construction during the boom. Many such immigrants relocated to close-by Fairfax County losing their homes to foreclosure. The positive news now is that homes are selling quickly. In January, 3,346 homes were on the market compared to 5,355 this time last year. 647 homes were sold in Prince William County where only 312 sold last January. The average price was down almost 35%. The closeness to DC could help Prince William County since Washington's economy continues to thrive through the weight of federal and defense contractor jobs. Woodbridge, VA in Prince William County came in at #14 on the afore-mentioned Top 25 list. Home sales rose 32 percent last quarter while the median sales price fell 18 percent to $215K.
|
