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Northern Virginia February 2016 Home Sales, Pendings Rise, Inventory Dips, Prices Remain Firm: Location, Condition Matter Most
Fairfax –“Properties close to D.C. and those with easy access to Metro continue to outperform the market and are often commanding multiple offers in the first few days on the market,” said Bob Adamson, associate broker with McEnearney Associates, Arlington. “Reston, Arlington and Alexandria continue to be strong seller's markets due to low inventory,” he added. Most neighborhoods have less than a two-month supply of available properties, while areas like Great Falls have a nine-month supply, Adamson pointed out.
Typically, the first two months of the year are part of the slower time in the housing market, yet “we seem to be very much in the thick of a healthy market,” said Christina Macro Principal Broker Keller Williams Vienna. The number of closed sales is up, pendings are way up, active listings are up, and months’ supply is down a bit, she pointed out. On average, the inventory rate has declined 1.55 percent since last February and remains in the three-month range, NVAR data shows.
“Homes that are priced well, staged well and situated in the most desirable locations are seeing multiple offers, while homes that are overpriced or not in show quality seem to be challenged,” Macro said.
According to NVAR CEO Ryan T. Conrad, “The majority of our NVAR housing data is good, although some Zip codes outperform others and the average sales price remained flat. Based on recently released national numbers of 242,000 new jobs, Fairfax County’s unemployment rate of 3 percent, and local economic indicators, solid housing activity momentum for 2016 remains probable.”
“Homes that are priced well, staged well and situated in the most desirable locations are seeing multiple offers, while homes that are overpriced or not in show quality seem to be challenged.”
Conrad advised, “Prospective Northern Virginia homebuyers should continue to improve their credit histories and get used to the lender requirements for greater documentation.”
February 2016 Regional Home Sales Compared to February 2015: Northern Virginia’s NVAR Footprint
The Northern Virginia Association of Realtors® reports on February 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 1,108 homes sold in February 2016, an increase of 3.07 percent above February 2015 home sales of 1,075.
Active listings increased slightly this month compared with 2015. Listings were up 1.50 percent over last year, with 3,375 active listings in February, compared with 3,326 homes available in February 2015. The average days on market (DOM) for homes in February 2016 was 80 days, an increase of 5.26 percent compared to the 76 DOM for homes in February 2015.
The average home sale price rose less than 1 percent compared with last February, to $537,464. This is down 0.36 percent compared to February 2015, when the average price was $535,520.
The median sold price of homes this February, which was $451,250, fell by 1.90 percent compared to the median price of $460,000 in February 2015.
The 1,739 new pending home sales in Northern Virginia in February marks an increase of 9.79 percent compared with 1,584 contracts that were pending in February of last year. Total pending sales in February were up by 8.43 percent, to 2,341, compared with 2,159 pending contracts in February 2015.
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