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How is the Northern Virginia Housing Market Doing?

There's More Info in Our PDF!

Like, the three Northern Virginia communities with the highest average sales price.

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The Girls of Real Estate End of Summer 2016 Real Estate Review: How is the Northern Virginia Real Estate Market Doing So Far?

 

 

 

 

 

 

 

 

There’s been a slight increase in the average sales price, driven by low inventory and escalations from multiple bids.  Competition is tight for many homes, especially entry level homes. If you're in the market to move from your entry level home, your home is in big demand.

Number of Units Sold

RealEstate Business Intelligence (RBI), the research branch of the local multiple-listing service, reports that year-to-date through August, the NVAR* region units sold totaled 15,149 homes, up  4.01%  from the 14,565 transactions recorded for the same period in 2015. PWAR** year-to-date units sold increase was markedly sharper, rising 6.61% from 5,399 to 5,756.

Sold Dollar Volume 

NVAR: Up 4.04%
  - (2016) $8,485,649,762 vs. (2015) $8,156,321,287

PWAR: Up 8.79% - (2016) $2,038,492,161 vs.  (2015)  $1,873,867,520

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Avg. Sales Price to Avg. Original Listing Price Ratio

This is the relationship between the asking price meets the closed sale price. A 100% ratio indicates both prices were the same. This figure was fairly stagnant. In the PWAR region the ration so far is 0.18%, 97.5% up from 97.4%. NVAR's is flat at 97.0%.

  *(NVAR) Northern Virginia Association of REALTORS®  covers Arlington & Fairfax Counties; cities of Alexandria, Falls Church, Fairfax; and towns of Vienna, Herndon and Clifton. 

**(PWAR) Prince William Association of REALTORS®  reports figures for Prince William County, Manassas City and Manassas Park 


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A Closer Look

Zooming in on the region,  The Washington Post reports the average sales prices in Arlington is up 0.22 percent to $638,166 and in Fairfax County it's up 0.27 percent to $546,857. This by no means represents gangbuster growth - but nonetheless, they are upward trends. There are places in the region, where the sales prices have declined:  Loudoun County's average sales price is down 0.17 percent to $479,788, and in the city of Alexandria the average sales price, year-to-date, is down 1.52 percent to $536,043.

Going even more granular, Gainesville in Prince William County saw it's Sold Dollar Volume rise 18.20% as units sold spiked 14.68% from 470 homes year-to-date in 2015 to 539 homes so far this year.

Hungry Buyers Don't Have Enough to Bite on

Area employment is high and mortgage rates are low making homeownership easier for first-time home buyers, millennials radiating out from DC into the suburbs, and house hunters seeking a larger home.  With these favorable market conditions you'd expect a hot market with robust transaction numbers, right? Well, that's not the case because of a serious lack of available homes.

Northern Virginia, especially the desirable areas closest to DC, has a considerable lack of new home construction projects. And, with home owners staying put, buyers have less existing inventory to choose from.  In this environment, sellers can demand higher listing prices and orchestrate bidding wars.  Buyers in the 'middle' of the market, or the $700-850K price point, are especially squeezed.

“While low interest rates remain encouraging, our biggest challenge continues to be our local market’s lean inventory,” said Virgil Frizzell, NVAR Chairman of the Board. “This makes for a competitive marketplace when bidding on entry level homes for millennials who are ready to commit.” ~ Virgil Frizzell, NVAR Chairman of the Board, recent media statement

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Posted in: Northern Virginia Market, The Girls of Real Estate Newsletter

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Testimonials

Candace is very well experienced and has great real estate knowledge. Candace has rented, sold, and and found homes for me since 2009. She would be the only one I would ever call.
Susan S.
It was a very good experience working with her (Chelle). She is a fantastic dealer and now because of her good dealing, She is our family friend. She was very proper in negotiations and all the paper work was done properly and on time.
S. Ali
We have used Candace and her team for the purchase of a townhouse, the sale of the same townhouse a few years later, and the purchase of a single family home. Each time, she was professional, courteous and she gave us excellent service. She knows the local area well as well as the market. I would highly recommend using her.
Sarika & Vince V.
After purchasing a couple homes over the last few years I have not experienced better service in a realtor than Chelle! She goes above and beyond to ensure you get the exact house you really want and is there providing her expertise throughout all parts of the process. She takes extreme pride in doing so and you will not find a more sincere and genuine realtor or person in the DC area!
Cal R.
Chelle helped my husband and I find a rental property when we were first transferred to DC…we liked her so much, we reached out to her 2 years later to help us find a home in the area to purchase. Chelle is knowledgable about the area, professional, 100% responsive, and absolutely reliable. Not only did she help us view homes in the area, she was there for us through every step of the way through the offer, contract, closing – and we still keep in touch through our renovation process! I would hi… Read more
Stacy T.
Candace is incredibly personable. She is extremely busy because she is that good, but when you are with her you feel like you are the most important client she has. She is proactive with your account and IF she doesn’t answer when you call, she is very timely in getting back to you. I have used Candace on several buys/sells and refered her to many close friends…all of whom had the same experience as I. I would recommend her to anyone. She is amazing.
DJ & Leighera Leffin
I have worked with Chelle on numerous occasions, once personally for my own home, followed by helping my Company acquire another property for our Elite Executives. She gave me complete confidence in the whole process, and helped guide me through my biggest investment. I love my home and look forward to working with her in the future.
Becky M.
Candace came in with some very valid and good suggestions to help us with selling our home. She priced it accurately and took our feedback into account while doing so. She put together beautiful marketing materials including stunning photos of our home that made it appear to be from a magazine cover. She was persistent in her discussions and follow ups with potential buyers agents. She sold our house in the dead of winter in under 30 days thanks to Candace.
Chris & Jen S.
My wife and I worked with Candace Moe between March and August 2014, eventually selling our home in Oak Hill, VA (zip – 20171) during a very difficult selling period. There were several external factors that resulted in the extended sales cycle. First, was the sale of a comparable house on the same block for an extremely high price. That sale took place immediately before the downturn and was the basis for our initial asking price. Secondly, the bottom fell out of the market for homes in our pri… Read more
Chip & Sharon P.
I have known Candace since 2010 when I placed my home in Haymarket Virginia on the market. She has remained in touch since that time. She has always been very efficient and effective. I contacted her again recently when I needed her help in re-leasing the home in Haymarket.
Bob F.

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