A generally high-priced market, the supply and demand of real estate in North Virginia has undergone significant changes since the U.S. began suffering economic woes and found itself in a full-blown recession. The market seems to have fared better in 2009 than 2008 though, and as the year comes to a close, onlookers are optimistic that 2010 will be better.

According to the Northern Virginia Association of Realtors, in November, there were 1,567 homes and condos sold in the area, an increase of more than 42% from last year. Most of the increased volume has been brought upon by buyers looking to take advantage of the government stimulus measure offering up to $8,000 in tax rebates to qualified first-time home buyers. The program was so successful that Congress recently extended it past its Nov. 1 deadline and opened it up to a broader range of buyers.

The average days homes for sale in North Virginia are spending on the market has fallen as well, to just 50, a decline of 45%, from 91 in 2008. Pending home sales, too, are up, to 1,534 in November this year from 1,458 of last year. Year to date, 2009 is on schedule to outpace 2008 in terms of sales volume. There have already been 17,686 homes sold in Northern Virginia in 2009, more than 2008′s total of 16,070.

Most real estate markets, though also experiencing increases in activity, are seeing declines in home prices. However, North Virginia real estate is actually seeing a stabilization and even slight increases in home values. In November, the average sales price was $428,581, up 1.3% from last year’s average. Meanwhile, the median sales price was $374,000, up 11.6% from last year’s median. http://nvar.com/LinkClick.aspx?fileticket=lSCx34qhmsI%3d&tabid=574&mid=1454