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Hungry Buyers Get Serious In Spite of Lean Inventory, Stable Sales Prices Continue; August Housing Sales Spike 11 percent, reports the Northern Virginia Association of Realtors®

Fairfax – Home sales spiked more than 11 percent this past August with 2,104 closings compared to the 1,891 transactions that closed in August 2015 in the Northern Virginia Association of Realtors® territory, which consists of Fairfax and Arlington counties, Falls Church and Alexandria.
“The 11 percent spike in home sales shows that during an unprecedented election season, the Northern Virginia real estate market sustains itself on firm footing,” says NVAR CEO Ryan Conrad.

“Based on the 10 percent boost in total pending contracts, our fall market could lead into a strong close for the year.” Northern Virginia’s local sound economy is one reason that prospective buyers see now as an opportune time to buy a home, he explained.
According to Brian Block, managing broker at REMAX/ Allegiance in Alexandria, “the biggest issue has been finding enough homes to show clients. With inventory numbers continuing to be lower, some buyers become frustrated when good homes sell quickly before they get to see them.”  The squeeze on inventory may last through the fall market, Block explained.

"With inventory numbers continuing to be lower, some buyers become frustrated when good homes sell quickly before they get to see them.”

Usually, many clients prefer to buy or sell in the spring so that they can plan their summer, noted Lorraine Arora, managing broker of Weichert, Realtors® in Fair Oaks. “With inventory down to less than a three month's supply, we are still seeing serious buyers out there,” Arora said. “Today's buyers are savvy and they know what they want. They don't want to have to go home to remodeling projects.”

Realtors® observed good traffic at open houses in August, she noted. “Interest rates are still low, and now is the time to take advantage,” advised Arora.” None of us has a crystal ball, she admitted.

August 2016 Regional Home Sales Compared to August 2015:
The Northern Virginia Association of Realtors® reports on August 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 2,104 homes were sold in August 2016, an increase of 11.26 percent compared to August 2015 home sales of 1,891.

Active listings decreased this month compared with 2015. Listings were about 20 percent below last year’s, with 4,562 active listings in August, compared with 5,703 homes available in August 2015. The average days on market (DOM) for homes in August 2016 was 48 days, an increase of about 2 percent compared to the 47 DOM for homes in August 2015.

The average home sale price continued to hold steady compared with last August, at $559,364. This is down just a fraction of 1 percent compared to August 2015, when the average price was $559,988.

The median sold price of homes this August was $490,000, which was identical to August 2015’s median.

The 1,888 new pending home sales in Northern Virginia in August marks an increase of 5 percent compared with 1,799 pending contracts last year in August. Total pending sales in August were up by almost 10 percent, to 2,483, compared with 2,261 pending contracts in August 2015

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