“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 and 4.8 percent in 2018, which is great for prospective buyers,” said Conrad. “The best news is that home prices nationally are expected to rise 3.9 this year and 3.2 percent next year. With home values rising and the promise of solid economic growth, we have a possible multiplier effect for our region’s economy.” 
December 2016 Regional Home Sales Compared to December 2015: Northern Virginia


The Northern Virginia Association of Realtors® reports on December 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 1,558 homes were sold in December 2016, a decrease of 4 percent compared to December 2015 home sales of 1,623.

Active listings decreased 17 percent this month compared to 2015. This past month posted 2,873 active listings compared to 3,474 homes available in December 2015. The average days on market (DOM) for homes in December 2016 was 64 days, a decrease of 3 percent compared to the 66 DOM in December 2015.

The average home sale price increased compared with last December, to $570,789. This is 3.51 percent above the December 2015 average price of $551,451.

The median sold price of homes this December was $485,000, which was 1 percent above December 2015’s median of $479,900.

The 1,207 new pending home sales in Northern Virginia in December marks a decrease of 1.55 percent compared with 1,226 pending contracts last year in December. Total pending sales in December were down by about 2 percent, to 1,678, compared with 1,716 pending contracts in December 2015.


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