Spring Selling Season is Vibrant in Northern Virginia
March Home Sales Data for the Northern Virginia Association of Realtors® Footprint Underscores the Strong Market Start
Fairfax –Northern Virginia Association of Realtors® notes that 2015 may be different because of its more sustainable, positive market direction. “The 14 percent increase in home sales this past March is a trend to celebrate, however we must remember that the 2014 winter polar vortex cast a huge chill on early 2014 home sales,” said Mary Bayat, the 2015 NVAR Chair and owner of Bayat Realty in Alexandria. “This major surge comes partly from pent up demand, and more closely resembles a balanced market. Our inventory is up 27 percent with 3,831 homes for sale, giving buyers a great selection. People like choices.”
The Federal Housing Administration, which guarantees mortgages for first-time buyers, is loosening the clamps on credit requirements, which could lead to more mortgage approvals.
“Finally, many buyers who had distressed house sales years ago could have enough repaired credit to qualify for a new loan today,” Bayat explained. “They will get more house for their money now than if they wait. We expect the Federal Reserve to raise interest rates later this year.”
In the NVAR footprint in March, 1,538 homes sold compared to 1,351 that sold in March of 2014, which is a 14 percent increase. All pending contracts rose 9 percent to 2,770, which is a sign that a brisk spring market is taking place. “Another local indicator is that active listings have risen more than 25 percent,” Bayat said.
This greater selection of properties on the market is welcomed by buyers, said the 2015 NVAR Chairman-Elect Virgil Frizzell. “Just-released March market statistics indicate a healthier spring housing market in Northern Virginia and continuing improvements for both home buyers and home sellers,” said Frizzell. “Buyers can be encouraged by the still historically low interest rates. Sellers can be encouraged by increasing numbers of homes sold and modestly rising prices.” Frizzell is a Realtor® with Long & Foster Real Estate in Reston.
The spring weather and positive housing market arrived simultaneously, said Veronica Seva-Gonzalez, an NVAR Board member and Realtor® with Compass. “It is great to see how all numbers are up from last year and also from the beginning of the year,” Seva-Gonzalez said. “This is a sign of buyers’ confidence,” she said. “They know a good market when they see one. I don't think interest rates will be low forever, and buyers are aware of this. Also, there is greater seller confidence, and proof of that is in the increased active listings. We have a better supply and demand now,” she said.
March 2015 Home Sales Compared
to March 2014: NVAR Footprint
The Northern Virginia Association of Realtors® reports on March 2015 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,538 homes sold in March 2015, a 13.84 percent increase over March 2014 home sales of 1,351.
Active listings continued to show a significant increase this month compared with 2014. Listings were up 27.23 percent over last year, with 3,831 active listings in March, compared with 3,011 homes available in March 2014. Homes continue to take longer to sell this year than last. The average days on market (DOM) for homes in March 2015 was 62 days, an increase of 37.78 percent compared to the 45 DOM for homes in March 2014.
The average home sale price rose this March, to $548,101. This is up 2.73 percent compared to March 2014, when the average price was $533,534.
The median sold price of homes this March, which was $475,000, rose by 4.40 percent compared to the median price of $455,000 in March 2014.
The 2,293 new pending home sales in Northern Virginia in March is an increase of 13.51percent compared with 2,020 contracts that were pending in March of last year.
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The Northern Virginia Association of REALTORS® serves as The Voice For Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the REALTOR® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to more than11,000 REALTORS® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Visit our new online school at www.razorpath.org. Contact the Northern Virginia Association of REALTORS® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA 22031, with a second service center located in Herndon.
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