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 hoping to take advantage of the existing interest rates,” said 2016 NVAR Chairman of the Board Virgil Frizzell. “Others, particularly those seeking homes outside the Beltway, don’t seem to have that same sense of urgency.” Frizzell remarked that April housing data shows that the spring market is in full swing, most especially for new April contracts, which rose 18 percent. This increase is an indicator of future closings, likely within the next three months, he explained.

“While our Northern Virginia Association of Realtors® footprint recorded dips in March sales volume and prices, those data points in April did tick upward, as expected,” said NVAR CEO Ryan Conrad. “On average, sales prices rose nearly 2 percent with 1,973 homes closing, a rise of almost 9 percent over the 1,817 homes that closed this time last year,” he pointed out. Based on feedback Conrad hears from local practitioners, this year should continue with positive momentum and moderate sales growth.

Posted by Abuzar Waleed on
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