Fairfax – The Northern Virginia market showed a boost in total existing home sales this month in the Northern Virginia Association of Realtors®’ footprint. This trend is expected to be sustained in May, according to NVAR member forecasts. While the number of homes listed did rise by more than 3 percent, inventory levels dipped slightly from last year’s 2.73 month’s supply to April’s 2.6 month. Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales.  Average sales prices rose 1.54 percent, and the median sales price rose 1.03 percent.

“Buyers finding well-priced properties in turnkey condition in their favorite neighborhoods are making offers and…

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Fairfax - By the numbers, the overall housing market in Northern Virginia is taking steps that show reasonable market stability with a promising year ahead. "While the number of units sold this March is technically the same as last year, the 12 percent boost in active listings and the 23 percent hike in under contract listings are signs of a great market to come," said Virgil Frizzell, the 2016 Northern Virginia Association of Realtors® chairman of the board.


Homes sales totaled 1,542 this past March in the NVAR region, compared to 1,538 transactions in March, 2015. While this .26 percent increase has no immediate impact, March's rising inventory shows a positive trend. The new-under-contracts number totaled 747 transactions on the way to the…

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The Northern Virginia Association of Realtors® reports on March 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 1,542 homes sold in March 2016, an increase of less than 1 percent above March 2015 home sales of 1,538.

Active listings increased this month compared with 2015. Listings were up 11.85 percent over last year, with 4,285 active listings in March, compared with 3,831 homes available in March 2015. The average days on market (DOM) for homes in March 2016 was 66 days, an increase of 6.45 percent compared to the 62 DOM for homes in March 2015.

The average home sale price fell slightly compared with last March, to $537,628.…

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