Click Here for The Home Sales Report for June
June Home Sales, with an 8 percent Jump, Yielded Close to List Price, Reports the Northern Virginia Association of Realtors®
Fairfax – “Our nation’s consumer confidence index rose beyond expectations, and our market data shows that local buyers and sellers share that confidence, with evidence from the 8 percent increase in June home sales compared to last year,” said 2017 Northern Virginia Association of Realtors® Chair Bob Adamson. “Today’s buyers, optimistic about their long-term employment, have been careful about each listing’s location, price and condition,” Adamson said. “They also pay attention to the home’s age, updates and likely commute times,” he explained.
"Our nation’s consumer confidence index rose beyond expectations, and our market data shows that local buyers and sellers share that confidence, with evidence from the 8 percent increase in June home sales compared to last year”
Noting lean, affordable inventory among available listings, CEO Ryan Conrad said, “Our market expectations continue to be upbeat even though our months’ supply is now under two months.” “Our Realtors®’ clients are able to find the right homes but multiple bids make the process competitive, especially inside the Beltway.”
Nicholas Lagos, Broker owner of Century 21 Gawen Realty observed an in increase in the data of every property type– detached homes, townhomes and condos --when compared to last year. “Attached homes with greater than four bedrooms had a 21.4 percent increase since last year,” which he noted as a significant increase.
Said Lagos, “Renters have awakened and entered the sales market in fear of losing out on the historically low rates and taking advantage of the home mortgage interest deductions to offset their monthly mortgage payments. With a 1 percent price increase in interest rates, it can decrease a purchaser’s borrowing power by approximately 10 percent of the sale price.”
Lastly, Lagos pointed out that there was only ½ of 1 percent difference between list price and sales price on average, throughout June. “This can be attributed to Realtors® doing many of the right things to market a home, such as proper pricing, having the home show well, and making sure that the property is in good condition,” he explained.
June 2017 Regional Home Sales Compared to June 2016: Northern Virginia
The Northern Virginia Association of Realtors® reports on June 2017 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 2,718 homes sold in June 2017, a 7.52 percent increase above June 2016 home sales of 2,528.
Active listings decreased in June by 14 percent compared with 2016. This past June, there were 4,462 active listings, compared with 5,184 homes available in June 2016. The average days on market (DOM) for homes in June 2017 was 32 days, a decrease of about 16 percent compared to the 38 DOM for homes in June 2016.
The average home sale price rose slightly to $602,045 compared to last June. This is a 1.52 percent increase compared to June 2016, when the average price was $593,026.
The median sold price of homes this June, which was $535,000, rose by about 2 percent compared to the median price of $525,000 in June 2016.
The 2,400 new pending home sales in Northern Virginia in June held steady compared with 2,397 new contracts pending in June last year. Total pending sales in June were down by 7.76 percent, to 3,030, compared with 3,285 pending contracts in June 2016.