Fairfax – The year-over-year home sales trend continued its uptick in September with 1,675 closings compared to the 1,631 transactions that closed in September last year in the Northern Virginia Association of Realtors® territory, comprised of Fairfax and Arlington counties, Falls Church and Alexandria.
“Our September housing data provides the final snapshot of our market just before the Nov. 8 election,” said Ryan Conrad, NVAR Chief Executive Officer. “Having a 5 percent increase in transactions in the pipeline as well as a 3 percent increase in total sales, our local economy is clearly NOT at a standstill.”
A total of 1,675 homes were sold in September 2016, an increase of 2.7 percent compared to September 2015 home sales of 1,631.
Active listings decreased this month compared with 2015. Listings were 16.6 percent below last year’s, with 4,853 active listings in September, compared with 5,819 homes available in September 2015. The average days on market (DOM) for homes in September 2016 was 51 days, a decrease of 5.6 percent compared to the 54 DOM for homes in September 2015.
The average home sale price fell slightly compared with last September, to $532,554. This is down about 3 percent compared to September 2015, when the average price was $548,808.
The median sold price of homes this September was $465,000, which was about 3 percent below September 2015’s median of $479,000.
The 1,690 new pending home sales in Northern Virginia in September marks a decrease of 2.3 percent compared with 1,730 pending contracts last year in September. Total pending sales in September were up by about 5 percent, to 2,306, compared with 2,188 pending contracts in September 2015.
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