You got to love when the media finally catches up to the state of the market – Washington Examiner reported today (January 17, 2013) that foreclosures in the D.C. area have “plunged over 2 years.”

Over two years? Forget that! They’ve plunged in the last year. Data gathered from the local multiple listing system (Metropolitan Regional Information Systems) shows that foreclosures and short sale listings are down 64.5% in January 2013 compared to the same type listings entering the market in 2012 at this time.

The Washington D.C. market has led the country throughout the recovery period and Northern Virginia has led D.C. While there are still many homes that are “under water,” the region has nearly recovered in the last few years its lost values. December 2007, the average price was $542,775 (the highest average price for December ever for the region). Last month, the average price was at $518,503, according to data from MRIS (see the data sheet here). That’s just $24,000 below the high average. Prices are on the rise and we can expect that many homeowners in the region who have been under water will recover sooner than later!

This year is standing to be a huge year for home sellers and buyers in the suburbs of D.C. Foreclosures are nearly off the market (there are only 5 available in the Northern Virginia MLS at this writing). Need more info or to talk with a professional? Leave a message here or call (703) 821-8300 to Weichert Realtors in McLean.