Real Estate Blog

Northern Virginia Home Buyers and Sellers Seek Relief from July Heat; Dip in New Listings, Closed Sales May Signal Slight Cooling Trend   Fairfax, Va. – As Northern Virginia temperatures, home sales and prices continued to climb in July, there were fewer buyers touring properties and fewer sellers listing homes than this time last year   “Despite some signs of moderation, Realtors® in Northern Virginia helped clients sell more than 2,500 homes in July, an increase of almost 7% above last July and 13.6% higher than the number of homes sold in July of 2019,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “This represents a sales volume of $1.8 billion, which surpasses the July 2020 sales volume of $1.6…

A Robust Housing Market For Years To Come David H. Stevens, CMB - Advisor to the GMM Board of Directors     Two questions continue to be asked of me. The first is, should I worry about rising prices and wait for the market to slow? The second is, is there a risk of a housing bubble like the Great Recession of 2008? The answer to both questions is, no! Housing prices are not on a verge of weakening and the housing economy of today does not compare in, any way, to the 2008 recession.   Let's start with the basics. Home price appreciation is strong across the country. And yes, it is too strong. As Core Logic reported recently, home prices for May of this year were 15.4% higher than May of last year. In fact, there is no state in the nation…

 

May Home Sales Rival Cicadas as Buyers Swarm the Northern Virginia Market

Fairfax, Va. – “Housing market activity in the Northern Virginia region was really humming in May and shows no signs of letting up,” says Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “Our Realtor® members closed sales for their clients totaling $1.9 billion, which was an increase of 84% above last May. It represents a 30% increase above May 2019 sales volume, so this significant jump in sales activity is not solely a post-COVID phenomenon,” McLaughlin says   The number of new pending sales in May, representing transactions likely to close in June, was 48% higher than last year, at 2,931 compared with 1,983 pending contracts in May…

PRICES ROSE EVERYWHERE   99% of metro areas saw home prices increase in the first quarter of the year, according to the National Association of Realtors. Though some cities saw year-over-year jumps as high as 35%, even smaller places saw at least modest rises. Experts credit record-low supply and strong demand for the broad increases.   APPRAISED VALUE VS SALES PRICE   Home prices are surging as high as they've ever been, which can mean a significant gap between the sale price and the appraised value. Rushed appraisers can't always keep up with new data that conflicts with even recent history. One option is a Reconsideration of Value request, which lets an unsatisfied buyer submit newer comparables for the appraiser to…

March Brought New Listings, ‘Sight Unseen’ Offers, Brisk Sales Activity to Northern Virginia Housing Market   Fairfax, Va. – “More housing inventory came on the market in March, yet those listings were snapped up quickly; there are simply more buyers than available homes for sale,” says Derrick Swaak, partner and managing broker with TTR Sotheby’s International Realty in McLean, Va. and 2021 president of the Northern Virginia Association of Realtors® (NVAR).    “As a result, total dollar sales volume in March was up 25% versus the same month last year. The average March sales price increased 7% across Northern Virginia compared to last year as prospective buyers often found themselves in multiple offer competitions, pushing the limits of…

NEW SHIFTS IN THE PRINCE WILLIAM COUTY MARKET   WOODBRIDGE, VA. March 19, 2021—REALTOR® Association of Prince William (PWAR) has gathered Prince William County’s most recent market statistics, generated by Virginia REALTORS® Chief Economist, Lisa Sturtevant, and SmartCharts, an affiliate website of Showing Time. The market statistics are gathered through data provided by VAR and Bright MLS, which serves as the multiple listing service for Prince William County. A total of 561 homes were sold in February 2021, a closer margin increase of 8.5 percent compared to February 2020 at 517. The number of pending sales saw a decrease of 7.8 percent year-over-year, from 709 to 654. New listings also showed a decrease year-over-year, with 726 new…

 

CONTINUED INCREASE IN HOME SALES IN PRINCE WILLIAM COUNTY   WOODBRIDGE, VA. January 12, 2021—REALTOR® Association of Prince William (PWAR) has gathered Prince William County’s most recent market statistics, generated by SmartCharts, an affiliate website of Showing Time. The market statistics are gathered through data provided by Bright MLS, which serves as the multiple listing service for Prince William .   A total of 814 homes were sold in December 2020, a great increase of 33.4 percent compared to December 2019 at 610. The number of contracts pending saw another increase of 20.9 percent year-over-year, from 579 to 700. New listings also showed an increase

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WOODBRIDGE, VA. November 10, 2020—REALTOR® Association of Prince William (PWAR) has gathered Prince William County’s most recent market statistics, generated by Smart Charts, an affiliate website of Showing Time. The market statistics are gathered through data provided by Bright MLS, which serves as the multiple listing service for Prince William County.   A total of 873 homes were sold in October 2020, an terrific increase of 49.5 percent compared to October 2019 at 584. The number of contracts pending saw another increase of 34.5 percent year-over-year, from 687 to 924. New listings also showed an increase year-over-year, with 876 new listings, as opposed to 647 in October 2019. There were also fewer active listings available this year with…

WOODBRIDGE, VA. October 13, 2020—REALTOR® Association of Prince William (PWAR) has gathered Prince William County’s most recent market statistics, generated by SmartCharts, an affiliate website of Showing Time. The market statistics are gathered through data provided by Bright MLS, which serves as the multiple listing service for Prince William County.   A total of 793 homes were sold in September 2020, an auspicious increase of 40.6 percent compared to September 2019 at 564. The number of contracts pending saw a noticeable increase of 31.7 percent year-over-year, from 773 to 1,018. New listings also showed an increase year-over-year, with 909 new listings, as opposed to 708 in September 2019. There were also fewer active listings available this…

Summer Is the New Spring for Northern Virginia Home Sales July Housing Data Shows Continued Demand   "The summer season may be starting to wind down, but the real estate market continues to remain sizzling hot," NVAR 2020 President Nicholas Lagos said. "The traditional spring market has been delayed to the summer months, and the pent-up buyer and seller demand that began in in late spring continued full force into July."   New listings continued an upward trend that began in June, when new listings of homes in Northern Virginia were positive for the first time since February. The number of new listings increased 14.5% from June 2020 to July 2020, indicating that sellers are feeling increasingly confident in local market and economic…