MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q

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1 MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q Year: 2013 Market Area (City, State): Arlington, Virginia Provided by (Company / Companies): McEnearney Associates, Inc. Realtors What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) The largest factor in the Northern Virginia real estate market over the last 18 months is the paltry number of listings available to buyers. These limited choices resulted in an upward trend in pricing, thus tempting more sellers to enter the market. Between April and August, 15% more listings came on the market than during the same time period last year throughout Northern Virginia. It's really Economics 101. On the supply side, we have seen this modest increase in inventory. On the demand side, we've seen an increase in mortgage interest rates - up a full point since April. That represents a loss of more than 13% in buying power and that, coupled with the lingering impact of sequestration, is serving to keep the number of buyers in the market a bit less than it was earlier in the year. This will ease - but not reverse - the significant upward pressure on home prices we have seen this year. Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: * Single Family (detached) Condominiums / Townhomes (attached) **Sales Price (current) Choose one: Average Median $ 850,308 $ 431,101 / $827,290 **Sales Price (same time prior year) Choose one: Average Median $ 792,921 $ 405,898 / $739,188 Average Days on Market list to contract (current) Absorption Months of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory Absorption Months of Inventory (same time prior year) Active Listings Closed ( total last 3 months) # 31 Increase Decreasing Stable # 30 / 30 Increase Decreasing Stable # 2.12 # 1.58 / 1.96 # n/a # n/a # 202 # 227 / 32 # 286 # 432 / 49 Expired Listings ( total last 3 months if available) # 5 # 12 / 3 Change in Home Values % n/a % n/a Sold LP/SP Ratio (last 3 months) REAL ESTATE MARKET DATA Increase in past 3 months Stable Decreasing in past 3 months Increase in past 3 months Stable Decreasing in past 3 months % 99.36% % / 99.37% **Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values GENERAL ECONOMY How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate: % % 3.7% Average Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) Despite sequester and recent government shutdown, activity remains healthy. Housing inventory is stable entering the 4th quarter however overall shortage is expected into the 2014 spring market. RENTAL INFORMATION

2 Is There a Charge for Rental Assistance: Yes No Outsourced Is Home/Condo Rental Information Available in Your MLS: Yes No Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent $3,500/month Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent $3,000/month Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent $2,800/month

3 tyui7 Northern Virginia StatPak October 2013 Market in a Minute A Summary of Market Conditions for September 2013 CONTRACTS: Contract activity in September 2013 was up just 1.0% from September of last year, and was down for homes priced less than $500,000. Through the first nine months of 2013, total activity is up 5.0%. Of those properties going under contract in September, 66% were on the market for 30 days or less. For some perspective, 79% of homes going under contract at the peak of the market in September 2004 were on the market for 30 days or less; in 2008, it was just 35%. INVENTORY: The number of homes on the market at the end of September was up 5.7% from the end of September For the sixth month in a row, more new listings came on the market than the same month the previous year an increase of 15.8%. The modest increase in contract activity and the rise in month-end inventory increased overall supply to 2.4 months, up slightly from 2.3 months last September. INTEREST RATES: Mortgage interest rates continue to float in the mid-4% range, ending September at 4.32%. That s almost a full point higher than the 3.4% figure end of September 2012, but is 19 basis points lower than a month ago at the end of August. As we have noted here in recent months, rates are still very low when viewed from any historical perspective, but the recent increases will cause borrowers to take a fresh look at adjustable-rate programs. AFFORDABILITY: The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 18.7% lower today than it was in September But for the fifth month in a row, the mortgage payment for a median priced home in September ($2,317) was more than the median rented price ($2,000). Homeownership is still more affordable than this time last year, but the combination of higher prices and higher interest rates are gradually making house payments climb. DIRECTION OF THE MARKET: As we have noted here over the past few months, the market is adjusting from a very hot spring to a slightly more balanced one now. Overall supply has risen a bit to 2.4 months, largely due to the number of new listings coming on the market as rising prices have coaxed more homeowners into putting their homes up for sale. We continue to expect inventory to rise through the rest of the year. Rising interest rates are putting a bit of a damper on demand, but overall home prices continue to rise modestly as well. The prospect of rising prices will continue to motivate purchasers, however, and if historic norms hold true there will be more new contract activity in October than we saw in September. The overall fundamentals remain strong, and we remain convinced that we headed toward a balanced and sustainable market. Unless otherwise noted, data derived from Metropolitan Regional Information Systems, Inc. (MRIS ). Northern Virginia is defined as Arlington and Fairfax counties and the cities of Alexandria, Falls Church & Fairfax. Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 1

4 MONTHLY SUMMARY September 2012 vs. September 2013 September September % NORTHERN VIRGINIA Change Number of Sales 1,424 1, % Fully Available Inventory on 9/30 3,553 3, % Number of New Listings 2,135 2, % Number of New 1,550 1, % Days on Market - New % Average Sales Price $498,709 $543, % Average Seller Subsidy $3,318 $2, % Months' Supply % LOUDOUN COUNTY Number of Sales % Fully Available Inventory on 9/30 1,404 1, % Number of New Listings % Number of New % Days on Market - New % Average Sales Price $432,619 $453, % Average Seller Subsidy $3,786 $3, % Months' Supply % PRINCE WILLIAM/MANASSAS/MANASSAS PARK Number of Sales % Fully Available Inventory on 9/30 1,168 1, % Number of New Listings % Number of New % Days on Market - New % Average Sales Price $309,734 $326, % Average Seller Subsidy $4,237 $3, % Months' Supply % WASHINGTON, DC Number of Sales % Fully Available Inventory on 9/30 1,478 1, % Number of New Listings 962 1, % Number of New % Days on Market - New % Average Sales Price $539,067 $624, % Average Seller Subsidy $2,559 $2, % Months' Supply % MONTGOMERY COUNTY Number of Sales % Fully Available Inventory on 9/30 2,374 2, % Number of New Listings 1,105 1, % Number of New % Days on Market - New % Average Sales Price $461,584 $466, % Average Seller Subsidy $3,660 $2, % Months' Supply % * Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 2

5 SUMMARY YEAR-TO-DATE 2012 vs Year-to-Date Jan-Sep Jan-Sep % NORTHERN VIRGINIA Change Number of Closed Sales 14,578 16, % Average Month-End Available Inventory 3,455 2, % Number of New Listings 20,779 22, % Number of New 17,157 18, % Days on Market - New % Average Sales Price $504,862 $541, % Average Seller Subsidy $3,122 $2, % Average Months' Supply % LOUDOUN COUNTY Number of Closed Sales 3,958 4, % Average Month-End Available Inventory 1,380 1, % Number of New Listings 6,115 6, % Number of New 4,818 5, % Days on Market - New % Average Sales Price $423,577 $456, % Average Seller Subsidy $3,746 $2, % Average Months' Supply % PRINCE WILLIAM/MANASSAS/MANASSAS PARK Number of Closed Sales 5,132 5, % Average Month-End Available Inventory 1,233 1, % Number of New Listings 7,163 8, % Number of New 6,758 6, % Days on Market - New % Average Sales Price $294,617 $326, % Average Seller Subsidy $4,220 $3, % Average Months' Supply % WASHINGTON, DC Number of Closed Sales 5,183 5, % Average Month-End Available Inventory 1,557 1, % Number of New Listings 7,437 8, % Number of New 6,133 6, % Days on Market - New % Average Sales Price $546,368 $593, % Average Seller Subsidy $2,798 $2, % Average Months' Supply % MONTGOMERY COUNTY Number of Closed Sales 7,579 8, % Average Month-End Available Inventory 2,500 1, % Number of New Listings 10,918 12, % Number of New 9,449 10, % Days on Market - New % Average Sales Price $468,318 $502, % Average Seller Subsidy $3,574 $2, % Average Months' Supply % * Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 3

6 NORTHERN VIRGINIA Detail Pages (Fairfax & Arlington Counties, Alexandria, Falls Church and Fairfax Cities) 30-YEAR FIXED AND 1-YEAR ADJUSTABLE RATES Month-End Mortgage Rates Current MORTGAGE RATES Interest Rate Year ARM 30-Year Fixed 30-year fixed interest rates at the end of Sept. averaged 4.32%, compared to 3.40% at the end of September One-year adjustable rate mortgages were 2.63% at the end of Sept vs. 2.60% at the end of September Those extraordinarily low ARMs will entice some borrowers as 30-year rates climb, but we believe it far more likely that cautious buyers will look at 5- and 7- year ARMs more than 1-year. BUYING POWER Mortgage Amount with $1,000 Payment BUYING POWER Mortgage Amount w/$1,000 Payment $230,000 $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160,000 $150,000 $140,000 $161,591 $159,733 $165,234 September 2006 September 2007 September 2008 $187,561 September 2009 $201,594 September 2010 $209,209 September 2011 $225,515 September 2012 $201,594 September 2013 A $1,000 principal and interest payment supported a loan of $197,130 at the end of Sept. which is $23,921 less than this time last year, but $40,003 more than September In September 2005, it would have taken a monthly PI payment of $2,850 to purchase a median priced home. With today s lower rates, it takes a payment of $2,317 that s an 18.7% drop. Average Sales Price $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 AVERAGE SALES PRICE Homes in Northern Virginia Current January February March April May June July August September October November December AVERAGE PRICES The average sales price in Sept was $543,821, up 9.0% from the Sept average price of $498,709. The median sales price was $467,000 in September 2013, up 8.6% from the median price in September Remember that these indicators are arithmetic computations based on all properties sold and do not indicate the appreciation or depreciation of any individual property. Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 4

7 FULLY AVAILABLE LISTINGS Northern Virginia - September 30, 2012 vs. September 30, September 2013 September ,021 FULLY AVAILABLE LISTINGS As noted on page 2, the month-end inventory increased 5.7% in September 2013 compared to September 2012 and there was a 15.8% increase in the number of homes coming on the market. 38.6% of all homes on the market have had at least one price reduction since coming on the market. This time last year, 40.1% of all homes on the market had at least one price reduction ,000 1,250 Northern Virginia - Sept vs. Sept By Price Range September 2013 September The number of new contracts ratified in September 2013 was up 1.0% from the number of contracts ratified in Sept As noted on page 3, contract activity YTD is up 5.0%. Just 26.6% of all homes going under contract in Sept had at least one price reduction before going under contract. 65.8% of homes going under contract in September were on the market 30 days or less up from the 60.5% figure in September # of New MONTHS' SUPPLY Northern Virginia - September 2012 vs. September 2013 by Price Range September 2013 September 2012 MONTHS SUPPLY The overall supply of homes on the market at the end of September was 2.4 months, which was an increase of 4.7% compared to the end of September This is the first time since September 2011 that we have had a month-over-year increase in months supply # of Months' Supply Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 5

8 $1,000,000 -$1,499,999 $750,000 -$999,999 $500,000 -$749,999 $300,000 -$499,999 AVERAGE NUMBER OF DAYS ON MARKET Northern Virginia - Sept vs. Sept New September 2013 September AVERAGE NUMBER OF DAYS ON THE MARKET New The average number of days on the market for homes receiving contracts in September was down for all but the two most expensive price categories. The average number of days on the market for all homes receiving contracts in September 2013 was 34, down 22.7% from 44 days in September NUMBER OF NEW LISTINGS, NEW CONTRACTS, AND ACTIVE LISTINGS January Current NUMBER OF NEW LISTINGS, CONTRACTS AND ACTIVE LISTINGS 12,500 10,000 7,500 5,000 2,500 0 New Listings New Active Listings August ,449 Active Sept ,877 Active Sept ,553 Active Sept ,755 Active There were 2,472 new listings that came on the market in September 2013, up 15.8% from the 2,135 in Sept The lines representing active listings (green), new listings (blue) and new contracts (red) remain tightly grouped, but inventory is starting to edge up a bit relative to new contracts. There were 900 more new listings in September than new contracts. Relationship of Sales Price to Original List Price 102% 100% 98% 96% 94% 92% 90% 88% RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET September 2012 vs. September Resale Properties Sold in Northern Virginia 100.2% 99.9% 89.2% 89.0% Days on Market September 2012 September 2013 RELATIONSHIP OF SALES PRICE TO ORIGINAL PRICE vs. DAYS ON MARKET As we have noted in this space for years, initial pricing strategy is critical to the success of sellers. Homes settling in September 2013 that received contracts their first week on the market sold, on average, for 0.2% above list. Those that took 4 months or longer to sell sold for 11.0% below original list price. SOME DEFINITIONS AND EXPLANATIONS TO AID YOUR UNDERSTANDING OF THE DATA All data describing Northern Virginia include the counties of Arlington and Fairfax, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon and Clifton The data shown here are collected, in whole or in part, from the Metropolitan Regional Information System, Inc, and are believed to be reliable but are not guaranteed Sales are transactions that settled during the statistical period; Under are contracts negotiated during the statistical period, but not yet settled Available Listings reflects single-family homes, town homes, new homes and condos on the market at the end of the period in question. Months Supply is simply the number of Fully Available Listings on the market at the end of the month divided by the number of ratified that month. Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 6

9 Analysis by Property Type Condo/Co-op Listings CONDO/CO-OP LISTINGS Condo/Co-op New This Month Total Active Listings % Change % Change $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % The number of new listings for condos and co-ops coming on the market was up 29.9% compared to September The fully available inventory of condos as of September 30, 2013 is 19.3% more than the same time last year. CONDO/CO-OP CONTRACTS Condo/Co-op New This Month Year-To-Date % Change % Change $299,999 and under % % % % % % % % % $1,500,000 & higher % Grand Total: % % The number of condos and coops receiving ratified contracts increased 5.6% in Sept compared to September Year-to-date, contract activity is up 8.0% compared to Settlements Condo/Co-op New This Month Year-To-Date Settlements % Change % Change $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % CONDO/CO-OP SETTLEMENTS AND AVERAGE PRICE The number of condos and co-ops settling in September 2013 increased 13.6% compared to September Year-to-date, the number of settlements is up 14.4%. The average price was up 15.4% compared to September Year-to-date, the average price is up 6.1%. Average Sales Price: Sep 2012 Sep 2013 % Change YTD 2012 YTD 2013 % Change Condo/Co-op $299,956 $346, % $306,761 $325, % Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 7

10 Analysis by Property Type Fee Simple Attached Listings ATTACHED HOMES LISTINGS Fee Simple Attached New This Month Total Active Listings % Change % Change $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % The number of new listings coming on the market in September 2013 for fee simple attached homes increased 23.2% from September Nonetheless, fully active inventory at the end of September is up 12.9% compared to the available inventory at the end of September Fee Simple Attached New This Month Year-To-Date % Change % Change $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % ATTACHED HOMES CONTRACTS Contract activity for attached homes decreased 4.6% in September 2013 compared to September Year-to-date, contract activity is up 4.4%. Settlements Fee Simple Attached New This Month Year-To-Date Settlements % Change % Change $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % Average Sales Price: Sep 2012 Sep 2013 % Change YTD 2012 YTD 2013 % Change Fee Simple Attached $438,648 $448, % $423,562 $458, % ATTACHED HOMES SETTLEMENTS AND AVERAGE PRICE The number of settlements decreased 2.8% in September 2013 compared to September Year-to-date, the number of settlements has increased 11.7%. The average sales price increased 2.1%, in Sept compared to September The average sales price yearto-date is up 8.3%. Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 8

11 Analysis by Property Type Fee Simple Detached Listings DETACHED HOMES LISTINGS Fee Simple Detached New This Month Total Active Listings % Change % Change $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % The number of new listings for fee simple detached homes was up 4.6% in Sept compared to September The number of detached homes on the market on September 30, 2013 was down 1.2% compared to September 30, 2012, and is down significantly in the lowest price categories. DETACHED HOMES CONTRACTS Fee Simple Detached New This Month Year-To-Date % Change % Change $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % There was an increase of 1.7% in the number of contracts on detached homes in September 2013 compared to September 2012, with a huge drop for homes priced less than $300,000. There s just very little inventory for would-be purchasers to buy. The number of contracts yearto-date is up 3.7%. Settlements Fee Simple Detached New This Month Year-To-Date Settlements % Change % Change $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % Average Sales Price: Sep 2012 Sep 2013 % Change YTD 2012 YTD 2013 % Change Fee Simple Detached $669,675 $736, % $659,965 $712, % DETACHED HOMES SETTLEMENTS AND AVERAGE PRICE The number of settlements in September was up 13.4% compared to last September. Year-to-date, there has been an increase of 9.6%. The average sales price for detached homes increased 9.9% in September 2013 compared to Sept The average sales price yearto-date is up 8.0%. Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 9

12 Absorption Rate by Property Type The following tables track absorption rate by property type, comparing the rates in the just-completed month to the rates in the same month of the previous year. The absorption rate is a measure of the health of the market, and tracks the percentage of homes that were on the market during the given month and in the given price range that went under contract. [The formula is # /(# + # Available).] An example: The absorption rate for detached homes priced $500,000-$749,999 in September 2013 was 31.5%. That compares to a rate of 28.9% in September 2012, and the increase means the market was better in 2013 for that type of home. If the absorption rate was less in 2013 than in 2012, we have put the more recent absorption rate in red. This month there was improvement for 9 of 18 price categories, and 2 remained the same. Condo/Co-op September 2012 September 2013 Absorption Rates Listings Rate Listings Rate $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % ABSORPTION RATES CONDOS AND CO-OPS The overall absorption rate for condos and co-ops for September 2013 was 34.8%, a decrease from the 37.6% rate in September Fee Simple Attached September 2012 September 2013 Absorption Rates Listings Rate Listings Rate $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % ABSORPTION RATES ATTACHED HOMES The overall absorption rate for attached homes in September 2013 was 36.7%, a decrease from the 40.7% rate in September Fee Simple Detached September 2012 September 2013 Absorption Rates Listings Rate Listings Rate $299,999 and under % % % % % % % % % % $1,500,000 & higher % % Grand Total: % % ABSORPTION RATES DETACHED HOMES September 2013 s absorption rate for detached homes was 23.7%, a slight increase from the 23.2% rate in Sept There were just seven homes priced less than $300K on the market at the end of the month. Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 10

13 Focus on McLean and Great Falls 3rd Quarter of 2012 vs. 3rd Quarter of 2013 McLean and Great Falls - July-Sept vs. July-Sept Contract activity in the 3rd quarter of 2013 decreased 3.3% for the postal addresses of McLean and Great Falls compared to the 3rd quarter of 2012; however two price categories had increases # of New AVERAGE DAYS ON MARKET FOR NEW CONTRACTS McLean and Great Falls - July-Sept vs. July-Sept AVERAGE NUMBER OF DAYS ON THE MARKET New The average number of days on the market for homes receiving contracts in the 3rd quarter of 2013 increased for the highest and lowest price categories compared to the same months in Overall days on the market increased 9.1% from the 3rd quarter of # of Days on Market # of NUMBER OF CONDO, ATTACHED AND McLean and Great Falls - July-Sept vs. July-Sept NUMBER OF CONDO, ATTACHED HOME AND The number of condos going under contract in the 3rd quarter decreased 15.3%. The number of attached homes receiving contracts decreased 13.3%. Detached homes receiving contracts increased 1.8% Condo/Co-op Attached Detached Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 11

14 Focus on Arlington Co. & Falls Church City 3rd Qtr. of 2012 vs. 3rd Qtr. of 2013 Arlington County, Falls Church City - July-Sept vs. July-Sept Contract activity in the 3rd quarter of 2013 increased 4.6% in Arlington County and Falls Church City compared to the 3rd quarter of Contract activity decreased for three of the six price categories # of New AVERAGE DAYS ON MARKET FOR NEW CONTRACTS Arlington County, Falls Church City - July-Sept vs. July-Sept AVERAGE NUMBER OF DAYS ON THE MARKET New The average number of days a home was on the market before receiving a contract decreased for all but one price category. Overall time on the market decreased 31.8% to 32.6 days for the 3rd quarter of # of Days on Market # of NUMBER OF CONDO, ATTACHED AND Arlington County, Falls Church City - July-Sept vs. July-Sept NUMBER OF CONDO, ATTACHED HOME AND The condo market is the largest segment of the Arlington market, and the number of condos receiving contracts in the 3rd quarter of 2013 increased 7.4% from Attached home contracts were down 3.8%, while detached homes increased 2.9%. 0 Condo/Co-op Attached Detached Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 12

15 Focus on City of Alexandria 3rd Quarter of 2012 vs. 3rd Quarter of 2013 City of Alexandria - July-Sept vs. July-Sept Contract activity in the City of Alexandria increased 9.3% in the 3rd quarter of 2013 compared to the 3rd quarter of Contract activity was up for all but the highest price category # of New AVERAGE DAYS ON MARKET FOR NEW CONTRACTS City of Alexandria - July-Sept vs. July-Sept AVERAGE NUMBER OF DAYS ON THE MARKET New Overall days on the market decreased 28.1% for the 3rd quarter of The average number of days a home was on the market before receiving a contract increased for homes priced more than $750, # of Days on Market 350 NUMBER OF CONDO, ATTACHED AND City of Alexandria - July-Sept vs. July-Sept NUMBER OF CONDO, ATTACHED HOME AND # of The number of detached homes the smallest part of the Alexandria City market - going under contract increased 18.7%. Contract activity in the condo market increased 17.1%, and attached homes activity decreased 5.1%. 0 Condo/Co-op Attached Detached Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 13

16 Focus on South Alexandria 3rd Quarter of 2012 vs. 3rd Quarter of 2013 (The part of Fairfax County with an Alexandria mailing address) Fairfax County portions of Alexandria - July-Sept vs. July-Sept South Alexandria refers to those portions of Fairfax County with an Alexandria mailing address. Contract activity increased 7.4% in the 3rd quarter of 2013 compared to the 3rd quarter of # of New AVERAGE DAYS ON MARKET FOR NEW CONTRACTS Fairfax County portions of Alexandria - July-Sept vs. July-Sept AVERAGE NUMBER OF DAYS ON THE MARKET New The average number of days a home was on the market before receiving a ratified contract increased for homes priced $1,000,000-$1,499,999. Overall days on market decreased by 32.8% for the 3rd quarter of 2013 compared to the same months for # of Days on Market # of New NUMBER OF CONDO, ATTACHED AND DETACHED HOME CONTRACTS Fairfax County portions of Alexandria - July-Sept vs. July-Sept NUMBER OF CONDO, ATTACHED HOME AND Condo contract activity increased 15.0% in the 3rd quarter of 2013 compared to the 3rd quarter of Attached home activity increased 9.0%, while detached home activity increased 2.9% Condo/Co-op Attached Detached Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 14

17 Focus on Oakton, Reston and Vienna 3rd Quarter of 2012 vs. 3rd Quarter of 2013 Oakton, Reston and Vienna - July-Sept vs. July-Sept Overall contract activity in Oakton, Reston and Vienna increased 12.0% in the 3rd quarter of 2013 compared to the 3rd quarter of Contract activity decreased for two of the six price categories # of New AVERAGE DAYS ON MARKET FOR NEW CONTACTS Oakton, Reston and Vienna - July-Sept vs. July-Sept AVERAGE NUMBER OF DAYS ON THE MARKET New The average number of days a home was on the market in Oakton, Reston and Vienna in the 3rd quarter of 2013 decreased 33.7% compared to the 3rd quarter of # of Days on Market 300 NUMBER OF CONDO, ATTACHED AND Oakton, Reston and Vienna - July-Sept vs. July-Sept NUMBER OF CONDO, ATTACHED HOME AND # of The number of condos going under contract in the 3rd quarter of 2012 increased 4.9%. The number of attached homes going under contract decreased 2.2%, and detached home contract activity increased 3.2%. 0 Condo/Co-op Attached Detached Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 15

18 Focus on Remainder of Fairfax County 3rd Qtr. of 2012 vs. 3rd Qtr. of 2013 Remainder of Fairfax County -July-Sept vs. July-Sept In the remainder of Fairfax County, including Fairfax City, contract activity in the 3rd quarter of 2012 increased 4.4% compared to the 3rd quarter of ,061 1, ,000 1,200 # of New AVERAGE DAYS ON MARKET FOR NEW CONTRACTS Remainder of Fairfax County -July-Sept vs. July-Sept AVERAGE NUMBER OF DAYS ON THE MARKET New The average number of days a home was on the market before receiving a ratified contract decreased for all but the highest price category. Overall days on the market decreased 29.1% for the 3rd quarter of 2013 compared to the 3rd quarter of # of Days on Market 1,400 NUMBER OF CONDO, ATTACHED AND Remainder of Fairfax County -July-Sept vs. July-Sept NUMBER OF CONDO, ATTACHED HOME AND # of 1,200 1, ,121 1,167 The number of condos going under contract increased 16.5% in the 3rd quarter of 2013 compared to the 3rd quarter of Attached home contract activity decreased 1.3%, and detached home contract activity increased 4.1% Condo/Co-op Attached Detached Copyright 2013 McEnearney Associates Northern Virginia StatPak Page 16