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Northern Virginia Buyers Keep Tabs On The Market In Spite Of Proposed Slight Mortgage Rate Hike; Buyer Activity Remained Favorable In November
Fairfax –“The 2015 modest rally in home prices locally and nationally has helped sustain consumer confidence this year,” said Mary Bayat, 2015 Northern Virginia Association of Realtors® chair. “The gains in real estate value help affirm the steady climb out of the housing cycle’s downtime. In our NVAR footprint, 1,230 homes sold in November. This is a 5.4 percent increase over the 1,167 homes that sold in November last year.” Bayat pointed out that active listing were up over 8 percent compared to last year. The average sales price was up by .63 percent and the median price was up 2.13 percent. “Slow gains in our market work just fine,” she said. “Always on our wish list are better paying jobs and more affordably priced inventory.”
The expected slight boost in interest rates will not put the brakes on for serious buyers, explained Craig Lilly, Realtor® with Long & Foster Real Estate in Vienna and an NVAR Board member. “Although the market has slowed recently, this seems mostly to be the usual seasonal slump,” said Lilly.
“Buyer confidence seems to be high, and they are encouraged that home prices have remained fairly steady. If anything, they want to buy before prices start to go up again, as most expect will happen, once we get into the spring market."
“Buyer confidence seems to be high, and they are encouraged that home prices have remained fairly steady. If anything, they want to buy before prices start to go up again, as most expect will happen, once we get into the spring market. The main driver, as always, is what is going on in the buyer’s life,” Lilly said. “The buyers I’m working with right now are mainly gathering info so they can start looking actively once the holidays are over. The attitude of the agents I work with is that 2016 will be a good year for real estate sales!”
A stable and slightly improving real estate market should continue throughout December, with the usual seasonal adjustments. With only one more month before the 2015 Northern Virginia housing cycle closes, the year will likely end in the black overall for home buying and selling data.
November 2015 Regional Home Sales Compared to November 2014: Northern Virginia
The Northern Virginia Association of Realtors® reports on November 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 1,230 homes sold in November 2015, a 5.4 percent increase over November 2014 home sales of 1,167.
Active listings continued to show an increase this month compared with 2014. Listings remain up by about 8 percent over last year, with 4,508 active listings in November, compared with 4,164 homes available in November 2014. Homes took the same amount of time to sell this November as last year. The average days on market (DOM) for homes in November 2015 and 2014 was 59 days.
The average home sale price rose slightly this November, to $554,011. This is a 0.63 percent increase compared to November 2014, when the average price was $550,559.
The median sold price of homes also rose slightly this November, to $480,000.This is 2.13 percent above the November 2014 median price of $470,000.
The 1,447 new pending home sales in Northern Virginia in November held steady, with an increase of just 0.42 percent compared with 1,441 pending contracts in November of last year.
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