The Northern Virginia Association of Realtors® reports on February 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 1,192 homes sold in February 2017, a 7.58 percent increase above February 2016 home sales of 1,108.

Active listings decreased this month compared with 2016. Listings were down about 12 percent below last year’s, with 2,974 active listings in February, compared with 3,375 homes available in February 2016. The average days on market (DOM) for homes in February 2017 was 67 days, a decrease of 16.25 percent compared to the 80 DOM for homes in February 2016.

The average home sale price rose compared with last…

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February 2017's median sales price of $399,700 was up $19,700 or 5.2% compared to last year.  This is the highest February median sales price of the last decade, exceeding the prior high of $390,000 seen in 2015.    Sales volume across the DC Metro area was nearly $1.59 billion, up 16.7% from last February. Closed sales of 3,098 were up 7.8% compared to last year, also the highest February level in a decade, and exceeding the 2,874 sales recorded last February.   Pending sales also reached a ten-year February high at 4,656, increasing by 2.7% over last year. New listings of 5,560 increased 7.5% compared to last year. Active listings of 7,503 are down 9.5% compared to last year, although up 3.9% compared to last month.    This is the…

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Despite a slight year-over-year decline in average sales prices, the Northern Virginia real estate market in 2016 posted its best year since 2005 in both total sales and overall sales volume, according to new figures.


A total of 21,097 residential properties went to closing during the year, up 3.8 percent from the 20,335 transactions recorded in 2015, according to preliminary figures reported Jan. 10 by the Northern Virginia Association of Realtors.

Figures represent sales in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.

The average sales price of $556,368 was down 0.1 percent from 2015's record total of $556,995, but still represented the second-highest ever.

Sales in 2016 were the highest since the…

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DC Metro Overview

January 2017’s median sales price of $390,000 was up $14,500 or 3.9% compared to last year.  This is the highest January median sales price of the last decade, topping the prior high of $385,000 seen in 2015. Sales volume across the DC Metro area was nearly $1.5 billion, up 19.5% from last January. Closed sales of 3,014 were up 11.5% compared to last year, also the highest January level in a decade, exceeding the 2,702 sales recorded last January. New contract activity also reached a ten-year January high, increasing by 15.5% versus the snowy January of 2016 to 3,954 contracts. New listings of 4,541 increased 12.8% compared to last year. Active listings of 7,224 are down 12.7% compared to last year and down 3.1% compared to last…

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“The good news is that contracts signed in December increased by more than 15 percent compared to December 2015, as buyers were likely rushing to commit to a home before rates rise further,” said 2017 NVAR Chairman of the Board Bob Adamson, a Realtor® with McEnearney Associates in Arlington. “Buyers who closed in December took advantage of low interest rates during our slow season. With 1,558 homes sold in December, we were down 4 percent compared to the 1,623 homes sold during the same time in 2015.”

According to NVAR CEO Ryan Conrad, our region’s level average and median December sales price still portend a bright future for our local real estate market. “Our industry experts expect that the 30 year fixed-rate will increase to 4.4 percent in 2017…

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Martin Luther King Day is a federal holiday held on the third Monday of January. It celebrates the life and achievements of Martin Luther King Jr., an influential American civil rights leader. He is most well-known for his campaigns to end racial segregation on public transport and for racial equality in the United States.

Martin Luther King was an important civil rights activist. He was a leader in the movement to end racial segregation in the United States. His most famous address was the "I Have A Dream" speech. He was an advocate of non-violent protest and became the youngest man to be awarded the Nobel Peace Prize. He was assassinated in 1968.

In 1968, shortly after Martin Luther King died, a campaign was started for his birthday to become a…

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It's been a tumultuous 2016 - both financially and politically. The year may have left some people wondering, what's next? And, how will it affect me?


Lacking a crystal ball, we asked a few economic experts what they think 2017 may hold in store for Americans' personal finances. Here's their take on what to expect in the year ahead:

Q. What's the job market going to look like?
A. "The job market in 2017 will be about as good as it gets," said Mark Zandi, chief economist at Moody's Analytics. "There are currently a record number of job openings and layoffs are at record lows."

Q. Will gas prices go up? A. 2017 will likely be another cheap year to fuel your car, but not quite as good as 2016, several energy experts said.   Q.…

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As you relish the goodies, decorate every nook and corner of your home 
and enjoy the get-togethers... 
May the joy and festivities continue to radiate in your lives, 
long after Christmas is gone. 
Merry Christmas!Happy New Year!

 

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Fairfax – Homebuyers in Northern Virginia this past November were not kicking tires. The November housing market gained compared to November 2015 in the Northern Virginia Association of Realtors® region, which includes the counties of Fairfax and Arlington, and the cities of Alexandria, Falls Church, Fairfax and Clifton. The average and median sales prices leveled off with each having about a 2 percent decline, which helps buyers understand that waiting does not present advantages.

“More local buyers and sellers reached agreements this November, resulting in a 25 percent rise in home sales compared to last year, perhaps because of a sense of urgency,” said 2016 NVAR Chairman Virgil Frizzell. “The changing political landscape and likely increases in…

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There are several signs that strongly suggest the Feds will raise the interest rates during their next meeting, including these articles in the New York Times, Forbes, and Bloomberg. The committee meets from Dec. 13-14 for the final time this year, during which time they will announce their decision about interest rates.

Fed Chair Janet Yellen has said previously that any increase in rates will be 'gradual' so if the expected increase does take place it will probably be very small.

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