New June Home Listings Rise in Northern Virginia; Brisk Home Sales Push Prices Upward

Posted by The Team USA on Tuesday, July 28th, 2020 at 8:04am.

"For the first time since February, new listings of homes in Northern Virginia were in positive territory," says Nicholas Lagos, 2020 president of the Northern Virginia Association of Realtors® (NVAR) and associate broker with Century 21 New Millennium in Arlington. "Last month, there were 21% more new listings on the market in the NVAR region than we saw in May," Lagos says, "and new listings were also 1.5% above the number we saw in June last year."
 
Weekly new listings showed steady upward movement for most of June, according to real-time data published by the George Mason University Center for Regional Analysis (GMU-CRA) at cra.gmu.edu/covid19. NVAR partners with GMU-CRA to publish market and economic data for the NVAR footprint, which covers Fairfax and Arlington counties, and the cities of Alexandria, Fairfax and Falls Church.
 
In Arlington County, new listings rose by almost 21% last month compared to June of last year, to 354 homes listed. This represents a 40% monthly increase over the number of new listings in Arlington recorded in May of this year.
 
The City of Alexandria saw a 28.57% year-over-year increase in June new listings and a 29% increase above May new listings.
 
"Market activity across Northern Virginia continued to show strength with the mid-June Phase 3 opening announcement by Governor Northam," Lagos says. "Properties going under contract increased nearly 8% over 2019, and listings sold for an average of 99% of their original list price," explains Lagos.
 
Despite the uptick in new listings, the availability of homes for sale in the NVAR region remains limited, creating high demand and high prices.
 
"It is a great time to be a seller in Northern Virginia," says Lagos.
 
The overall average home sale price in the NVAR region in June was $646,859, the highest average for June on record for the region.
 
June home showing activity in Northern Virginia was well above the level seen in June of last year, according to data provided by Showing Time and Bright MLS.
 
"We know that pent-up demand continues to drive market activity in our region. What we're seeing this year is that the typical spring market pushed into summer," says Ryan Conrad, NVAR CEO. "With each phase of eased restrictions on business activity, home buyers and sellers are exhibiting greater confidence in the ability to safely engage in the home sale process.
 
"Using a rapidly growing array of technology tools and following CDC guidelines, our Realtor® members have adapted quickly to market demand," Conrad explains.
 
June 2020 Regional Home Sales Compared to May 2019: Northern Virginia Data from Bright MLS as of July 7, 2020; total sales and listings may not include garage/parking spaces.
 
The Northern Virginia Association of Realtors® reports on June 2020 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 2,015 homes sold in June 2020, a 13.67% decrease below June 2019 home sales of 2,334.
 
Active listings decreased this month compared with 2019. Listings were down 32.81% below last year, with 1,931 active listings in June, compared with 2,874 homes available in June 2019. The average days on market for homes in June 2020 was 18 days - the same number of days on market for homes in June 2019.
 
New listings rose by 1.51% in June compared to last year, to 2,628. There were 2,589 new listings in June of last year.
 
The average home sale price rose by 2.35% compared with last June, to $646,859. The June 2019 average sale price was $632,016
 
The median sold price of homes this June, which was $595,000, rose by 5.28% percent compared to the median price of $565,155 in June 2019.
 
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