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April Home Sales in No. Virginia up Nearly 9 Percent: ‘Moderate Sales Growth’ Forecasted
Fairfax – The Northern Virginia market showed a boost in total existing home sales this month in the Northern Virginia Association of Realtors®’ footprint. This trend is expected to be sustained in May, according to NVAR member forecasts. While the number of homes listed did rise by more than 3 percent, inventory levels dipped slightly from last year’s 2.73 month’s supply to April’s 2.6 month. Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. Average sales prices rose 1.54 percent, and the median sales price rose 1.03 percent.
“Buyers finding well-priced properties in turnkey condition in their favorite neighborhoods are making offers and hoping to take advantage of the existing interest rates,” said 2016 NVAR Chairman of the Board Virgil Frizzell. “Others, particularly those seeking homes outside the Beltway, don’t seem to have that same sense of urgency.” Frizzell remarked that April housing data shows that the spring market is in full swing, most especially for new April contracts, which rose 18 percent. This increase is an indicator of future closings, likely within the next three months, he explained.
“Buyers finding well-priced properties in turnkey condition in their favorite neighborhoods are making offers and hoping to take advantage of the existing interest rates.”
“While our Northern Virginia Association of Realtors® footprint recorded dips in March sales volume and prices, those data points in April did tick upward, as expected,” said NVAR CEO Ryan Conrad. “On average, sales prices rose nearly 2 percent with 1,973 homes closing, a rise of almost 9 percent over the 1,817 homes that closed this time last year,” he pointed out. Based on feedback Conrad hears from local practitioners, this year should continue with positive momentum and moderate sales growth.
April 2016 Regional Home Sales Compared to April 2015: Northern Virginia
The Northern Virginia Association of Realtors® reports on April 2016 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 1,973 homes sold in April 2016, an increase of more than 8 percent above April 2015 home sales of 1,817.
Active listings increased this month compared with 2015. Listings were up 3 percent over last year, with 5,125 active listings in April, compared with 4,955 homes available in April 2015. The average days on market (DOM) for homes in April 2016 were 48 days, an increase of 2.13 percent compared to the 47 DOM for homes in April 2015.
The average home sale price increased slightly compared with last April, to $553,981. This is up 1.54 percent compared to April 2015, when the average price was $545,601.
The median sold price of homes this April, which was $490,000, rose by 1 percent compared to the median price of $485,000 in April 2015.
The 2,673 new pending home sales in Northern Virginia in April marks an increase of 6.54 percent compared with 2,509 contracts that were pending in April of last year. Total pending sales in April were up by 8.89 percent, to 3,587, compared with 3,294 pending contracts in April 2015.
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