Real Estate Blog

October Saw Brisk Housing Activity with a 7% increase in Sales; Serious Buyers are Taking Action, New Under Contracts Rise, Reports the Northern Virginia Association of Realtors®   Fairfax - "In a perfect world, real estate practitioners like to observe that their market has achieved a balance," said Bob Adamson, 2017 NVAR Chairman of the Board. "As of October, our home equity gains remained within normal limits while interest rates stay pinned at historic lows.   "These factors add to local buyer confidence," Adamson continued. October resulted in a 7 percent increase in sales, recording 1,652 homes sold compared to 1,540 transactions last October. "While economic progress has been patchy throughout the Commonwealth, Northern Virginia…
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On November 11, 1919, U.S. President Woodrow Wilson issued a message to his countrymen on the first Armistice Day in which he expressed what he felt the day meant to Americans: ADDRESS TO FELLOW-COUNTRYMEN
The White House, November 11, 1919.

A year ago today our enemies laid down their arms in accordance with an armistice which rendered them impotent to renew hostilities, and gave to the world an assured opportunity to reconstruct its shattered order and to work out in peace a new and juster set of inter national relations. The soldiers and people of the European Allies had fought and endured for more than four years to uphold the barrier of civilization against the aggressions of armed force. We ourselves had been in the conflict something more than…
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Published by the Virginia REALTORS®, the advocate for real estate professionals and property owners in Virginia   Virginia REALTORS® association publishes monthly and quarterly home sales reports to provide our members, the media, and real estate-related industries with current data. The report data comes from a variety of sources and is analyzed by the Virginia REALTORS®. All data may be used with citation to the proprietary owner, the Virginia REALTORS®.   Third Quarter Summary
  Virginia's third quarter residential real estate market reflects the prolonged inventory shortage that has affected sales pace for much of the year. Despite suppressed pace, most year-over-year performance metrics rose, underscoring the sustained high demand…
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Why do we celebrate Halloween? Straddling the line between fall and winter, plenty and paucity, life and death,Halloween is a time of celebration and superstition. It is thought to have originated with the ancient Celtic festival of Samhain, when people would light bonfires and wear costumes to ward off roaming ghosts.   What is the purpose of Halloween? Halloween is the evening before the Christian holy days of All Hallows' Day (also known as All Saints' or Hallowmas) on 1 November and All Souls' Day on 2 November, thus giving the holiday on 31 October the full name of All Hallows' Eve (meaning the evening before All Hallows' Day)   Why do we go trick or treating? As for the trick or treating, or "guising" (from "disguising"),…
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September Market Stats Kick off Second Busiest Time of Year

Serious Buyers Are Not Afraid to Enter NOVA’s Stable Housing Market

Reports the Northern Virginia Association of Realtors®

Fairfax – “For potential home buyers and sellers, the Halloween season can bring a different kind of fear: the fear of missed opportunity. But fear not,” said Northern Virginia Association of Realtors® Chairman of the Board Bob Adamson. “While spring months are our market’s busiest, the slight winding down in the fall market could mean that serious buyers have less competition for properties.”

Adamson explained that informed sellers and buyers know that deals can be made well into the school months, and our region has been trending favorably with a

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Columbus Day is a U.S. holiday that commemorates the landing of Christopher Columbus in the Americas on October 12, 1492. It was unofficially celebrated in a number of cities and states as early as the 18th century, but did not become a federal holiday until 1937. For many, the holiday is a way of both honoring Columbus’ achievements and celebrating Italian-American heritage. But throughout its history, Columbus Day and the man who inspired it have generated controversy, and many alternatives to the holiday have proposed since the 1970s.

Christopher Columbus was an Italian-born explorer who set sail in August 1492, bound for Asia with backing from the Spanish monarchs King Ferdinand and Queen Isabella.

Columbus intended to chart a western sea

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August Market Stats Reflect Seasonal Slowdown of Total Sales, but Still Higher Prices
Reports the Northern Virginia Association of Realtors® 

Fairfax – “With inflation in a soft patch right now, many federal officials still project one more interest-rate increase this year but not right away,” explained NVAR Chairman Bob Adamson. “The Federal Reserve is in no rush to raise rates, which keeps value pricing intact for those applying for mortgages” he said.

“We had the seasonably expected slight decline in August home sales, with 2,018 sales closing, which is 4 percent lower than last August’s 2,104 closings.

When July and August home sales are averaged together, we only have a 1 percent decline in what is our third busiest season for home sellers

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Number of Newcomers Declines; Wage Growth Could Still Spark Housing Demand

Where is it Occurring, and How High Will it Go?

Clearly, home prices in Northern Virginia are exorbitant and continue to rise. Low inventory levels and high demand have propelled the median sales price to its new peak, and pushed the median number of days that a home is on the market to a new low.

Home price appreciation is widespread across the nation, but particularly pervasive in Northern Virginia. Within the region, there exists wide variation in home sale price by location and housing type. When will it stop?
At some point, people will hit their breaking points and refuse to pay premium rates for a home that does not fully match their needs or desires. Nevertheless,

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According to the Second Quarter Home Sales Report released by the Virginia REALTORS®, the residential real estate market continued its rise over prior year benchmarks. The second quarter of 2017 saw 37,201 residential transactions closed, a 5.3 percent increase over the 35,317 units sold in the second quarter of 2016. The value of those transactions was magnified by a rising median price, and totaled $13.091 billion, an increase of 9.2 percent from 2016’s second quarter volume of $11.986 billion. Relative to the second quarter of 2015, volume rose 20.2 percent (from $10.970 billion). The average number of days on the market dropped from prior year benchmarks to an average of 54 for the 2017 second quarter, 14.3 percent lower than last year’s second

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The Northern Virginia Association of Realtors® reports on July 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 2,251 homes sold in July 2017, a 2 percent increase above July 2016 home sales of 2,209.

Active listings decreased in July by about 12 percent compared with 2016. This past July, there were 4,375 active listings, compared with 4,991 homes available in July 2016. The average days on market (DOM) for homes in July 2017 was 36 days, a decrease of about 12 percent compared to the 41 DOM for homes in July 2016.
The average home sale price rose to $591,500 from last July’s average of $565,567. This was a 4.59 percent increase.


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