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NOVA Housing Prices Rise 3%, Sales Plateau; Pending Contracts Rise 6%. ‘When It Is Good It is Gone’ Is the Catchphrase for June Home Sales Activity
Fairfax – Home sale closings landed at 2,527 sales in June, barely declining by one-half percent from the 2,544 transactions posted in June, 2015. The strong Northern Virginia spring market ebbed into summer mode. “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.”
“While low interest rates remain encouraging, our biggest challenge continues to be our local market’s lean inventory.”
“Buyers watch HGTV, and they want a move-in ready home,” said Craig Lilly, NVAR Board member and Long & Foster Real Estate of Vienna Realtor®. “That means there should be signs that the home has been well maintained, he said. “I can’t tie buyer sentiment to events in the world, but there has been a lot of turmoil and perhaps that has had an effect,” Lilly said, referring to Brexit fears and China’s sluggish economy.
“ ‘When-it-is-good, it-is-gone’ would have to be the overall catch phrase for the month for June of 2016,” explained Genevieve Concannon, NVAR Board member and Broker-Owner of Advon Real Estate in Falls Church. “Many of my buyers looking in the $700-850K price point were scrambling to get offers in on properties listed on the first day, and then starts the waiting game. Several clients, looking in the same Arlington pockets, would come across homes that were picture perfect, write beautiful offers and saw escalations [to outbid a competing buyer] coming back in full force,” Concannon explained.
“Employment numbers in June were excellent, and so were mortgage applications because of ultra-low interest rates,” said NVAR CEO Ryan Conrad. “Qualified buyers should be able to buy a lot more house today, that is if they can find – and clinch – the right home.” Consistent job creation has always played a major role in upticks of real estate, and those indicators are looking up right now, he explained.
June 2016 Regional Home Sales Compared to June 2015:
The Northern Virginia Association of Realtors® reports on June 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 2,527 homes were sold in June 2016, a decrease of less than 1 percent compared to June 2015 home sales of 2,544.
Active listings decreased this month compared with 2015. Listings were about 10 percent below last year’s, with 5,181 active listings in June, compared with 5,733 homes available in June 2015. The average days on market (DOM) for homes in June 2016 was 38 days, an increase of 5.56 percent compared to the 36 DOM for homes in June 2015.
“ ‘When-it-is-good, it-is-gone’ would have to be the overall catch phrase for the month for June of 2016.”
The average home sale price fell slightly compared with last June, to $593,026. This is up 2.64 percent compared to June 2015, when the average price was $577,783.
The median sold price of homes this June, which was $525,000, rose by 3.14 percent compared to the median price of $509,000 in June 2015.
The 2,397 new pending home sales in Northern Virginia in June marks an increase of about 3 percent compared with 2,326 contracts that were pending in June of last year. Total pending sales in June were up by about 6 percent, to 3,285, compared with 3,100 pending contracts in June 2015.
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