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NVAR is dedicated to keeping members of the press and various news media up-to-date and informed on the ever-changing world of Real Estate.

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NVAR is constantly staying in the forefront of news to keep you informed with changes in government affairs, education, technology and housing market trends. View archived press releases and check out our latest news and trends, which includes articles from our RE+View Magazine.


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If you are a member of the press/media and would like to be added to our list, please contact Ann Gutkin at agutkin@nvar.com or 703-207-3216. Please also download the NVAR Fact Sheet for more information.

 

June 12, 2020
For Immediate Release

Ann Gutkin Vice President, Communications 
703-207-3216; atukin@nvar.com 

Kate O’Toole Digital Content Manager 
703.207.3283; kotoole@nvar.com 

Trendline for New Pending Home Sales in Northern Virginia Ticks Up;
Decrease in May Closings Reflects Initial Buyer and Seller Reaction in Early Stages of Pandemic



“While there were few surprises in the May residential closed sales data for our region, new listings of homes in Northern Virginia continue to show signs of resilience,” says Nicholas Lagos, 2020 president of the Northern Virginia Association of Realtors® (NVAR) and associate broker with Century 21 New Millennium in Arlington. “Uncertainty surrounding the COVID-19 pandemic pushed pause on listing and showing activity in March and April, which caused the number of closed transactions last month to fall,” Lagos says.

There was a modest strengthening of new residential listings in the NVAR region, with a weekly peak of 159 homes being brought to the market – the highest level since the pandemic hit in early March, according to a June 6 economic report issued by the George Mason University Center for Regional Analysis (GMU-CRA). The report notes a clearly positive trendline for new pending sales over the past two months. NVAR partners with GMU-CRA to publish real-time market and economic data for the NVAR footprint, which covers Fairfax and Arlington counties, and the cities of Alexandria, Fairfax and Falls Church. This data and the June 6 report can be found at cra.gmu.edu/covid19. This corresponds to what is happening throughout the state, explains NVAR CEO Ryan Conrad. “Data from Bright MLS shows that weekly new purchase contracts, for the first time since March, are actually trending ahead of where we were this time last year, and changes to the ‘Temp Off‘ market status – indicating that a seller has temporarily taken their home off the market – is essentially on par with where we were in 2019,” Ryan says.

Sales volume in Northern Virginia dropped about 30% in May compared to last year. Although the main contributor to the precipitous drop was the continuing lack of inventory available to buyers, the pandemic effect also had an impact.

"The effects of Governor Northam’s strict stay-home orders for residents, and the closing of many nonessential businesses have certainly cooled our typically hot Northern Virginia market,” Lagos says.

“Despite the modest uptick in new listings compared to March and April, regionally new listings fell by 35% compared to last year. This reduction in available homes for sale was consistent across Arlington, Fairfax and Alexandria as well,” Lagos says. “A positive note for sellers in May was that prices were up by an average of nearly 2.5% over last year and homes sold for greater than 99% of their original list price,” Lagos says.

Pandemic restrictions also had an effect on the region’s rental market, explains Lagos. “Many renters that would normally move during spring chose to remain in their properties. This caused rental inventory and lease transactions to drop off steeply. But around mid-May, we saw renewed activity in the rental market,” Lagos says. “It’s not uncommon to see multiple applications on reasonably priced rentals that show well, and we expect the typical spring rental market to extend into summer with a continued increase in volume,” Lagos says.

A marked surge in Realtor® activity is a sign that listings and sales volume should be on the rise, explains Conrad. “We’ve seen a noticeable increase in member traffic in our Realtor® Shop, with agents purchasing lockboxes and other showing and listing related items. Call volume has also been high, with the type of inquiries that we typically see in a normal spring market,” Ryan says.

“One thing that has not diminished as a result of COVID-19 is the need for housing,” explains Lagos. “We know that there is a pent-up demand, and with Northern Virginia entering Phase 2 of easing restrictions today, it’s likely that inventory will increase. Realtors® are harnessing technology and following recommended protocols, which reassures sellers that they can safely place their homes on the market,” Lagos says.

May 2020 Regional Home Sales Compared to May 2019: Northern Virginia
Data from Bright MLS as of June 4, 2020; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on May 2020 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 1,622 homes sold in May 2020, a 31.82% decrease below May 2019 home sales of 2,379.

Active listings decreased this month compared with 2019. Listings were down 31.87% below last year, with 1,984 active listings in May, compared with 2,912 homes available in May 2019. The average days on market for homes in May 2020 was 17 days, an increase of 6.25% compared to the 16 DOM for homes in May 2019.

New listings fell by about 35% in May compared to last year, to 2,174. There were 3,363 new listings in May of last year.

The average home sale price rose by 2.34% compared with last May, to $641,002. The May 2019 average sale price was $626,345.

The median sold price of homes this May, which was $580,000, rose by 4.93% percent compared to the median price of $552,750 in May 2019.

 

Press Release Archive

Wary Northern Virginia Sellers Delayed Listing Homes in April; Competition for Limited Inventory by Undeterred Buyers Kept Prices at a Premium
Ann Gutkin
Vice President, Communications
703-207-3216; atukin@nvar.com

Kate O’Toole
Digital Content Manager
703.207.3283; kotoole@nvar.com

Wary Northern Virginia Sellers Delayed Listing Homes in April; Competition for Limited Inventory by Undeterred Buyers Kept Prices at a Premium

"As our Northern Virginia real estate market approaches the two-month mark under COVID-19 conditions, residential housing is still a hot commodity for motivated buyers,” says Nicholas Lagos, president of the Northern Virginia Association of Realtors® and associate broker with Century 21 New Millennium in Arlington.

“Responding to the needs of buyers and sellers, Realtors® have been nimble in adjusting their procedures while ensuring safe practices under the circumstances,” Lagos says. “With inventory levels reaching all-time lows, homes across the NVAR footprint averaged more than 100% of their list price. “While the average sold price increased regionally by nearly 7.5% above the April 2019 levels, the pandemic has affected our normally active spring listing rush,” Lagos says, “but the data across the region shows buyer demand is vigorous and active.

“As expected, the April 2020 market saw a decrease in overall sales volume primarily due to the stay-athome orders imposed by Governor Northam in early March,” Lagos says. “With many potential buyers and sellers keeping their distance, existing inventory shrank even further,” Lagos says.

Despite strong buyer interest, the limited number of available homes for sale has reinforced the strong sellers’ market in the NVAR region, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. Arlington County, Alexandria and Fairfax County saw new listing inventory drop 17%, 36%, and 35% respectively compared with the number of homes available for sale in April 2019.

“We were down on closed units on average by 20% last month,” says Deborah Baxter, NVAR board member and principal broker/co-owner of Coppermine Realty in Clifton. “Interestingly, the type of housing that is selling is single-family homes, then condos and lastly townhomes. The National Association of Realtors® has reported that more people are buying multi-generational homes and firsttime home buyers are going for condos; the townhome that used to be the young family’s first-time buy isn’t necessarily the case anymore,” Baxter says.

Buyers are also acting quickly, Baxter explains. “The number of days on market is an average of 13 days, so we are still in a multi-offer situation. We are in a severe housing shortage which means more of a competitive situation for buyers,” Baxter says. The long-term COVID-19 impact on the region’s housing market is difficult to predict, with a number of variables in play, including the length of time that businesses remain closed, job losses, and consumer sentiment. According to Dr. Terry Clower, director of the Center for Regional Analysis at George Mason University, rising unemployment levels may not have the same impact in Northern Virginia as elsewhere in the country.

Speaking about the region’s market during an April 30 webinar hosted by NVAR, Clower said, “The NVAR region is dominated by the Professional and Business Services sector, which helps to stabilize us.” The federal government underpinnings also contribute to that stabilizing effect, Clower explained. Pre-pandemic market conditions in the NVAR region have helped to prevent a decline in home values, explains NVAR CEO Ryan Conrad. "Given the uncertainty surrounding COVID-19, it is encouraging to see buyer activity that reinforces the resilience of the Northern Virginia economy,” he said.

A recording and presentation slides from the April 30 program, which also featured Dr. Lawrence Yun, chief economist for the National Association of Realtors®, and Dr. Lisa Sturtevant, chief economist for the Virginia Realtors®, can be found at NVAR.com/onlinelearning. April 2020 Regional Home Sales Compared to April 2019: Northern Virginia Data from Bright MLS as of May 6, 2020; total sales and listings may not include garage/parking spaces. The Northern Virginia Association of Realtors® reports on April 2020 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 1,725 homes sold in April 2020, a 20% decrease below April 2019 home sales of 2,157. Active listings decreased this month compared with 2019. Listings were down 17.88% below last year, with 2,057 active listings in April, compared with 2,505 homes available in April 2019. The average days on market for homes in April 2020 was 13 days, a decrease of 27.78% compared to the 18 DOM for homes in April 2019. New listings fell by 34.13% in April, to 2,111, compared with 3,205 new listings in April of last year. The average home sale price rose by 7.48% compared with last April, to $667,527. The April 2019 average sale price was $621,069. The median sold price of homes this April, which was $596,500, rose by 6.52% percent compared to the median price of $560,000 in April 2019. Read more about the NVAR region housing market at NVAR.com/public, including GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.
Early Spring Real Estate Market in Northern Virginia Has Its Ups and Downs
Mar. 12, 2020

Early Spring Real Estate Market in Northern Virginia Has Its Ups and Downs: Rising Temperatures, Falling Mortgage Rates, Escalation Clauses, Disappearing Contingencies;
February Home Sales Climb to 13-Year Monthly High


Fairfax – “The month of February was a nice surprise for many sellers in our region,” said Thai-Hung Nguyen, broker-owner of Better Homes and Gardens Real Estate Premier in Falls Church and member of the Northern Virginia Association of Realtors® Board of Directors. “The inventory was scarce and buyer traffic was high, with most buyers encountering competition in multiple offer situations,” says Nguyen.

“We found that in Fairfax County, more buyers encountered multiple offers for homes priced below $1 million. In Arlington, multiple offers were common up to the $1.5 million range,” reports Nguyen.

“I do believe in the weather factor this year. We had more buyers in the market than this time last year. As a result, sellers often ended up with offers with escalation clauses,” Nguyen says.

2020 NVAR President Nicholas Lagos, associate broker with Century 21 New Millennium and broker/owner of Gawen Realty in Arlington, explains that the NVAR region market continues to show strong sales even as inventory remains scarce. “The good news is that we saw a 12% increase in listings as a region, which may allow buyers a few more choices for housing,” he says.

“However, prices increased by 13% in the NVAR region, pushing limited options further out of reach for many buyers,” says Lagos.

“There was also an uptick in inventory in Alexandria, with active listings almost 8% above 2019 listings. As Alexandria is one of the jurisdictions close to the new Amazon HQ2 in Arlington, it is encouraging to see an increase in new listings there. Arlington listings were down by about 22%, keeping prices high, at 17% above the February 2019 average,” Lagos says.

The number of February home sales in the NVAR region, reported at 1,193, was the highest since 2007, when there were 1,561 homes sold.

To remain competitive in such a market, buyers are working with their Realtors® to structure creative offers and locate lenders who offer a variety of loan products. Working with a seasoned professional can help buyers make smart decisions that limit potential exposure.

“This is often the key to finding success in a seller’s market,” says Nguyen. “In addition to price escalation clauses, we are seeing offers that waive home inspections, appraisal contingencies and even financing contingencies in situations where buyers still plan to borrow funds for the purchase.

“The two biggest challenges in a market like this are: 1) appraised value doesn’t keep up with the market change, and 2) buyers may get too aggressive in their offers and make careless mistakes that result in default,” Nguyen says.

“With mortgage rates at all-time lows last week and spring arriving in the region more than three weeks ahead of schedule, according to the Washington Post, our members are expecting a brisk spring market,” says NVAR CEO Ryan Conrad.

Yet affordability continues to be a roadblock for many would-be buyers in this region.

Speaking at the Fairfax County Housing Challenge at George Mason University on March 11, for which NVAR served as a sponsor, Conrad said, “Data from a 2019 National Association of Realtors® study showed that for households in the DMV region, only 42% of available housing inventory was affordable. For households earning $50,000, only 6.6% of available homes were affordable.

“At NVAR, we are committed to supporting efforts, whether legislative or community-driven, to ensure the availability of sustainable housing options in our region,” Conrad says.

Prices continue to reflect the shortage of available homes for sale in Northern Virginia. The NVAR region saw the average sold price increase by more than 13% over February 2019.

Weather was not the only external factor impacting the February housing market. Some Realtors® working with foreign buyers have experienced a slow-down of activity in the wake of the COVID-19 virus.

“We have strong business relationships in several Asian countries, which usually results in many international purchasers in our area,” says Nguyen. “The recent virus scare has kept a lot of these buyers at bay since they are not able to travel here. We have clients who were scheduled to move here but have been delayed.

“We have not seen a reduction in open house traffic, though,” Nguyen says.
Lagos explains that the coronavirus remains a wild card in Northern Virginia. “It may be a month or two before we see the effects of the epidemic here and what, if any, adjustments our market may experience,” Lagos says.

February 2020 Regional Home Sales Compared to February 2019: Northern Virginia Data from Bright MLS as of March 5, 2020; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on February 2020 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 1,193 homes sold in February 2020, a 4% increase above February 2019 home sales of 1,146.

Active listings decreased this month compared with 2019. Listings were down 10.27% below last year, with 1,695 active listings in February, compared with 1,889 homes available in February 2019. The average days on market (DOM) for homes in February 2020 was 26 days, a decrease of almost 28% compared to the 36 DOM for homes in February 2019.

New listings rose 12.22% in February, to 2,222, compared with 1,980 new listings in February of last year.

The average home sale price rose by 13.35% compared with last February, to $647,681. The February 2019 average sale price was $571,375.

The median sold price of homes this February, which was $560,000, rose by 10.89% percent compared to the median price of $505,000 in February 2019.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

NVAR Charts, Graphs, Social Media for February 2020 NVAR Housing Stats
GMU-NVAR Housing Projections: Click Here.
February Housing Data: Click Here.
Infographic: Click Here.
The February Market Stats Page: Click Here.
February Market Minute Video: Click Here.

These links are accessible from the Market Stats page here: Click Here.
* Follow us on Twitter - @nvar * Visit us on facebook.com/nvar.realestate
* LinkedIn: NVAR and NVAR Group

***
The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA 22031, with a second service center located in Herndon.
Eager Buyers Spur Early Spring Real Estate Market in Northern Virginia; Changes to VA Home Loan Program Expand Opportunities for Local Veterans
Feb. 12, 2020

Eager Buyers Spur Early Spring Real Estate Market in Northern Virginia; Changes to VA Home Loan Program Expand Opportunities for Local Veterans


Fairfax – “With falling interest rates and rising mortgage application rates, prospective home buyers in Northern Virginia joined the ranks of others across the U.S. in January hoping to take their housing dollars further,” said Ryan Conrad, CEO of the Northern Virginia Association of Realtors®. “Buyer interest, combined with a limited number of homes on the market, kept our NVAR Realtor® members busy in a traditionally slower time for home buyers and sellers,” says Conrad.

Prices continue to reflect the shortage of available homes for sale in Northern Virginia. The NVAR region saw the average sold price increase by about 14% over January 2019.

“Close-in locations like Arlington and Alexandria had a surge in the average sold price when compared to 2019,” says 2020 NVAR President Nicholas Lagos, associate broker with Century 21 New Millennium and broker/owner of Gawen Realty in Arlington. “While Bright MLS sales data for Arlington County reflects a year-over-year average sold price increase of 47% in January, that number is skewed by the sale of one home in the $5 million-plus range,” Lagos says. “This is an excellent reminder that it’s important to understand the context when viewing market statistics. We Realtors® always say that all real estate is local – and that is why prospective buyers and sellers rely on us to provide analysis on a hyper-local neighborhood-by-neighborhood basis,” Lagos explains. In Alexandria, the average sold price for homes in January was 11.32% above the January 2019 average.

There is good news for veterans, however, when it comes to home prices. Beginning January 1, pursuant to the Blue Water Navy Vietnam Veterans Act of 2019, VA-guaranteed home loans are no longer limited to the Federal Housing Finance Agency conforming loan limits, which means that qualified veterans will now be able to obtain a no-down-payment home loan in all areas, regardless of the loan amount. In high-cost regions such as Northern Virginia, this change could be significant for veterans looking to buy.

A tight listing inventory remains the primary news story for 2020. “The number of listings available for sale in Northern Virginia has been dropping steadily for the last four years, exacerbated by the Amazon HQ2 announcement in November of 2018,” says 2020 NVAR President-Elect Derrick Swaak, partner and managing broker of TTR Sotheby’s International Realty in McLean. “At the end of 2019, Virginia

Realtors® reported that listing inventory in Northern Virginia was down 41% from 2018. There seems to be little expectation that the number of homes available for sale will rebound in 2020 as inventory was 16% lower in January compared to January of 2019. While we have come to expect multiple offer situations in places like Arlington and Alexandria, we’re now seeing some homes in traditionally slower markets, such as Great Falls and Clifton, selling at close to full price in a matter of days,” Swaak says.

The Northern Virginia market will continue to remain competitive as long as the number of available homes is low. “The thirst for inventory continues to drive prices higher,” says Lagos. “Being prepared, organized and well-funded will be the key to securing a property in this tight market,” Lagos adds.

January 2020 Regional Home Sales Compared to January 2019: Northern Virginia Data from Bright MLS as of February 8, 2020; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on January 2020 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 1,065 homes sold in January 2020, a 5.5% decrease below January 2019 home sales of 1,127.

Active listings decreased this month compared with 2019. Listings were down about 15.5% below last year, with 1,479 active listings in January, compared with 1,750 homes available in January 2019. The average days on market (DOM) for homes in January 2020 was 33 days, a decrease of 25% compared to the 44 DOM for homes in January 2019.

The average home sale price rose by 13.72% compared with last January, to $642,565. The January 2019 average sale price was $565,032.

The median sold price of homes this January, which was $520,000, rose by 5.05% percent compared to the median price of $495,000 in January 2019.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

NVAR Charts, Graphs, Social Media for January 2020 NVAR Housing Stats
GMU-NVAR Housing Projections: Click Here.
January Housing Data: Click Here.
Infographic: Click Here.
The January Market Stats Page: Click Here.
January Market Minute Video: Click Here.
These links are accessible from the Market Stats page here: Click Here.

* Follow us on Twitter - @nvar * Visit us on facebook.com/nvar.realestate
* LinkedIn: NVAR and NVAR Group

***
The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying,
multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA 22031, with a second service center located in Herndon.

Northern Virginia Year-End Housing Market Finishes Strong: Realtors® Predict Increase in 2020 Recorded Sales

January 16, 2020

Northern Virginia Year-End Housing Market Finishes Strong 
Realtors® Predict Increase in 2020 Recorded Sales 

Fairfax – “Our Northern Virginia market finished strong in 2019,” says Nicholas Lagos, 2020 President of the Northern Virginia Association of Realtors® (NVAR). “Total dollar volume and sales prices were up, and total sales were on par with 2018,” Lagos says. 

Preliminary Bright MLS data show a 2019 total dollar volume of $13,582,371,231 in the NVAR region, representing an increase of 3.88% over 2018 sales volume. Average and median prices were both up around 4% in 2019 compared to 2018. Despite reports of declining inventory, the total number of homes sold in the NVAR footprint last year, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, held steady at 22,030, which is less than 1% below 2018 sales. (Slight differences from the year-to-date values in the NVAR December Housing Data Report linked below can be attributed to the specific timing of the data download.) 

A forecast group representing NVAR Realtors®, mortgage lenders and settlement professionals predicts slight year-over-year average sales increases in Fairfax, Arlington and Alexandria (1.1%, 0.3% and 3.5% respectively) by December 2020. 

The region’s multiple listing service, Bright MLS, recently enacted a policy requiring agents who subscribe to the service to enter their listings within one business day of marketing a property to the public. 

“Before this policy took effect, many agents were marketing properties privately, outside the MLS, resulting in less competition in the marketplace, data that isn’t reflective of actual market activity, and potential fair housing violations,” explains NVAR CEO Ryan Conrad. “Our forecast group predicts that having this policy in place may result in higher levels of inventory available for homebuyers through the MLS in 2020.”

As lack of inventory will likely continue to be a challenge in Northern Virginia, median sales price is expected to increase across all three jurisdictions that the forecast group analyzed. 

“The regional economy this year is expected to show continued growth, similar to 2019,” explains Conrad. “Northern Virginia has been the region’s leader in job creation, and as Amazon and other local employers build their workforces in 2020, this should help sustain our strong Northern Virginia housing market.”

December 2019 and Year-End Regional Home Sales Compared to 2018: Northern Virginia
Data from BrightMLS as of January 7, 2020; total sales and listings may not include garage/parking spaces.


December Data:
A total of 1,525 homes sold in December 2019, an increase of less than 1% from December 2018 home sales of 1,514.

Active listings decreased in December month compared with 2018. Listings were down by about 24% below last year, with 1,446 active listings in December, compared with 1,905 homes available in December 2018. 

The average home sale price rose by 8.15% compared with last December, to $641,789. The December 2018 average price was $593,400.

The median sold price of homes in December, which was $5544,000, rose by 8.20% compared to the median price of $512,000 in December 2018.

The average days on market for homes in December was 30, which was 28.57% below the 42 average days on market for homes in December 2018.

Year-End Data:
A total of 22,030 homes sold in 2019, less than 1% below the 2018 total of 22,140.
The average home sale price in 2019 rose by 4.01% compared with 2018, to $614,236. The 2018 average sale price was $590,582.

The median sold price of homes in 2019, which was $541,000, rose by 4.24% compared to the median price of $519,000 in 2018.

The average number of days on market for homes in 2019 was 24, which is 56.36% below the 55 average days on market for homes in 2018.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

NVAR Charts, Graphs, Social Media for December 2019 NVAR Housing Stats 
2020 Forecast: Click Here.
Q3 2019 Rental Data: Click Here.
December Housing Data: Click Here.
Infographic: Click Here.
The December Market Stats Page: Click Here.
December Market Minute Video: Click Here.
These links are accessible from the Market Stats page: Click Here.
* Listen to our Real Life podcast, found at NVAR.com/RealLife.
* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate 
* LinkedIn: NVAR and NVAR Group

***
The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon. 

 
Northern Virginia November Market Follows Consistent Trend: Homes Sell and Rent at Fast Pace as Prices Continue to Climb

December 14, 2019

Northern Virginia November Market Follows Consistent Trend

Homes Sell and Rent at Fast Pace as Prices Continue to Climb

Fairfax – “Like shoppers hoping to snag pre-holiday door-busters, November homebuyers acted quickly, even without bargain prices,” says Christine Richardson, 2019 President of the Northern Virginia Association of Realtors®. “Our region continues to be a place where people want to put down roots.

“While we are currently experiencing the normal slowdown that happens every year around the holidays, the market is still strong,” Richardson adds. “The time required to sell a home (days on market) continues to drop year over year, while the median sales price and ratio of sales price to list price continue to rise. We have more buyers than we have homes to sell.

“In our NVAR footprint, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, buyers were competing for 30% fewer available homes than November of last year,” says Richardson. The month’s supply of housing in the NVAR region is at 1.39, which is substantially lower than the historical 6-month norm, explains Richardson.

“We expect a continued high demand for housing through year-end and into 2020,” says Ryan Conrad, NVAR CEO. “The consensus of economists at the Dec. 11 National Association of Realtors® Real Estate Forecast Summit is for low mortgage and unemployment rates to continue in the new year, with a low likelihood of recession,” Conrad says.

Richardson explains that the market traditionally strengthens after the first of the year, with the busiest months in Northern Virginia being March, April, and May. 

“Last year however, due to the Amazon HQ2 announcement in November and the lack of snow, the market took off a lot earlier,” Richardson says. “January and February felt like the spring market! I think we should be prepared again in 2020 for an earlier market surge. “Buyers are anxious to take advantage of the favorable interest rates and will be actively searching for their new homes as soon as the holidays finish up,” Richardson says.

Regional demand is also reflected in the third quarter rental market, with units moving quickly and at higher prices than in Q3 2018, according to Conrad.

In Alexandria, the average number of days on market (DOM) for rentals was 16.36% below Q3 2018, and average rental prices were 3.59% higher.

Arlington County Q3 rentals reflected DOM 25.75% below Q3 2018, with prices steady at a less than 1% increase.

In Fairfax City the Q3 DOM was almost 30% lower than Q3 2018, with prices up by about 2%.

Fairfax County rentals reflected DOM about 22% below Q3 2018, with prices almost 2% higher than last year.

Falls Church City DOM was about 31% below Q3 2018, with prices steady – less than 1% above Q3 2018 rental pricing.

The Northern Virginia economy remains strong, capturing the vast majority of the region’s job growth in 2019, as reported at the Dec. 10 Stephen S. Fuller Institute Economic Forum.

“Businesses clearly find value in locating to this region, and NVAR will continue to support collaborative efforts to improve available housing options for those who want to make their home in Northern Virginia,” says Conrad. 

November 2019 Regional Home Sales Compared to November 2018: Northern Virginia
Data from BrightMLS as of November 30, 2019; total sales and listings may not include garage/parking spaces.

A total of 1,430 homes sold in November 2019, a decrease of 4.86% from November 2018 home sales of 1,503.

Active listings decreased this month compared with 2018. Listings were down by about 30% below last year, with 1,992 active listings in November, compared with 2,851 homes available in November 2018.

The average home sale price rose by 8.38% compared with last November, to $625,860. The November 2018 average price was $577,476.

The median sold price of homes this November, which was $538,250, rose by 5.54% compared to the median price of $510,000 in November 2018.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

NVAR Charts, Graphs, Social Media for November 2019 NVAR Housing Stats

Q3 Rental Data: Click Here.

November Housing Data: Click Here.

Infographic: Click Here.

The November Market Stats Page: Click Here.

November Market Minute Video: Click Here.

These links are accessible from the Market Stats page: Click Here.

* Listen to our Real Life podcast, found at NVAR.com/RealLife.

Setting the Stage for 2020: Northern Virginia Association of Realtors® Installs 2020 Leadership; Announces 2019 Awards
January 7, 2019
For Immediate Release

Fairfax, VA – “As Realtors®, we make dreams come true,” NVAR 2020 President Nicholas Lagos said at the Northern Virginia Association of Realtors® Appreciation and Installation Ceremony on Dec. 19. 

“Consumers come to us to help fulfill a dream,” he continued. “They are making one of the largest financial decisions of their lives ... We need to be committed to making it the best experience that they can possibly have.”

At the installation ceremony taking place at NVAR’s Fairfax Headquarters, the next wave of leaders was officially inducted to NVAR. Serving as the installing officers, Perry Gawen Jr., original broker/owner of Century 21 Gawen Realty, administered the oath of office to Lagos, and Leslie Rouda Smith, 2020 NAR first vice president, swore in the 2020 NVAR Board of Directors.

During his installation speech, Lagos thanked past and future volunteer members for their service – emphasizing “commitment” as the theme of his presidency.

“NVAR is fortunate to have Nicholas as its 2020 president as we embark on a new year, new decade and new era of NVAR in this continually evolving industry,” NVAR CEO Ryan Conrad said. “One of Nicholas’ guiding principles is to ‘be kind’ – and I am confident that his caring nature and commitment to our members’ success will carry us forward in the coming year.” 

In addition to installing its 2020 leaders and recognizing 2019 volunteers, NVAR presented its 2019 Affiliate of the Year, Hall of Fame and Honorary Life Member Awards noted below.

Awards and Recognition:


2019 Affiliate of the Year: 
Sherry Skinner, Interstate Moving & Storage

2019 Hall of Fame Honors:
Heather Embrey, Better Homes & Gardens Real Estate Premier, Falls Church
Matt Kahn, Falls Realty, Falls Church
Nancy Harvey Steorts, Long & Foster Real Estate, Alexandria
Verna Vargas, NVAR Member Systems Manager

2019 Honorary Life Membership:
Mario Rubio, Rubio Real Estate

2020 NVAR Board of Directors:


President | Nicholas Lagos, Century 21 New Millennium

President-Elect | Derrick Swaak, TTR Sotheby's International Realty

Secretary/Treasurer | Reggie Copeland, CR Copeland Real Estate, LLC

Immediate Past President | Christine Richardson, Weichert, Realtors®

Rob Allen, Long & Foster Real Estate

Amina Basic, Keller Williams Realty

Deborah Baxter, Coppermine Realty

Shirley Buford, Long & Foster Real Estate

Heather Embrey, Better Homes & Gardens Real Estate Premier

Shelia Jackson, Long & Foster Real Estate

Peter Nguyen, TTR Sotheby's International Realty

Thai-Hung Nguyen, Better Homes & Gardens Real Estate Premier

Sherry Rahnama, RE/MAX Executives

Ken Tully, RE/MAX Preferred Properties, Inc.

Marriah Unruh, Keller Williams Capital Properties

Dallison Veach, Veach Realty Group

Photo Gallery:

2020 NVAR President Nicholas Lagos
The 2020 Board of Directors
Affiliate of the Year
The Honorary Life Member
Hall of Fame
Additional installation photos
 
Global Is the New Local in Northern Virginia

November 15, 2019

For Immediate Release

 

Global Is the New Local in Northern Virginia;

Realtor® Association Achieves Platinum Status in National Global Achievement Program

 

For the fourth consecutive year, the Northern Virginia Association of Realtors® (NVAR) has been awarded Platinum Council status in the National Association of Realtors® (NAR) Global Achievement Program.

“NVAR is proud to achieve this national recognition, which reflects our continued commitment to extend our globally-focused initiatives to new heights and to new borders,” said NVAR CEO Ryan Conrad.

In 2016, NVAR created NVAR Global, a re-branded, strengthened composition of its existing strategically focused international activities. NVAR Global enhances NVAR members’ global business opportunities – both inbound and outbound – and helps attract international investment to the incredibly diverse and culturally rich Northern Virginia region.

“As Northern Virginia Realtors®, we represent a diverse metropolitan area. In Fairfax County, 38 percent of residents speak a language other than English at home, and international immigration is consistently one of the largest – if not the largest – source of population growth in the Washington metro region,” NVAR 2019 President Christine Richardson said.

Under the umbrella of the Global Leadership Advisory Group, NVAR initiatives include cultural and international business forums, Certified International Property Specialist (CIPS) training, and leadership development for Realtors® to serve as NAR Regional Coordinators and Global Ambassadors. NAR Global Ambassadors are U.S.-based Realtors® appointed by the NAR President to serve as liaisons and form relationships with real estate groups around the world.

This past July, Mario Rubio of Rubio Real Estate, an NVAR past president and NAR Global Coordinator for South America, signed a Memorandum of Understanding with the Federacion Inmobiliaria de la Republica Argentina on behalf of NVAR. While NVAR has previously signed reciprocal agreements with groups in China, Cambodia and Vietnam, this was the first specifically linked to a young professional organization.

Also new in 2019, NVAR held its first global convention, Global Connect, at the NVAR Convention & Trade Show in October, which featured a series of programs related to international investment, tax implications, immigration and other global topics. Global Connect was spearheaded by Lieu Nguyen of Westgate Realty Group, who serves as the NVAR Global Leadership Advisory Group Chair and NAR Global Ambassador to Cambodia, Vietnam and Indonesia.

“Efforts to bring investment to our region don’t just happen here locally,” Nguyen said. “Our competition exists on a global scale – and Northern Virginia Realtors® help to form relationships abroad that shine a spotlight on our region and encourage international clients to call Northern Virginia home.”

 

 

 

 

October Market Keeps Seller Spirits High: Properties Continue to Move at a Rapid Pace in Northern Virginia
November 13, 2019

For Immediate Release

Fairfax – “Not only are the days getting shorter, but so are the days on market for properties listed in Northern Virginia,” says Christine Richardson, president of the Northern Virginia Association of Realtors® (NVAR) and an agent with Weichert, Realtors® in Great Falls, Va.

“The average number of days on the market for listings in our NVAR footprint was down about 27% compared to last October,” Richardson says. “And in Alexandria, properties stayed on the market for an average of just 10 days – a 68% drop in the course of one year,” Richardson adds.

Today marks the one-year anniversary of Amazon’s announcement of its HQ2 location coming to Arlington’s National Landing neighborhood, and the Northern Virginia housing market is still in reaction mode.

“The average and median home prices in our NVAR region were up by about 7% and 12%, respectively, and the total dollar volume was up by about 16% over last October,” says NVAR CEO Ryan Conrad.

“Inventory continues to be a challenge, but we’re encouraged by collaboration throughout the region to address our housing needs.

“In NVAR’s just-released ‘Real Life’ podcast, we invited leaders of the newly formed Northern Virginia Economic Development Alliance who were instrumental in bringing HQ2 to the region to discuss housing availability and what’s next on the Northern Virginia horizon. And we’re eager to be part of the solution,” Conrad says.

Amazon has 200 employees in temporary office space in National Landing with 200 additional open positions advertised for hiring, explains Richardson.

“Construction on two 22-story towers for HQ2 will begin next year and will have office spaces for 12,000 employees. And Amazon expects to hire 25,000 to 40,000 employees for HQ2 over the next 10 years,” Richardson says.

“One year after the announcement, homebuyers are excited about Amazon coming to Northern Virginia and are making decisions accordingly. We continue to see active interest from investors as well as first-time buyers in the areas around HQ2,” says Richardson.

NVAR Board Member Gary Lange with Weichert, Realtors® in Vienna, Va. says that the inventory challenge has been good news for sellers. “Interestingly, we have seen homes that have been sitting are now getting showings and, in some cases, multiple offers.”

The price point makes a difference, according to Lange. “Anything under $800,000 moves quickly depending on how close you are to D.C., while properties $1.3M and above are sitting on the market longer and struggle to get traffic and offers. Competition in that price point is fierce.

“Buyers continue to look for ‘HGTV homes’ first, and sellers whose homes aren’t move-in ready have to be realistic with their pricing,” Lange says. “As we move into the slower months it will be imperative for sellers to temper their expectations on pricing.

“You can’t push the envelope the same as you can in the spring market,” Lange says. “Our Realtors® are helping more sellers do work to their houses and stage them to maximize the amount they can get for their home.”

October 2019 Regional Home Sales Compared to October 2018: Northern Virginia Data from BrightMLS as of November 6, 2019; total sales and listings may not include garage/parking spaces.

A total of 1,719 homes sold in October 2019, an increase of 9.21% from October 2018 home sales of 1,574.

Active listings decreased this month compared with 2018. Listings were down by about 33% below last year, with 2,556 active listings in October, compared with 3,767 homes available in October 2018.

The average home sale price rose by 6.58% compared with last October, to $607,230. The October 2018 average price was $569,748.

The median sold price of homes this October, which was $549,900, rose by about 12% compared to the median price of $490,000 in October 2018.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

Listen to our Real Life podcast, found at NVAR.com/RealLife.

A Seller’s September: Leaves Are Falling, Autumn is Calling – And So Are Those Buyers!

October 17, 2019

For Immediate Release

Fairfax – “Fall is in the air, and so is a strong housing market,” says Christine Richardson, president of the Northern Virginia Association of Realtors® (NVAR) and an agent with Weichert, Realtors® in Great Falls, Va.

“Homes stayed on the market an average of 31 days before going under contract this September – a significant drop from September of 2018, when the average was 55 days,” Richardson said. “The average sold price in our region is up almost 5% from a year ago, so it continues to be a market that favors home sellers.”

In September of 2018, 4,134 properties were on the market in the NVAR region, compared to 2,616 properties in September of 2019, which is a drop of almost 37% in inventory. The NVAR region covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

In Alexandria and Arlington, near the new Amazon headquarters, the number of homes for sale is down over 50% from September of 2018. However, declining inventory is a continuing trend since 2015 – long before the Amazon announcement was made, Richardson points out.

“There are lots of reasons for tight inventory, including that people are staying in their homes longer,” Richardson says. “According to the National Association of Realtors®, people are living in their homes for an average of nine to 10 years now, while it used to be more like five to six years.”

Despite limited inventory, pending sales were up 8.7% in September compared to last year. Pending sales are an indication of future activity, as these numbers represent sales that have a contract executed and will close in the next 30 to 60 days.

“Pending sales are up for the second month in row, and this signals a promising future for our Northern Virginia region,” NVAR CEO Ryan Conrad said.

With interest rates staying low, it’s a great time to buy too, says Ann Yanagihara, an NVAR board member and a Realtor® with Coldwell Banker Residential Brokerage in Vienna.

“I would caution sellers, however, that this is still a very price-sensitive and showing condition-sensitive market, and listings go stale very quickly if you miss the mark in the beginning,” Yanagihara says. “Work hard with your Realtor® to determine the best price for your home and the most effective ways to make your home stand out.”

 

September 2019 Regional Home Sales Compared to September 2018: Northern Virginia
Data as of October 4, 2019; total sales and listings may not include garage/parking spaces

A total of 1,578 homes sold in September 2019, an increase of 10.58% from September 2018 home sales of 1,427.

Active listings decreased this month compared with 2018. Listings were down by about 37% below last year, with 2,616 active listings in September, compared with 4,134 homes available in September 2018.

The average home sale price rose by 4.68% compared with last September, to $600,398. The September 2018 average price was $573,555.

The median sold price of homes this September, which was $510,000, rose by 3.24% compared to the median price of $494,000 in September 2018.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

 

Nora Partlow, Northern Virginia Realtor®, Selected as Finalist for National Award

September 17, 2019

For Immediate Release

Nora Partlow, a Northern Virginia Realtor®, has been selected as a finalist for the National Association of Realtors®’ (NAR) Good Neighbor Award – a national recognition from the largest trade association in the world.

“As professionals who care deeply about the communities they live and work in, Northern Virginia Realtors® are dedicated to giving back,” Northern Virginia Association of Realtors® (NVAR) CEO Ryan Conrad said. “We are very proud of Nora and her generous contributions to Neighborhood Health and our community.”

The NAR Good Neighbor Award honors Realtors® who make the world a better place through extraordinary volunteer work. Partlow, a Realtor® with Coldwell Banker Residential in Arlington, Va., has volunteered with Neighborhood Health for 21 years – providing time, donations, and leadership for fundraising events which netted more than $550,000.

“This is a well-deserved recognition,” NVAR Cares Committee Chair Mary Ann Burstein said. “Nora has been a strong advocate for Neighborhood Health’s mission and the NVAR Cares mission. Volunteers like Nora are an asset for our association and for our community. In fact, last year the NVAR Cares Committee selected Nora as the recipient of our local NVAR Good Neighbor Award.”

Neighborhood Health of Virginia is a nonprofit community health center offering medical, dental, and behavioral health services, as well as pharmacy assistance and HIV care, to more than 20,000 people a year, now via 14 locations.

Partlow was a coffee shop owner when she became aware of Neighborhood Health. It had one site at the time, and she noticed that many of its clients were using her nearby coffee shop, situated among low-income housing units in Arlington’s Del Ray neighborhood, as an ad hoc waiting room. She not only urged employees and clients to use the clinic but also made her coffee shop available to Neighborhood Health staff. Today, Partlow has inspired more than 250 local leaders to support the mission of Neighborhood Health.

“Nora has volunteered at Neighborhood Health since 1997 – the year we were founded. She has played multiple leadership roles including chairing our event planning committees and helping with fundraising events over 21 years,” Dr. Basim Khan, Neighborhood Health’s executive director and head physician, said. “Nora has also been a strong advocate for Neighborhood Health’s mission, helping to raise awareness and opening new doors among colleagues and the business community.” 

Partlow and her family immigrated to the United States from Cuba in the mid-1950s. Having lived through her family’s rise from poverty, Partlow understands the value of community support. 

"It doesn't matter how much you earn," says Partlow, espousing values she learned as an immigrant daughter, an employer of minimum-wage workers, and a person deeply supportive of home ownership. What matters is being "able to give back to your community.”“Nora's selfless giving to our community is an inspiration,” said Christine Richardson, president of NVAR and an agent with Weichert, Realtors® in Great Falls, Va. “She recognized a need, and then she took action. Nora is truly an angel among us. We are so excited to have her efforts recognized at the national level!”

Vote for Nora by Sept. 28:

To vote for Nora Partlow for Web Choice Favorite, increasing the chance for additional financial support to Neighborhood Health, visit NVAR.com/votenora. Learn more about the work of NVAR Cares at NVAR.com/nvarcares.

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The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.comwww.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

Fall Market Set to Kick-Off as Summer Comes to Close Low Inventory, Housing Prices Are “On Trend” in Northern Virginia
Fairfax – “As the leaves begin to fall, so might housing inventory, but Northern Virginia Realtors® still expect buyer and seller activity to pick-up this season,” said Christine Richardson, president of the Northern Virginia Association of Realtors® (NVAR) and an agent with Weichert, Realtors® in Great Falls, Va.

“Housing inventory has been steadily declining since 2015 and is continuing to fall,” Richardson said. “In August of 2018, we had 3,874 homes on the market for sale in Northern Virginia, whereas last month we had only 2,591 properties on the market, which is a 33% drop in inventory.”

That decline is even steeper in the areas closest to Amazon HQ2, Richardson added. Arlington County had a 52% drop in homes for sale and the City of Alexandria’s inventory dropped almost 64% from last year.

“This [low inventory] is not something that emerged all of a sudden. This is not something that happened because Amazon HQ2 was announced in November. This is a continuation of the trend,” said Dr. Terry Clower, director of the George Mason University Center for Regional Analysis, which partners with NVAR to produce market forecast reports, at the NVAR 2019 Economic Summit on Sept. 5.

The average sale price in the NVAR region in August was $609,193, an increase of 3.5% above the August 2018 average of $588,724. The NVAR region covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

“It’s a busy market, but buyers and their Realtors® are educated and cautious,” Richardson said. “Despite low interest rates and falling inventory, we’re not seeing dramatically escalating prices.”

Low inventory invokes affordability concerns in the region, but Northern Virginia isn’t alone in that challenge. Affordable housing inventory is a nationwide problem, and buyers across the country are adjusting to these constraints, Ryan Conrad, NVAR CEO explained. “Based on research from the National Association of Realtors®, consumers are staying in homes longer, skipping “starter” homes, and even purchasing with non-related roommates,” Conrad said.

“We are seeing more first-time buyers investing with a friend or family member in order to be able to afford the purchase,” Richardson commented. “I am currently working with several first-time buyers in their 30s who are looking for something with at least two bedrooms and two baths, so they can rent out a room to help cover their new mortgage payment.”

As buyers adjust to the market, so does the region. In the past year since Amazon HQ2 was announced, local jurisdictions and political leaders have been working towards a regional housing initiative, Stephanie Landrum, president and CEO of the Alexandria Economic Development Partnership, said at the NVAR 2019 Economic Summit.

“We are looking at Amazon not as a cause, but as a catalyst for having this serious regional discussion,” Landrum said. “Our communities … are committed to growth, not just commercially but residentially. We recognize that we each have a stake in helping to solve what is a demand and also a volume issue.”

August 2019 Regional Home Sales Compared to August 2018: Northern Virginia Data as of September 7, 2019; total sales and listings may not include garage/parking spaces

A total of 1,965 homes sold in August 2019, a decrease of 3.49% from August 2018 home sales of 2,036.

Active listings decreased this month compared with 2018. Listings were down by about 33% below last year, with 2,591 active listings in August, compared with 3,874 homes available in August 2018.

The average home sale price rose by 3.48% compared with last August, to $609,193. The August 2018 average price was $588,724.

The median sold price of homes this August, which was $540,000, rose by 4.68% compared to the median price of $515,848 in August 2018.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.
Steady Northern Virginia Real Estate Market Keeps Sellers in the Driver’s Seat Motivated Buyers Harness Low Mortgage Rates to Navigate Limited Housing Inventory
Fairfax – “Steady as she goes,” says Christine Richardson, president of the Northern Virginia Association of Realtors® (NVAR), and an agent with Weichert, Realtors® in Great Falls, Va., describing the region’s July housing activity. “Sales and prices in our NVAR region were relatively flat last month,” says Richardson. Median and average prices were about 1 to 2 percent higher than in 2018, and the total number of sold units were around 1 percent above last July, with buyers paying 99 percent of asking prices, on average.

“In the ‘Amazon Area’ covering Arlington County and Alexandria, the big changes over last year were in average time on the market and the number of active listings,” Richardson says.

Homes in Arlington sold an average of 40 percent faster than last July. In Alexandria, the average number of days on the market was about 53 percent below July 2018. Arlington County and Alexandria both showed a year-over-year decrease in the total number of units sold, at -9.52 percent and -17.03 percent respectively.

“Those decreases reflect significant reductions in the number of available homes for sale compared to last year. Arlington County inventory fell by about 57 percent, and Alexandria had about 56 percent fewer homes for sale in July. What we need now are motivated sellers,” says Richardson.

This past July, Realtors® in Northern Virginia closed on transactions worth $1,380,553,285, which was 2.36 percent above the July 2018 sold dollar volume of $1,348,735,532. Year to date at the end of July, closed sales in the NVAR region totaled $8,248,169,111. The NVAR region includes Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

Fairfax County led the NVAR footprint for the number of July year-over-year units sold, which were up by 6.53 percent, to 1,680.

“Across the region, total dollar sales volume is up, and homes are selling more quickly. This clearly shows activity is there, prices are stable and demand is strong,” says NVAR President-elect Nicholas Lagos of Century 21 New Millennium in Arlington.

With the recent drop in average 30-year fixed mortgage rates, to 3.6 percent as of August 8, according to Freddie Mac, buyers are eager to lock in favorable terms.

“We’ve certainly experienced an uptick in refinancing activity, and I’m sure the recent lowering of the fed funds rate has contributed,” says Fred Westerlund, CEO of MBH Settlement Group and chairman of the NVAR Real Estate Finance and Settlement Forum. Westerlund believes that the rate cut isn’t deep enough to significantly impact affordability. “Our biggest challenge remains inventory,” says Westerlund.

There is plenty of opportunity for potential sellers in this market. “The hope is that sellers recognize there are eager buyers who could qualify to borrow more right now than they might when rates rise again,” says NVAR CEO Ryan Conrad. “Perhaps this will motivate some sellers to make a move now instead of waiting to see if prices will continue to climb,” Conrad says.

Lagos says that for the most part, it is still a sellers’ market in most areas, particularly those closer to the District.

“With the very buyer-friendly interest rates, it seems that will only continue to drive the demand for housing – with a realization that a buyer needs to be prepared and act quickly if a home shows well and is well priced,” Lagos says.

July 2019 Regional Home Sales Compared to July 2018: Northern Virginia Data as of August 6, 2019; total sales and listings may not include garage/parking spaces

A total of 2,232 homes sold in July 2019, an increase of 0.90 percent above July 2018 home sales of 2,213.

Active listings decreased this month compared with 2018. Listings were down by about 31 percent below last year, with 2,630 active listings in July, compared with 3,837 homes available in July 2018. The average DOM for homes in July was 32 days, a decrease of 34.69 percent compared to the 49 DOM for homes in July 2018.

The average home sale price rose by 1.58 percent compared with last July, to $619,082. The July 2018 average price was $609,460.

The median sold price of homes this July, which was $542,750, rose by 1.45 percent compared to the median price of $535,000 in July 2018.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review
Wet June Weather Won’t Dampen Northern Virginia Housing Market Homebuyer Enthusiasm Pushes Limits on Pricing

Fairfax – “Temperatures were not the only things rising in Northern Virginia last month,” says Christine Richardson, president of the Northern Virginia Association of Realtors®. “Our NVAR region saw average prices that were 5 percent higher than in 2018, and the average price in Arlington rose by almost 14 percent above last year,” Richardson says.

The average sale price in the NVAR region in June was $632,016, compared to $601,928 in June of 2018. The year-to-date average price at the end of June was $608,685, which was 3.38 percent higher than the year-to-date average in mid-2018. Sales volume for the first half of 2019 in the NVAR region remained substantially unchanged from last year, at $6,529,368,687, just 0.33 percent below 2018 sales volume. The NVAR region covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. In Arlington, the average sale price was $737,905, an increase of 13.72 percent above the June 2018 average of $648,856.

Rising home prices, like job growth, are indicators of economic success, says Dr. Terry Clower, director of the George Mason University Center for Regional Analysis, which partners with NVAR to produce market forecast reports. “The effects we’re seeing now are the same any time there’s economic growth that’s attracting new workers to a region,” Clower says.

According to the National Association of Realtors®, the economic impact of a typical home sale in Virginia is $94,830, explains Ryan Conrad, CEO of the Northern Virginia Association of Realtors®. “NAR reports that in 2018 the real estate industry accounted for $97.6 billion, or 18.3 percent, of the gross state product,” Conrad says. These figures include income generated from real estate industries, expenditures related to home purchases, the multiplier effect of housing related expenditures and new home construction.

“Low mortgage rates, a strong stock market, and healthy local economy have buyers eager to purchase homes in Northern Virginia,” says Derrick Swaak, a broker with TTR Sotheby’s International Realty in McLean and 2019 NVAR Secretary-Treasurer. “But a lower supply of listings this year has created a market where multiple offers and quick sales are becoming more common. The average days on market has dropped from 46 days to 31 days in this sellers’ market, and while we have seen moderate price increases, buyers are already at the peak of their purchasing power.

“Nowhere is this more apparent than in Arlington and Alexandria, where the number of homes for sale is half of what there was last year due to the ‘Amazon Effect,’ or at least the perception of that effect. Amazon hasn’t hired too many employees locally yet, but investors have snapped up available inventory and some sellers have put off selling their properties in anticipation of outsized price increases over the next few years,” says Swaak.

The declining number of available homes for sale is a challenge, particularly for entry-level buyers. 

“Realtors® are working closely with buyers to be creative and explore all options in this tight market,” Richardson says. “With homes selling for above asking price in many situations, buyers need to be prepared to act quickly. Our region does typically experience a seasonal summer slowdown, so buyers who struggled to compete during the busy spring market may find more opportunities now.

“While this market has been great for sellers and is a sign of our strong economy, housing affordability is certainly top of mind among real estate professionals,” says Richardson. “NVAR has joined local collaborative efforts to address housing needs and support the renewed focus on affordability in our local jurisdictions.”

June 2019 Regional Home Sales Compared to June 2018: Northern Virginia
Data as of July 6, 2019

A total of 2,335 homes sold in June 2019, a decrease of 9.53 percent below June 2018 home sales of 2,581.

Active listings decreased this month compared with 2018. Listings were down by about 27 percent below last year, with 2,880 active listings in June, compared with 3,946 homes available in June 2018. The average DOM for homes in June was 31 days, a decrease of 32.61 percent compared to the 46 DOM for homes in June 2018.

The average home sale price rose by 5 percent compared with last June, to $632,016. The June 2018 average price was $601,928.

The median sold price of homes this June, which was $565,155, rose by 3.13 percent compared to the median price of $548,000 in June 2018.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

NVAR Charts, Graphs, Social Media for June 2019 NVAR Housing Stats

June Housing Data: Click Here.

Infographic: Click Here.

The June Market Stats Page: Click Here.

June Market Minute Video: Click Here.

These links are accessible from the Market Stats page: Click Here.

 

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Northern Virginia Home Prices in Full Bloom; May Market Reflects Continued Spring Growth Cycle

June 12, 2019

For Immediate Release

Northern Virginia Home Prices in Full Bloom; May Market Reflects Continued Spring Growth Cycle

Homebuyers in Northern Virginia Push Prices to Record Peak; NVAR/GMU-CRA Forecast Adjusted to Reflect Region’s HQ2 Effect

Fairfax – A dramatic first-quarter uptick in sales activity prompted a revised 2019 housing market forecast by the Northern Virginia Association of Realtors® (NVAR), in partnership with the George Mason University Center for Regional Analysis (GMU-CRA).

“Escalating prices and a diminishing number of available homes for sale combined to cause us to revisit 2019 projections for our NVAR market footprint,” said NVAR President Christine Richardson of Weichert, Realtors®. Members of an NVAR/GMU-CRA forecast focus group reconvened in March to reconsider regional market projections that were made in November 2018. The NVAR region covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

Median prices of homes sold in Arlington County are expected to show a 17.2 percent year-over-year increase by the end of 2019, announced GMU-CRA Director Dr. Terry Clower at the June 7, 2019 NVAR Finance Summit. This reflects a significant change from the NVAR/GMU-CRA original 2019 projected year-over-year increase of 5.1 percent. The median sale price in Arlington County in May was $615,000, a 9.82 percent increase compared to May 2018.

“This is a market response to the Amazon HQ2 announcement with investors competing with residents for a shrinking number of homes for sale. The price gains we foresee do not reflect an overall bubble in housing prices but rather reflect the specific circumstances of our current market” Clower said.

The Fairfax County median sale price is expected to see a 2019 year-over-year gain of about 7 percent, Clower said. This is more than double the original 3.1 percent projected year-over-year growth.

“The average sold price to original list price ratio in May was 99.9 percent for the NVAR region, and over 100 percent in both Arlington and Alexandria,” said Richardson. “Ratios at that level reflect a housing market with multiple offers on the table, and that’s what we’re continuing to see.”

Regarding possible limits on how high prices will climb, Clower said that mortgage qualification is the biggest restraint. “Our folks in the lending industry are constrained by the notion that they expect that [buyers are] actually able to pay [the loan] back.”

For the second consecutive month, the number of homes sold in the NVAR region reached a 14-year high. Buyers in the NVAR market closed on 2,381 homes in May – the highest number of May total sales since 2005, when there were 3,213 homes sold.

The pace of sales continued to climb in May, with homes selling within an average of 27 days on market (DOM).

“With average days on market down 42 percent compared with last May, the result is less than one month of inventory in some areas," said NVAR Board Member Ritu Desai, of Samson Properties.

"Speculation on higher pricing once Amazon settles in the region has caused many sellers not to sell their homes now,” said Desai. “While the number of potential buyers entering the housing market in the Northern Virginia region is rising, the ripple impact of low inventory and high demand has caused a tough market for them,” she said.

Clower explained that some homeowners have also decided that since Amazon is coming, maybe they can live in their house a bit longer and then convert it to a rental property.

“I’m really concerned about the number of ownership to rental conversions we may have going forward, particularly as valuations get higher,” Clower said.

Based on revised projections, the number of available homes for sale in Fairfax County is expected to be down 10.2 percent at the end of 2019. The decline was previously projected to be just 2.4 percent.

“Arlington inventory has fallen off a cliff,” Clower said, and is expected to be down by 18.8 percent at the end of 2019. The original forecast showed a 7 percent year-end decline.

The number of available homes in Alexandria is expected to show a year-end decline of 37.5 percent in 2019. Previously, that decline was projected at 0.6 percent.

“Buyer interest is not likely to decline in the near term,” said NVAR CEO Ryan Conrad. “Employment across the D.C. Metro region continues to be healthy, and our partners at GMU-CRA tell us that almost all of the regional job growth is happening here in Northern Virginia.”

Panelists at the June 7 NVAR Finance Summit noted that much of the new Amazon recruiting will focus on international prospects, Conrad explained. “Our members are prepared to work with all newcomers to our region, and many local Realtors® have already earned their Certified International Property Specialist (CIPS) designation or are planning to do so at NVAR later this year,” said Conrad.

Mortgage rates continue to be a potential motivating factor for prospective homebuyers. Average rates on both 30-year fixed and 15-year mortgages dropped on Tuesday, to 3.99 percent and 3.25 percent respectively.

May 2019 Regional Home Sales Compared to May 2018: Northern Virginia
Data as of June 6, 2019

A total of 2.381 homes sold in May 2019, a decrease of 3.17 percent below May 2018 home sales of 2,459.

Active listings decreased this month compared with 2018. Listings were down by about 23 percent below last year, with 2,916 active listings in May, compared with 3,790 homes available in May 2018. The average DOM for homes in May was 27 days, a decrease of 42.55 percent compared to the 47 DOM for homes in May 2018.

The average home sale price rose by 3.04 percent compared with last May, to $626,345. The May 2018 average price was $607,886.

The median sold price of homes this May, which was $552,750, rose by 2.84 percent compared to the median price of $537,500 in May 2018.

View our May 7 Finance Summit presentations on NVAR.com.

Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR’s RE+VIEW magazine, found at NVAR.com/review.

NVAR Charts, Graphs, Social Media for May 2019 NVAR Housing Stats

May Housing Data:

https://www.nvar.com/docs/default-source/housing-and-market-statistics/may-market-stats-2019.pdf?sfvrsn=8580bd0d_2

Infographic: 

https://www.nvar.com/images/default-source/default-album/05-19_marketstats_vertical2.jpg?sfvrsn=dc80bd0d_3

The May Market Stats Page:

https://www.nvar.com/realtors/news/market-statistics/market-statistics-may-2019

May Market Minute Video:

https://youtu.be/SLZr3bas_pQ

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

The Northern Virginia Association of Realtors®

8407 Pennell Street

Fairfax, Virginia 22031

703.207.3200

nvar.com

 

June 12, 2019

For Immediate Release

Ann Gutkin

Vice President, Communications

703.207.3216; agutkin@nvar.com

 

Kate O’Toole

Digital Content Manager

703.207.3283; kotoole@nvar.com

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

Multiple Offers, ‘Packs’ of Investors, Record January Sales Point to Early Start of Spring Market, Reports the Northern Virginia Association of Realtors®

Multiple Offers, ‘Packs’ of Investors, Record January Sales Point to Early Start of Spring Market, Reports the Northern Virginia Association of Realtors®

Fairfax – “With mortgage interest rates at a 10-month low, and our regional home sales at a 10-plus-year high, Northern Virginia Realtors® anticipate an active spring market,” said Ryan Conrad, CEO of the Northern Virginia Association of Realtors®.

January home sales in the NVAR region, which includes Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, rose to 1,127, the highest number of January home sales here since 2007.

“The Amazon HQ2 announcement, plus favorable interest rates and a relatively mild winter, have all contributed to bringing the buyers out early this year,” said NVAR President Christine Richardson. “Open house traffic has been brisk in January and early February, and many properties have been sold with multiple offers,” she said.

For the third consecutive month, the number of “New Under Contracts” in the NVAR region – contracts which may include contingencies – were up year-over-year by at least 70 percent.

“Interest rates remaining low, the excitement of Amazon and what’s to come with Virginia Tech’s new center have definitely impacted the buyer pool,” said Rachel Carter, branch vice president of Coldwell Banker Residential Brokerage in Alexandria and chair of the NVAR Technology Advisory Group. “For condo listings in the Pentagon City/National Landing area, we saw ‘packs’ of investors on tour at our open houses,” she said.

Carter’s Alexandria office in January saw significant increases in closed volume, average sales prices and sides compared with January 2018, she explained. “Interestingly, the rentals that we’ve closed also saw a solid increase in closed price year over year. We are clearly seeing more activity and an ‘early spring,’” Carter said.

Inventory is top of mind for many area homebuyers and real estate professionals. “The number of homes for sale is down 20 percent from January of 2018,” said Richardson. “In addition, the average days on market is down from 80 days in 2018 to 63 days in 2019, a more than 21 percent drop. The average sales price is holding steady, however, at $565,000 in January 2019 compared to $567,000 in the same month last year. Given these factors, sales prices should rise as we move through the traditionally busy spring market,” she said.

The Arlington market, arguably most impacted by potential Amazon activity, continued to thrive in January. It outpaced the NVAR region as a whole, with a median sold price of $615,000, up by 20 percent over the prior year. The number of January sales in Arlington grew by 7 percent compared with January 2018.

January 2019 Regional Home Sales Compared to January 2018: Northern Virginia

The Northern Virginia Association of Realtors® reports on January 2019 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 1,127 homes sold in January 2019, a 2.83 percent increase above January 2018 home sales of 1,097.

Active listings decreased this month compared with 2018. Listings were down about 20 percent below last year, with 1,750 active listings in January, compared with 2,193 homes available in January 2018. The average days on market (DOM) for homes in January 2019 was 63 days, a decrease of 21.25 percent compared to the 80 DOM for homes in January 2018.

The average home sale price fell by less than 1 percent compared with last January, to $565,032. This is just 0.47 percent below the January 2018 average price of $567,710.

The median sold price of homes this January, which was $495,000, rose by 4.21 percent compared to the median price of $475,000 in January 2018.

The 1,356 new pending home sales in Northern Virginia in January were 6.09 percent below the 1,444 contracts that were pending in January last year. Pending contracts are those for which all contingencies have been removed. Total pending sales in January were down by 2.44 percent, to 1,678, compared with 1,720 pending contracts in January 2018.

NVAR Charts, Graphs, Social Media for January 2019 NVAR Housing Stats

GMU-NVAR Housing Projections (pre-government shutdown analysis):

https://nvar.com/docs/default-source/market-stats-home-sales-reports/2019-marketforecast.pdf?sfvrsn=e89aa00d_2

January Housing Data:

https://nvar.com/docs/default-source/market-stats-home-sales-reports/january-market-stats-2019.pdf?sfvrsn=1d04a20d_2

Infographic: 

https://nvar.com/images/default-source/default-album/01-19_marketstats_vertical.jpg?sfvrsn=3810a20d_0

The January Market Stats Page

https://nvar.com/realtors/news/market-statistics/market-statistics-january-2019

January Market Minute Video:

https://youtu.be/U3uBAphS5Ss

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

‘HQ2 High,’ Short-Term Uncertainty Reflected in Northern Virginia Association of Realtors® December Housing Market; New ‘Under Contracts’ Up 74 Percent Year-end Numbers Mirror Historic Highs of 2017; Government Shutdown Impact to be Determined

Fairfax – “Contracts in the pipeline and home sales are up in our NVAR footprint despite stock market swings and a continuing federal government shutdown,” said Northern Virginia Association of Realtors® CEO Ryan Conrad. “Even with these factors, our housing market is holding steady. We know that people want to live in Northern Virginia.

“In 2018, Realtors® in Northern Virginia conducted transactions at a pace almost identical to 2017, which was the highest since 2005,” Conrad said. “The NVAR region’s 22,140 home sales in 2018 totaled $13,075,494,842, closely matching the 22,555 homes sold in 2017 for a $13,074,994,902 volume.”   

Strong job growth, low unemployment and a positive economic outlook resulting from federal tax reform created a solid year for real estate in Northern Virginia, explained NVAR President Christine Richardson. “We expect a similar market in 2019,” she said.

Speaking to a group of regional real estate leaders on Jan. 10, National Association of Realtors® Chief Economist Lawrence Yun touted Northern Virginia’s status as a tech hub to reinforce his long-term solid growth forecast for the area’s housing. But in the near-term, Yun said, tax reform, lagging consumer confidence, the government shutdown and economic uncertainty are keeping home sales flat nationwide. That said, year-end total 2018 home sales in the NVAR region were just 2 percent below 2017 total sales.

However, home sales rose by 5.43 percent in December 2018 compared to December 2017, buoyed by 28 percent year-over-year increases in both Arlington and Alexandria – perhaps due to investor speculation in the wake of Amazon’s adjacent National Landing HQ2 announcement.

“The buzz HQ2 has created will definitely impact our market for years,” said NVAR Board Member Reggie Copeland, C.R. Copeland Real Estate in Fairfax.

Contracts also skyrocketed in December. New “Under Contracts,” which may include contingencies, were up 73.75 percent compared to December 2017. New “Pendings,” those contracts ready to close, were up 16.51 percent over 2017.

“While mortgage interest rates may inch up, the Fed in December lowered its 2019 projection to two increases of the federal funds rate. However, the potential for rising interest rates, combined with the Amazon announcement, has spurred many buyers into action. We’ve seen first-time buyers, who were sitting on the sidelines waiting for the right time to act, jump in to the market,” said Richardson.

It’s too soon to tell what impact, if any, the federal government shutdown will have on the NVAR region’s housing market. National Association of Realtors® federal government shutdown survey data shows 11 percent of surveyed Realtors® reporting an impact on current clients and potential clients. The largest number of respondents cited general economic uncertainty as the reason for a consumer’s decision not to buy.

Inventory remains a challenge for the NVAR region, with active listings falling by 20 percent in December compared with 2017.

“The difference is felt when you’re showing properties and you’re only able to show them one or two homes per showing – and they don’t have a lot of time to think about it!” said Copeland.

However, the inventory levels are not causing skyrocketing prices, explained Richardson. “Buyers – and their Realtors® – are extremely well educated about market values and are not willing to overpay for a property just to win the right to buy it.”

Despite continuing job growth and mortgage rates still below historic norms, the NVAR region can use more homes at affordable price points. “But our Realtor® members keep a trained eye on economic trends and financing options to maximize available opportunities for those hoping to buy or sell a home in Northern Virginia,” said Conrad.

Looking ahead with optimism, Copeland said, “We’re definitely starting to see more listings come on the market as of January.”

Richardson agreed, noting that activity in the marketplace is already increasing rapidly, despite the fact that it’s only early January. “We are seeing open houses with 30 to 40 visitors in three hours,” said Richardson. “This suggests that we will have a very busy Spring market in 2019.”

December 2018 Regional Home Sales Compared to December 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on December 2018 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 1,514 homes sold in December 2018, an increase of 5.43 percent above December 2017 home sales of 1,437.

Active listings, which include detached, attached and condo/co-op properties, decreased this month compared with 2017. The NVAR region had 1,905 active listings in December, compared with 2,388 homes available in December 2017.

The average home sale price rose by about 1 percent compared with last December, to $593,400. The December 2017 average sale price was $591,005.

The median sold price of homes this December, which was $512,000, held steady compared to the December 2017 median of $510,000.

The 1,270 new pending home sales in Northern Virginia in December were 16.51 percent above the 1,090 contracts that were newly pending in December last year. Total pending sales of 1,697 in December were up by 14.12 percent, compared with 1,487 total pending contracts in December 2017.

NVAR Charts, Graphs, Social Media for November 2018 NVAR Housing Stats

GMU-NVAR Housing Projections: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2019-marketforecast.pdf?sfvrsn=e89aa00d_2

December housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/december-market-stats-2018.pdf?sfvrsn=3b6fa10d_2

Infographic: https://nvar.com/images/default-source/default-album/012-2018_dec_static.jpg?Status=Temp&sfvrsn=6f6aa10d_0

The December Market stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-december-2018

December Market Minute Video: https://www.youtube.com/watch?v=w7BhUvmcphE&feature=youtu.be

These links are accessible from the Market Stats page here: https://nvar.com/realtors/news/market-statistics

###

The Northern Virginia Association of Realtors® Announces its $41,000 in Donations to 19 Nonprofit Beneficiaries. Funds dispersed by the 2018 NVAR Cares Committee

Dec. 18, 2018

The Northern Virginia Association of Realtors® Announces
its $41,000 in Donations to 19 Nonprofit Beneficiaries.
Funds dispersed by the 2018 NVAR Cares Committee

Fairfax, VA – The Northern Virginia Association of Realtors® donated $41,000 in outreach and philanthropy to 19 local nonprofits through its NVAR Cares Committee in 2018. This committee considered proposals for funding from local nonprofits and made decisions to donate time and money based on each mission’s alignment with NVAR’s goals for charitable giving and its strategic plan. The largest donation went to the Habitat for Humanity Over the Edge fundraiser, which NVAR served as the Media Day Sponsor for in 2018. In addition, NVAR awarded its second NVAR Hero Award to Nora Partlow, a Realtor® with Coldwell Banker, who was nominated by the Neighborhood Health nonprofit in Alexandria.

On Nov. 8, 2018, the NVAR Cares Committee hosted its first fundraiser, “Party with a Purpose,” at the Paradise Springs Winery in Clifton.

“The NVAR Cares Committee is proud to build partnerships with organizations that share our mission of helping the community,” said 2018 NVAR Cares Committee Chair Marriah Unruh. “We are honored to give to local nonprofits that help so many people who need immediate assistance. The passionate, devoted members of this committee have been very inspirational. They are a special, generous group of people.”

Said 2018 NVAR President of the Board Lorraine Arora, “As an association of professionals who are dedicated to helping achieve their dreams of homeownership, it is important that we also help those who are not as fortunate as our clients and our members. The NVAR Cares Committee oversees our association’s vetting of qualified charities that will truly serve the underserved right in our own backyards. We are not only about the bottom line: we believe in corporate social responsibility.”

The 2018 NVAR Cares Committee recipients are:

  1. Alliance for Housing Solutions
  2. Brain Foundation
  3. Chimes Virginia
  4. Culpepper Garden
  5. DC Candlelighters
  6. First Home Alliance
  7. Good Shepherd Housing
  8. Graham Road Elementary School
  9. Habitat for Humanity of Northern Virginia
  10. HomeAid
  11. Homestretch
  12. Neighborhood Health
  13. Northern Virginia Mental Health Foundation
  14. Pathway Homes
  15. PHILLIPS Programs for Children and Families
  16. Psychiatric Rehabilitation Services (PRS)
  17. Shelter House
  18. Wholehearted Foundation
  19. Women Giving Back

 

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more.

The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property.

NVAR has grown to more than12,000 Realtors® and business affiliates who carry out an estimated $11 billion real estate industry in a community of more than 2 million residents.
Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com.

 

12/12 Symposium Examines Amazon HQ2’s Impact on Local Housing: National Economists to Analyze What to Expect Live Streaming on YouTube Set

Dec. 5, 2018

 

Live Stream: https://www.youtube.com/user/MasonSOM

 

12/12 Symposium Examines Amazon HQ2’s Impact on Local Housing:
National Economists to Analyze What to Expect
Live Streaming on YouTube Set

Arlington, VA -- George Mason University’s Center for Real Estate Entrepreneurship (CREE), the Northern Virginia Association of Realtors® (NVAR), and the Northern Virginia Apartment Association (NVAA) present:

 “Amazon HQ2: Impact on Local Housing Markets”, a symposium on the potential impact of the Amazon HQ2 project on housing demand, supply, and pricing in Northern Virginia.

The event will take place on Wed., Dec. 12 at 5:30 p.m. at the Founders Hall Auditorium on the George Mason Arlington campus.  The symposium will feature local housing experts Jeannette Chapman (Deputy Director, Stephen S. Fuller Institute, George Mason University), Danielle Hale (Chief Economist, Realtor.com), Ben Sage (Director for Mid-Atlantic Region, Metrostudy), Michelle Winters (Executive Director, Alliance for Housing Solutions), Sandy Paul ((Senior Managing Director, National Research - Newmark Knight Frank), and Christian Barreiro (The Zupancic Group of Marcus and Millichap).

Amazon HQ2, one of the most anticipated national corporate expansions, will be situated in newly branded National Landing, in Northern Virginia with an expectation of 25,000 full-time high-paying jobs; approximately $2.5 billion in Amazon investment; 4 million square feet of office space with the opportunity to expand to 8 million square feet; and an estimated incremental tax revenue of $3.2 billion over the next 20 years.

“The pending expansion of Amazon into Northern Virginia has created questions on the net impact on the quality of life that makes this region so appealing to major employers,” stated Eric Maribojoc, Executive Director of CREE. “Even prior to the Amazon announcement, our region requires new and innovative ways to plan, design, and build housing to address issues such as affordability and traffic.  As part of the largest university in Virginia and through events like this, our George Mason University real estate center works to convene experts, provide information, and educate the industry and real estate consumers.”

Said Ludwig Gaines, Executive Director of NVAA. “We view Amazon HQ2 as a tremendous regional opportunity with real impacts on the multifamily housing industry. On behalf of our membership, including apartment owners, management companies and the vendors that service NOVA's apartment industry, we are excited to be at the forefront of examining this issue, and look forward to hearing from the experts on HQ2's potential impacts. The unknown will soon be known and preparing our membership and partners for what’s to come is critical.”

According to NVAR President Lorraine Arora.  “The arrival of Amazon’s HQ2 will present a challenge to housing demand in coming years, especially for the rental market. We expect real estate values to have incremental gains, and new home construction may accelerate. Keep in mind that Crystal City lost more than 17,000 workers from the federal Base Realignment and Closure Commission one decade ago. The new Amazon jobs will reinforce our region’s diversity and help sustain our economic growth.”

Said NVAR CEO Ryan T. Conrad, “We aim to ensure that Realtors®, business leaders and the community are fully informed about the housing demands created by Amazon’s move. One thing we know is that we are very different from Seattle. Our local economy and housing market are positioned to absorb these new needs, and we are confident that our highly competent and professional Realtor® members will provide excellent service to those seeking a new home anywhere in our region.” The association will track the trends, data points and infrastructure developments so our community is out in front of this, he said.

The event will be live streamed at https://www.youtube.com/user/MasonSOM

To accommodate high demand of interest from local Realtors®, NVAR is hosting a simultaneous watch party on Dec. 12 at its Fairfax headquarters, 8407 Pennell St., Fairfax, VA.

 

* * *

The Center for Real Estate Entrepreneurship (CREE) at the George Mason University’s School of Business (http://business.gmu.edu/realestate/) is the university’s connection with the real estate industry and supports real estate education through a Masters in Real Estate Development program and industry-focused educational events and collaborations. 

 

The Northern Virginia Apartment Association (NVAA) was founded over 60 years ago with the clear purpose of representing, protecting and promoting its membership’s business interest in Northern Virginia. With this strong foundation, today’s NVAA is built upon 3 pillars: Advocacy, Education and Elevation. No other professional association has as its exclusive focus your interests in the rapidly evolving Northern Virginia region. NVAA focuses on (1) championing the industry’s legislative priorities at both the local and state government levels, (2) on providing both upper level and practical education and training to both owner members, managers and staff, and (3) on providing professional networking opportunities through various events and activities for all members of the industry. Contact NVAA at https://www.nvaaonline.com/.

The Northern Virginia Association of Realtors® (NVAR) serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to nearly 13,000 Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com.

 

 

November’s Northern Virginia New Under Contract Sales Jump Nearly 90 Percent in the Wake of the Amazon News; Despite Lean Inventory, Market Sentiment is Not Dampened (November 2018 Housing Stats)

Dec. 14, 2018

 

November’s Northern Virginia New Under Contract Sales Jump Nearly 90 Percent in the Wake of the Amazon News; Despite Lean Inventory, Market Sentiment is Not Dampened,
Reports the Northern Virginia Association of Realtors®

 

Fairfax – “While there is speculation about the real estate market showing signs of softening nationwide, our Northern Virginia data still reflects a promising direction,” said Northern Virginia Association of Realtors® CEO Ryan Conrad.

According to Derrick Swaak, managing broker of TTR Sotheby’s International Realty in Mclean, “The market seemed to have pivoted from a seller’s market this spring to a softer buyer’s market this fall, probably because of a lack of inventory, stock market gyrations, and mortgage rates that have been creeping up slightly.”

Explained Conrad, “The new pendings in our NVAR footprint are up 11.5 percent, which means that these homes are ready to proceed to close. Arlington’s new pendings are up more than 46 percent compared to 2017. Alexandria’s new pendings rose 27 percent, and we believe these spikes may stem from one reason: The Amazon effect.”

While new employment and new business are highly anticipated, “November’s housing market continued to be affected by the dearth of available houses for sale in Northern Virginia,” said Swaak.

 “The pleasant surprise from November’s housing market data was a significant pop in new contracts,” Swaak added. “New under contract sales jumped nearly 90 percent in the NVAR footprint, which means that a buyer’s offer has been accepted by the seller. Some of that increase was a reaction to an unexcepted, but welcome, retreat of mortgage rates in the second half of the month, plus a frenzy of condo buying activity in the areas surrounding Amazon’s new H2Q location in Crystal City.”

NVAR President Lorraine Arora noted, “It is increasingly important that our practitioners become hyper aware of market conditions since Crystal City and Alexandria have become a hotbed of market action.” That also has a ripple effect to outlying areas, even crossing the river, she said.

“The average rate for a 30-year fixed-rate mortgage of 4.75 percent is still reasonable, and consumers know rates could rise again,” Arora said. “The new tax law will likely not become a drag in our Northern Virginia market considering our local economy’s direction. Demand will drive sales. If we could only create a solution for our affordable housing challenge: our inventory is lean at low price points and that must change.”

 

November 2018 Regional Home Sales Compared to November 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on November 2018 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 1,503 homes sold in November 2018, a decrease of 7.05 percent below November 2017 home sales of 1,617.

Active listings, which include detached, attached and condo/coop properties, decreased this month compared with 2017. Listings were down 11.87 percent below last year, with 2,851 active listings in November, compared with 3,235 homes available in November 2017.

The average home sale price fell by less than 1 percent compared with last November, to $577,476. The November 2017 average sale price was $580,733.

The median sold price of homes this November, which was $510,000, was 2 percent above the November 2017 median of $499,900.

The 1,704 new pending home sales in Northern Virginia in November were 11.45 percent above the 1,529 contracts that were newly pending in November last year. Total pending sales of 2,123 in November were up by 8.26 percent, compared with 1,961 total pending contracts in November 2017.

NVAR Charts, Graphs, Social Media for November 2018 NVAR Housing Stats

 

GMU-NVAR Housing Projections: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_spring_gmu_forecast.pdf?sfvrsn=1408a40d_2

November housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/november-market-stats-2018.pdf?sfvrsn=5e2aa00d_2

Infographic: https://nvar.com/images/default-source/default-album/011-2018_nov_static.jpg  

The November Market stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-november-2018

November Market Minute Video: https://youtu.be/1i3gFMGH4sM

These links are accessible from the Market Stats page here: https://nvar.com/realtors/news/market-statistics

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

The Northern Virginia Association of Realtors® Honored with Platinum Global Achievement Program Award By National Association of Realtors® at Annual Convention in Boston, MA

November 19, 2018

 

The Northern Virginia Association of Realtors®
Honored with Platinum Global Achievement Program Award

By National Association of Realtors®
at Annual Convention in Boston, MA

 

Boston, MA -- The Northern Virginia Association of Realtors® Global Council received the Platinum Global Achievement Program Award from the National Association of Realtors® at the NAR Convention in Boston on Nov. 3, 2018. This places NVAR Global in the top 10 percent of Global Councils nationwide, according to NAR. 

“Our goal at NVAR is to increase and expand our members’ awareness about conducting global business opportunities with clients in our region,” said NVAR CEO Ryan T. Conrad. “We have individuals and companies that seek foreign investment opportunities, and we have diverse clients eager to conduct business in the Washington D.C area. Since our region is an international magnet, we provide quality training to our practitioners who assist clients with multi-cultural transactions.”

The 2018 NVAR Global program consisted of initiatives such as trade missions to foreign countries; member involvement as NAR President’s Liaisons to Guatemala, Spain, South America, Vietnam and Cambodia; representation at the international real estate conference, MIPIM, and regional partnerships to create Capitalize DC.

According to the 2018 NVAR President Lorraine Arora, “Our 2018 NVAR Global Council provides the highest level of service to our members by consistently providing them with tools and resources they need to excel in cross-border investment for both commercial and residential transactions. NVAR offers the Certified International Property Specialist Designation (CIPS) training. We, at NVAR, also host Korean, Hispanic and Vietnamese Cultural Forums as well as events that analyze global opportunities in the local market.

“We are especially thrilled for this year’s honor, as it marks our third consecutive year; this keeps us on track to qualify us for the NAR Diamond Global Achievement Program Award in two years,” she said.

“We are thankful to NVAR’s Global Council members for their commitment to enhancing global business opportunities for Realtors® in the Northern Virginia market,” said Jan Hope, NAR Vice President of Commercial & Global Services. “They have done an outstanding job and we are pleased to provide them with the Platinum Global Achievement Program Award.”

The NVAR Global Council was formally recognized at the NAR Conference’s International Night Out.

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The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to nearly 13,000 Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon, VA.

 

 

‘Principle of Anticipation’ kicks in for October’s Buyers, Sellers in Northern Virginia: New Listings, New Contracts Rise 7 Percent; Active Listings, All Pendings Dip 7 Percent (October 2018 Housing Stats)

Nov. 14, 2018

 

‘Principle of Anticipation’ kicks in for October’s Buyers,
Sellers in Northern Virginia: New Listings, New Contracts Rise 7 Percent; Active Listings, All Pendings Dip 7 Percent,
Reports
the Northern Virginia Association of Realtors®

Fairfax – While being selected as an HQ2 site by Amazon, one of the world's biggest companies, is cause for celebration among politicians and business leaders, Northern Virginia residents and prospective homebuyers have valid concerns about how such an announcement will affect housing affordability. Last month, the October housing market in Alexandria, Arlington, Fairfax, Clifton and Falls Church combined recorded a 4 percent dip in total sales compared to sold homes one year ago, according to Northern Virginia Association of Realtors® housing data.

“With the DC region as one of the nation’s top five spots for tech talent, we remained cautiously optimistic that Amazon’s HQ2 announcement would include the region where Bezos lives,” said NVAR CEO Ryan T. Conrad. “This week’s announcement to divide the location of Amazon’s second headquarters between Queens, NY and Arlington’s National Landing (aka Crystal City) provides great affirmation about our region’s value and strong fundamentals.”

Conrad noted, “With our area’s boost of new listings of nearly 7 percent, seller confidence is emerging, and will likely stick long-term in light of this Amazon business news.”

According to NVAR’s President Lorraine Arora, “With the coming tsunami in Northern Virginia housing demand, the issues of affordable new properties and resales at value-priced points loom as our ongoing challenges. That said, some of our agents observed greater than usual buyer traffic in October resulting in multiple offers on properties that had little action previously.” Market activity should show steady increases now that there is an infusion of new business lines in our NVAR footprint, she predicted.

The still reasonable interest rates provided incentives to serious clients, according to Tracy Comstock, principal broker of SilverLine Realty & Investments. “For under-$1 million properties, both buyers and sellers compromised in October. Trying to get in front of the expected rate increases, sellers were more willing to negotiate prices, recognizing that their own buying power would be less. The same held true for buyers: they were anxious to complete the transactions to ensure they would get the best possible rate and could maximize their buying power now.

“Another interesting note is that the ‘Principle of Anticipation’ works so well in the Reston Metro and Tysons’ areas. Buyers are willing to pay higher price for pre-construction condos or townhomes in Metro-accessible areas,” Comstock observed.

 

October 2018 Regional Home Sales Compared to October 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on October 2018 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 1,585 homes sold in October 2018, a decrease of 4 percent below October 2017 home sales of 1,652.

Active listings decreased this month compared with 2017. Listings were down 6.19 percent below last year, with 3,789 active listings in October, compared with 4,039 homes available in October 2017.

The average home sale price rose compared with last October, to $569,748. This is an increase of less than 1 percent above the October 2017 average price of $564,356.

The median sold price of homes this October, which was $490,000, rose by 3.16 percent compared to October 2017, when the median price was $475,000.

The 1,771 new pending home sales in Northern Virginia in October were 1.5 percent fewer than the 1,798 contracts that were pending in October last year. Total pending sales of 2,042 in October were down by 7.43 percent, compared with 2,206 total pending contracts in October 2017.

 

NVAR Charts, Graphs, Social Media for October 2018 NVAR Housing Stats

 

GMU-NVAR Housing Projections: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_spring_gmu_forecast.pdf?sfvrsn=1408a40d_2

October housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/october-market-stats-2018.pdf?sfvrsn=1256a70d_2October

Infographic: https://nvar.com/images/default-source/default-album/010-2018_oct_static.jpg?sfvrsn=156a70d_0

The October Market stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-october-2018

October Market Minute Video: https://www.youtube.com/watch?v=7N7tO3Ko7qk&feature=youtu.be

These links are accessible from the Market Stats page here: https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

September Home Sales Dip Compared to Last Year; Average, Median Prices Tick Upwards; Home Sellers Still ‘In Driver’s Seat’ (September 2018 Housing Stats)

Oct 12, 2018

 

September Home Sales Dip Compared to Last Year; Average, Median Prices Tick Upwards; Home Sellers Still ‘In Driver’s Seat,’
Reports
the Northern Virginia Association of Realtors®

 

Fairfax – In spite of a productive local economy, a Federal Reserve edging up interest rates, and inflation making the news, some homebuyers may be sidelined by the mortgage application process and lean inventory, reports the Northern Virginia Association of Realtors®.

“Although Northern Virginia sellers remain in the driver's seat, our September data regarding rising home values is a positive indicator to those wondering about market headwinds,” said 2018 NVAR Chairman of the Board Lorraine Arora. She pointed out that the average price increase of nearly 4 percent and the 3 percent rise in median sales price provide an encouraging picture for long-term appreciation gains. “Despite the volatility in the stock market and Federal Reserve decisions, homes that are priced and show well are selling, “Arora said. “Today’s consumers are savvy and know what they like and do not like and are willing to pay.”

Though inventory remains tight, buyers are not rushing to pull the trigger to purchase right now, explained Gary P. Lange, managing broker of Weichert in Vienna.

“The buyers are looking for move-in ready homes with all the bells and whistles,” he said. “If a home isn’t in tip-top shape, it is sitting. Sellers are trying to get top spring market prices and that just isn’t going to happen in fall and winter months. Sellers need to temper their expectations and be willing to do necessary updates to compel buyers to look at their property as ‘the home of choice.’ If they cannot do that, they need to lower their price. 

“We’ve seen instances where buyers keep a home on the radar and then pounce on it with other potential buyers when the seller lowers the price,” he stated. “Advice to buyers would be to make an offer on a home you like while there is no competition and negotiate acceptable terms that work for both parties. In these cases, we are seeing flexibility by sellers,” he advised. 

Some clients who want to buy are challenged by this region’s high prices coupled with rising rates. “We all know that the housing market is the bellwether for how interest rates impact economic growth,” said NVAR CEO Ryan Conrad. “Since our region continues to add jobs, this is driving up local housing demand. Due to new construction declines, we see upward pressure on resales. By year’s end, we expect sales activity to be on a level with last year’s.”

 

September 2018 Regional Home Sales Compared to September 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on September 2018 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 1,427 homes sold in September 2018, a decrease of almost 12 percent below September 2017 home sales of 1,620.

Active listings decreased this month compared with 2017. Listings were down 9.32 percent below last year, with 4,134 active listings in September, compared with 4,560 homes available in September 2017. The average days on market (DOM) for homes in September 2018 was 36 days, a decrease of 14.29 percent compared to the 42 DOM for homes in September 2017.

The average home sale price rose compared with last September, to $573,555. This is 3.63 percent above the September 2017 average price of $553,440.

The median sold price of homes this September, which was $494,000, rose by 2.93 percent compared to September 2017, when the median price was $479,950.

The 1,652 new pending home sales in Northern Virginia in September were 5.92 percent fewer than the 1,756 contracts that were pending in September last year. Total pending sales of 2,001 in September were down by 9.78 percent, compared with 2,218 total pending contracts in September 2017.

NVAR Charts, Graphs, Social Media for September 2018 Housing Stats

GMU-NVAR Housing Projections: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_spring_gmu_forecast.pdf?sfvrsn=1408a40d_2

September housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/september-market-stats-2018.pdf?sfvrsn=fb49a60d_2

 

September Infographic: https://nvar.com/images/default-source/default-album/09-2018_sept_static.jpg?sfvrsn=a148a60d_0

September Market Minute Video: https://youtu.be/d8XEYvAB-CY

September Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-september-2018

These links are accessible from the Market Stats page here: https://nvar.com/realtors/news/market-statistics

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

August Home Sales: 1 Percent Rise; Active Listings & Pendings Dip, First-Time Homebuyers Start Their Equity Clocks Ticking While Interest Rates Remain Good (August 2018 Housing Stats)

Sept. 11, 2018

 

August Home Sales: 1 Percent Rise; Active Listings & Pendings Dip,
First-Time Homebuyers Start Their Equity Clocks Ticking While Interest Rates Remain Good
Reports
the Northern Virginia Association of Realtors®

Fairfax – With many August home sales data points tracking horizontally or up, leaders at the Northern Virginia Association of Realtors® conclude that the anticipated expected tax deductions have not adversely affected Northern Virginia home sales.

“For the short term, the limits to the state and local tax deductions (SALT) appear to be only a slight headwind to buyer confidence in our region,” said 2018 NVAR Chairman Lorraine Arora. “We are showing slight increases in our average sold and median sold prices for August along with homes that are on the market an average of 34 days.” She pointed out that the 2,036 home sales in August reflect a stable trendline in the local housing market with overall average equity gains.

Explained Bob Adamson, associate broker with McEnearney in Arlington, “The prospect of future rate increases has kept the velocity of home sales at a high level and the big drop in average days on market indicates that buyers feel a little more pressure to act quickly. New contracts are up about 7 percent and new pending contracts are down about 8 percent from August last year, which could be due to lower inventory or a seasonal drop in overall purchase activity,” he said.

“A house is usually the biggest investment most families make, and the process takes careful review,” Said NVAR CEO Ryan Conrad. “With the average sold price for a two-bedroom townhouse at $435,000, many young adults in our region have taken their time to move out of their parents’ homes and start their own households. The experience of obtaining a mortgage is a long process, so we know first-time buyers are slow to make the commitment. The good news is that when they do, their wealth building has a strong start.” Entry level price points continue to be lean in Northern Virginia, he pointed out.

 

August 2018 Regional Home Sales Compared to August 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on August 2018 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 2,036 homes sold in August 2018, an increase of less than 1 percent above August 2017 home sales of 2,018.

Active listings decreased this month compared with 2017. Listings were down 8.11 percent below last year, with 3,874 active listings in August, compared with 4,216 homes available in August 2017. The average days on market (DOM) for homes in August 2018 was 34 days, a decrease of 19.05 percent compared to the 42 DOM for homes in August 2017.

The average home sale price rose slightly compared with last August, to $588,724. This is 1.51 percent above the August 2017 average price of $579,969.

The median sold price of homes this August, which was $515,848, rose by less than 1 percent compared to August 2017, when the median price was $515,000.

The 1,753 new pending home sales in Northern Virginia in August were 7.74 percent fewer than the 1,900 contracts that were pending in August last year. Total pending sales of 1,954 in August were down by 13.58 percent, compared with 2,261 total pending contracts in August 2017.

 

NVAR Charts, Graphs, Social Media for August 2018 Housing Stats

GMU-NVAR Housing Projections:

https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_spring_gmu_forecast.pdf?sfvrsn=1408a40d_2

August housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/august-market-stats-2018.pdf?sfvrsn=7724a60d_2

August Infographic: https://nvar.com/images/default-source/default-album/08-2018_august_static.jpg?sfvrsn=8d39a60d_0

Market Minute Video: https://youtu.be/qyq66FjimWE  

August Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-july-2018

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

July Home Sales Equity Gains Ring True for NOVA Sellers; Active Listings Dip; New Under Contracts Rise More Than 2 Percent (July 2018 Housing Stats)

August 10, 2018

 

 

July Home Sales Equity Gains Ring True for NOVA Sellers;
Active Listings Dip;
New Under Contracts Rise More Than 2 Percent,

Reports
the Northern Virginia Association of Realtors®

Fairfax – July was a hot month for Northern Virginia in more ways than one; turns out that the rainy weather enticed house hunters to step up searching. With homes staying on the market for a shorter timeframe, prospective home buyers are struggling to keep their cool as they compete for this region’s limited inventory of homes for sale.

"July's home sales continue to highlight the low inventory crunch Realtors® and their clients have faced for several consecutive months,” said Rob Wittman, a broker with Redfin Corporation in Falls Church. Active listings were down 12 percent compared to last July.

“Average days on market are down close to 20 percent versus the same time last year; homes are moving off the market faster than ever,” Wittman added.

“Northern Virginia's available housing inventory is struggling to keep up with buyers' demands,” Wittman continued. “Pending sales, the homes that have a buyer but have not been transferred to their new owners, are lower than last year at the same time. However, of the nearly 4,600 combined final and pending sales in July there were only an additional 2,500 new listings being added to the available pool of for sale properties. I'd love to be a seller right now!"  July’s 2,213 closed sales represents less than a two percent decrease below the 2,251 homes sold in July last year, showing a technically horizontal line of change.

The region’s strong business climate fuels homebuyer interest, adding to the need for more homes to list, for both first-time and move-up buyers.

“With everyone on tenterhooks about the prospect of the Amazon HQ2 landing in our region, it is not shocking that July Northern Virginia housing activity reflects a decisive market,” said 2018 NVAR Chairman of the Board Lorraine Arora. In July, 2,022 new contacts were signed, compared to the 1,981 new pending contracts one year ago. This is a 2.07 percent increase, Arora pointed out.

“In July, our data cites average sales price increases of more than 3 percent and median price improvement of 4.39 percent when compared to July 2017. With 63 percent of homes sold in under 20 days, local buyers are choosing to own a home as a part of their equity-building plan.”

Changing seasons are not likely to cool the Northern Virginia housing market.

“With July gaining more than a 12 percent increase in new contracts compared to last year and new July pending contracts rising 2 percent, the prospects of a strong pickup for the housing market in the latter half of the year remains on the table for the Northern Virginia housing market,” said NVAR CEO Ryan Conrad. “People in our region are seeing that while active listing numbers have been lean, rising home prices reflect the stable and growing value of local properties.”

The path to wealth should never hinge on just one financial component, advises Conrad. He points out that pursuing homeownership in Northern Virginia provides social and economic benefits.

“Just look at all the companies that are relocating to our region, and it is clear this region’s economic outlook is promising,” Conrad notes.

July 2018 Regional Home Sales Compared to July 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on July 2018 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 2,213 homes sold in July 2018, a decrease of less than 2 percent below July 2017 home sales of 2,251.

Active listings decreased this month compared with 2017. Listings were down 12.32 percent below last year, with 3,837 active listings in July, compared with 4,376 homes available in July 2017. The average days on market (DOM) for homes in July 2018 was 29 days, a decrease of 19.44 percent compared to the 36 DOM for homes in July 2017.

The average home sale price rose compared with last July, to $609,460. This is 3 percent above the July 2017 average price of $591,500.

The median sold price of homes this July, which was $535,000, rose by 4.39 percent compared to July 2017, when the median price was $512,500.

The 2,022 new pending home sales in Northern Virginia in July were 2 percent higher than the 1,981 contracts that were pending in July last year. Total pending sales of 2,380 in July were down by about 7 percent, compared with 2,563 pending contracts in July 2017.

 

NVAR Charts, Graphs, Social Media for July 2018 Housing Stats

 

GMU-NVAR Housing Projections:

https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_spring_gmu_forecast.pdf?sfvrsn=1408a40d_2

 

July housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/july-market-stats-2018.pdf?sfvrsn=2e79a50d_2

 

July Infographic: https://nvar.com/images/default-source/news/market-statistics/07-2018_july_static.jpg?sfvrsn=7f79a50d_0

Market Minute Videohttps://youtu.be/p7zt1bV7Qu8

 

March Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-july-2018

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

June Home Sales Dip 5 Percent, New Contracts Rise 5 Percent, Housing Supply Still Lean as Slower Summer Months Approach, Lenders Offer New Products for Interest Rate Locks (June 2018 Housing Stats)

July 13, 2018

 

June Home Sales Dip 5 Percent, New Contracts Rise 5 Percent, Housing Supply Still Lean as Slower Summer Months Approach,
 Lenders Offer New Products for Interest Rate Locks

Reports
the Northern Virginia Association of Realtors®

Fairfax – Even though the housing market nationally has leveled off, Northern Virginia buyers successfully closed on 2,581 homes in June. These sales amount to a modest decrease of 5 percent compared to the 2,718 homes sold one year ago. This is no cause for concern when looking at the big picture of Northern Virginia home sales trends this year.

“The slight decline in this past month’s home sales reflects that summertime is upon us, people are busy with plans, and clients recognize that housing choices have been limited,” said Lorraine Arora, NVAR chairman of the board. “Also, people may not fully understand the federal tax laws and how that effects the benefits of home ownership. The new federal tax laws limit deductions on state and local taxes to $10,000 a year, which includes property taxes,” Arora explained.

Northern Virginia properties, in most neighborhoods, still gain equity,” Arora continued. “Low interest rates coupled with strong regional employment have been instrumental in helping ready buyers pull the trigger and buy that first home or their move-up home.”

Christine Richardson, NVAR Chair-Elect, and Realtor® with Weichert Great Falls pointed out that this June’s average sales price of $601,928 is practically the same as last June’s of $602,045. “Demand for homes in Northern Virginia continues to be strong, even though supply continues to be low,” said Richardson. “What does all this mean for home sellers?” she asked. “They are likely to sell quickly, provided the home is priced right,” she explained.  “Buyers will have to be quick as the best of the well-priced homes will likely attract multiple offers. Traditionally, activity — both among buyers as well as sellers — slows down in July and August and then picks up again in the fall.”

According to NVAR CEO Ryan Conrad, “When the ‘New-Under-Contract’ numbers rise by 5 percent, we know that qualified buyers are making decisions before interest rates rise again. The median sales price of $548,00 rose about 2½ percent, which is a sign of a stable market. A median sales price means that half of all homes sold above that price, and the other half sold below.

“Of all homes sold in June, 43 percent sold below $500,000,” Conrad said. This lean supply of entry level housing tops the list of our market challenges, he continued.

Said NVAR Board of Director Rob Allen, “June marked the 19th straight month of median price increases when compared to that time in the previous year. That goes all the way back to December 2016.”

Allen, an associate broker with Long & Foster in Reston, urges his clients to secure financing before their home selection for peace of mind. “I've found buyers with an increased sense of urgency due to those rising rates,” he explained.  “Many lenders have rolled out new creative programs that allow qualified prospective purchasers to lock rates for an extended amount of time without a sales contract. I've encouraged my clients to take advantage of these programs, so they can focus on finding a home that's perfect for them.”

June 2018 Regional Home Sales Compared to June 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on June 2018 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 2,581 homes sold in June 2018, a 5 percent decrease below June 2017 home sales of 2,718.

Active listings decreased this month compared with 2017. Listings were down 11.56 percent below last year, with 3,945 active listings in June, compared with 4,462 homes available in June 2017. The average days on market (DOM) for homes in June 2018 was 27 days, a decrease of 15.63 percent compared to the 32 DOM for homes in June 2017.

The average home sale price remained constant compared with last June, at $601,928. This is less than one tenth of 1 percent below the June 2017 average price of $602,045.

The median sold price of homes this June, which was $548,000, rose by about 2½ percent compared to June 2017, when the median price was $535,000.

The 2,296 new pending home sales in Northern Virginia in June were 5.46 percent below the 2,400 contracts that were pending in June last year. Total pending sales of 2,747 in June were down by about 9 percent, compared with 3,030 pending contracts in June 2017.

GMU/CRA-NVAR Housing Projections Through March 2019: https://nvar.com/docs/default-source/housing-and-market-statistics/june_market_gmu_forecast.pdf?sfvrsn=accaaa0d_2

 June housing data:  https://nvar.com/docs/default-source/housing-and-market-statistics/june_market_forecast.pdf?sfvrsn=8deba90d_2

June Infographic: https://nvar.com/images/default-source/news/market-statistics/06-2018_june_static.jpg?sfvrsn=14c3aa0d_0

Market Minute Video: NVAR Market Minutes: 2018 Dodd Frank Reform: Good or Bad for Local Housing?

June Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-june-2018

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

The Northern Virginia Association of Realtors® Announces the Selection of Paula Martino, Northern Virginia RPAC Development Strategist

June 5, 2018

 

The Northern Virginia Association of Realtors® Announces the Selection of
Paula Martino, Northern Virginia RPAC Development Strategist

Fairfax, VA – The Northern Virginia Association of Realtors® is pleased to announce the hiring of Paula Martino to the newly-created position of Realtor® Political Action Committee development strategist.

“In an effort to increase NVAR Realtors® Political Action Committee investments and to strengthen NVAR in the local and state politi­cal landscape, we hired Martino to create a new fundraising campaign as part of our Vision 2020 Strategic Plan,” said NVAR CEO Ryan Conrad. “Enlisting Martino’s talents and national expertise will provide the sparks we need to enhance the association’s NV/RPAC culture. A successful NV/RPAC campaign ultimately helps our members’ businesses by raising consumer and legislators’ awareness. They will better understand the importance of a robust and thriving real estate market for local homeownership, homebuying and sustainable economic prosperity.

“NVAR is a proactive, industry-leading association, and our legislative and government affairs effort has never been more important,” said Conrad. “We are braced to go to the next level.”

Formerly the National Association of Realtors®’ director of corporate fundraising, Martino was responsible for the launch of NAR’s Realtor® Party Corporate Ally Program. Last year, that CAP program raised $1.35 million for Realtor® Party advocacy at the local, state and federal levels. As the government affairs director for both the Southern Maryland Association of Realtors® and the Maryland Association of Realtors®, Martino successfully created RPAC investment campaigns that exceeded annual goals each year with the help of a team of dedicated volunteer members.

“I am delighted to be on board with NVAR because I see the great opportunity to create and develop an exciting new approach to RPAC fundraising,” Martino said. I look forward to working with NVAR staff and leadership on a campaign that will grow and be appreciated by the association’s 13,000 members as a valuable tool for NVAR’s Public and Government Affairs efforts,” Martino said.

A graduate of the University of Maryland at College Park, Martino earned a bachelor of science in business and a master’s degree in art history. She is also a graduate of the Women’s Campaign School at Yale University and a certified professional fundraiser.

For the photograph of Paula Martino, please click here.  

***

The Northern Virginia Association of Realtors® serves as The Voice For Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 13,000 Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

 

May Home Sales Remain Brisk as Spring Season Ramps Up, Condo Sales Strong, Moderate Economic Growth Expected (May 2018 Housing Stats)

June 14, 2018

 

May Home Sales Remain Brisk as Spring Season Ramps Up,
Condo Sales Strong, Moderate Economic Growth Expected,
Reports the Northern Virginia Association of Realtors®

Fairfax – Americans are paying a little more for housing this year as demand has been brisk, and serious buyers know that stalling a home purchase means higher prices. Northern Virginia buyers get this too, as Fairfax County, Arlington, Alexandria and Falls Church reached a combined 2,459 transactions in May. This movement reflects a slight dip of under 3 percent compared to the 2,526 homes sold in May 2017 in the NVAR footprint.

“With our Northern Virginia local economy in a great place regarding employment numbers, we do not think our region’s economy is at risk to overheat any time soon, said Lorraine Arora, NVAR Chairman of the Board. “Even though the Fed just inched up interest rates, there is still pent up demand. This rate hike will ensure that economic growth remains moderate. Buyers need to prioritize their requirements and make some adjustments of their wish lists to find a home in their price range that checks off most boxes,” she said. Sellers need to adjust their expectations as well since, in this market now, homes sell in days or weeks rather than in hours, she explained.

Education is the most critical issue for buyers right now, as they need to understand market innuendos, explained Gary Lange, Weichert, Realtors® Vienna managing broker. “According to my agents, buyers have a stop-and-go mentality,” said Lange. “[Clients] are hot and heavy looking, then go cold pretty quickly. Some of that may be due to lack of inventory; they are looking for a deal or they just don’t have a serious need to buy.

 

“Agents must counsel buyers and sellers about the way the housing market works,” he explained. “[Such insight] would help slow down the rate at which buyers back out over minor home inspection issues.  Sometimes buyers have successfully bid for a home, then realize the home really isn’t for them or they paid too much. It is easy to get caught up in the moment when a buyer makes a hasty decision about a home for fear of losing that opportunity,” Lange warns.

 

Heather Embrey, associate broker at Better Homes & Garden Real Estate Premier, saw tons of action from her serious clients.

 

“This May market was robust – maybe too robust for buyers,” she said. “Some decided to stay put instead of battling against multiple offers.

 

“Sellers became over-confident and priced properties unrealistically, only to feel frustrated when savvy buyers passed them by,” she said. Embrey remains optimistic that the June market will have a better balance, especially with her seller clients who have unrealistic expectations.

 

According to NVAR CEO Ryan Conrad, “May proved to be a strong sales month despite its lateral movement when compared to May 2017. The 1,110 homes that sold under $500,000 comprised 45 percent of all 2,459 sales. Of homes in that price range, 50 percent were condo or co-op in our Northern Virginia region. Demand from millennials, downsizing baby boomers and investors continue to be strong at that price point.”

May 2018 Regional Home Sales Compared to May 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on May 2018 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 2,459 homes sold in May 2018, a 2.65 percent decrease below May 2017 home sales of 2,526.

Active listings decreased this month compared with 2017. Listings were down almost 12 percent below last year, with 3,788 active listings in May, compared with 4,299 homes available in May 2017. The average days on market (DOM) for homes in May 2018 was 29 days, a decrease of about 9 percent compared to the 32 DOM for homes in May 2017.

The average home sale price rose slightly, compared with last May, to $607,886. This is up about 3 percent compared to May 2017, when the average price was $589,080.

The median sold price of homes this May, which was $537,500, rose by less than 2 percent compared to May 2017, when the median price was $530,000.

The 2,708 new pending home sales in Northern Virginia in May were about 2 percent below the 2,770 contracts that were pending in May last year. Total pending sales of 3,241 in May were down by about 8 percent, compared with 3,530 pending contracts in May 2017.

 

NVAR Charts, Graphs, Social Media for May 2018 Housing Stats

 

GMU/CRA-NVAR Housing Projections Through March 2019:

https://nvar.com/docs/default-source/housing-and-market-statistics/june_market_forecast.pdf?sfvrsn=8deba90d_2

 

 

May housing data:  https://nvar.com/docs/default-source/housing-and-market-statistics/may-market-stats-2018.pdf?sfvrsn=7cca90d_2

 

May Infographic: https://nvar.com/images/default-source/default-album/05-2018_may_static.jpg?sfvrsn=76cfa90d_2

Market Minute Video: 

https://youtu.be/u0ru3XmDJq4 

May Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-may-2018

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

 

April Had Cool Temps But Market Heated Up: Record Overall Sales in Northern Virginia; Total Active Listings, Pendings Have Room to Grow (April 2018 Housing Stats)

May 10, 2018

 

April Had Cool Temps But Market Heated Up:  Record Overall Sales in Northern
Virginia; Total Active Listings, Pendings Have Room to Grow,

Reports
the Northern Virginia Association of Realtors®

 

Fairfax – April home sales numbers hit a record high for the past decade in the combined area of Fairfax County, Arlington County, Alexandria and Falls Church, with 2,079 sales, which is 4 percent higher than the 1,996 homes sold last year at that time.

“While we are nearing the height of the spring season, we have already reached a high water mark this year with April’s  sales,” said Lorraine Arora, NVAR chairman of the board and Weichert Fairfax Regional managing broker. “It is actually the best April in the last decade for the total number of sales in our NVAR footprint. This sales activity reflects a sound buying climate. It shows that our buyers’ timing of the market, decisions about their housing choices and their mortgages have aligned,” she said.

 “With interest rates still low, my buyers are motivated to buy,” said Peter Nguyen, a Realtor® with TTR Sotheby's International Realty. “Their frustration is the low inventory of homes. In hot areas like Merrifield, Arlington, Reston and Tysons, my buyers are experiencing multiple offer situations. 

“My sellers are motivated to sell,” explained Nguyen. “However, they are going up against buyers without a home-sale contingency. As listing agents, we should be creative for our clients when listing their properties and helping them with their new home purchase at the same time. Frustrations on the seller and buyer sides can exist, but the incentive of the still low interest rate outweighs the frustration.”

According to NVAR CEO Ryan Conrad, “April showed a great bounce in the step of our housing market. We are seeing that our strong market fundamentals prevail over the long term and help push the number of home sales and their values upward. Clearly, our challenge remains in entry level housing. In April, just 14 percent of sales were under $400,000. Of the 2,079 homes sold, only 294 were priced at entry levels.”

Conrad expects that as mortgage rates rise slightly and the new tax law impacts on homeowners become clear, prospective buyers will have a better understanding of their purchasing power. Price gains could moderate during this transition period, he explained. People will have to adapt to their ‘new normal’ when it comes to buying power and tax breaks, he said.

April 2018 Regional Home Sales Compared to April 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on April 2018 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 2,079 homes sold in April 2018, a 4 percent increase above April 2017 home sales of 1,996.

Active listings decreased this month compared with 2017. Listings were down about 17 percent below last year, with 3,396 active listings in April, compared with 4109 homes available in April 2017. The average days on market (DOM) for homes in April 2018 was 29 days, a decrease of about 19 percent compared to the 36 DOM for homes in April 2017.

The average home sale price rose slightly compared with last April, to $586,058. This is up about 2 percent compared to April 2017, when the average price was $574,767.

The median sold price of homes this April, which was $525,000, also rose by about 2 percent compared to April 2017, when the median price was $515,000.

The 2,678 new pending home sales in Northern Virginia in April were about 4 percent below the 2,577 contracts that were pending in April last year. Total pending sales in April were down by 9.29 percent, to 3,174, compared with 3,499 pending contracts in April 2017.

 

NVAR Charts, Graphs, Social Media for April 2018 Housing Stats

 

GMU/CRA-NVAR Housing Projections:

https://nvar.com/docs/default-source/housing-and-market-statistics/2018_spring_gmu_forecast.pdf?sfvrsn=3d59a90d_2

 

 

April housing data: https://nvar.com/docs/default-source/housing-and-market-statistics/april-market-stats-2018.pdf?sfvrsn=1f55a90d_2

 

April Infographic: https://nvar.com/images/default-source/default-album/04-2018_april_static.jpg?sfvrsn=e55a90d_0

 

 

Market Minute Video: 

https://youtu.be/9Au_rxtR1l0

 

April Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-april-2018

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

Monetary Policy, Tax Changes Do Not Affect Northern Virginia’s Serious Clients, March Home Sales Track Evenly with Last Year (March 2018 Housing Stats)

April 12, 2018

 

Monetary Policy, Tax Changes Do Not Affect Northern Virginia’s Serious Clients,

March Home Sales Track Evenly with Last Year,

Reports the Northern Virginia Association of Realtors®

Fairfax – March home sales numbers in the combined area of Fairfax County, Arlington County, Alexandria and Falls Church totaled 1,768 sales, which is close to the 1,779 homes sold last year in March. This volume of transactions in the Northern Virginia Association of Realtors® region reflects stability: demonstrating that qualified clients are proceeding with their housing decisions regardless of interest rates or tax bill change news, said NVAR Chairman of the Board Lorraine Arora. “That said, we see caution in some buyers since our region’s home prices have steadily risen and bidding wars have been occurring for many homes.”

Some entry level buyers are taking their time. Realtor® Dallison Veach of The Veach Realty Group with RE/MAX Executives sees that entry-level clients of all ages can be frustrated. “I was working with a first-time home buyer, with a modest income as a [long-time local] teacher. She's been renting all her life and decided to buy because [of rising rents],” she said. Her client had a Virginia Housing Development Authority loan, and bid full-price on two condos. Both offers were rejected because the client couldn't participate in a bidding war that would have priced her out, Veach said. My client ultimately decided to continue to rent.

Traffic at properties had been busy in spite of last month’s record cold temps. “March has been an exceptionally brisk market as prepared buyers are rushing to take advantage of current interest rates,” said Ann Yanagihara, Coldwell Banker Residential Brokerage branch vice president.  “Properly priced properties often sell in the first week on the market and over list price because of multiple contracts.” She advises that clients be aware of the critical market factors that could cause listings to become stale quickly. “The maximum exposure that a listing agent can provide is also critical to ensuring that the sellers attract buyer traffic during the first weekend on the market,” said Yanagihara.

Buyers can also benefit by being among the first buyers viewing properties and competing with strong, reasonable offers, she explains. 

According to NVAR CEO Ryan Conrad, “Tight supply and our high-cost area have been challenges in our region, however those who have prepared for a home purchase believe it is smarter to decide now since prices and related costs will likely rise later in the year. Our Realtor® members are reporting that serious clients are not basing their housing decisions on issues in the news. Our March sales numbers track perfectly level with last year. What would help the market the most would be an influx of new affordable homes.”

Veach notes that the current lean inventory presents a headwind. “Clients who are moving into the area are having a little more difficult time finding a suitable property,” she explained. “They are often having to make some compromises in their selections.”

March 2018 Regional Home Sales Compared to March 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on March 2018 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 1,768 homes sold in March 2018, a decrease of less than 1 percent below March 2017 home sales of 1,779.

Active listings decreased this month compared with 2017. Listings were down about 21 percent below last year, with 2,891 active listings in March, compared with 3,667 homes available in March 2017. The average days on market (DOM) for homes in March 2018 was 42 days, a decrease of about 19 percent compared to the 52 DOM for homes in March 2017.

The average home sale price was essentially flat compared with last March, at $568,576. This is up by barely 1 percent compared to March 2017, when the average price was $565,964.

The median sold price of homes this March, which was $514,500, rose by 3.31 percent compared to the median price of $498,000 in March 2017.

The 2,417 new pending home sales in Northern Virginia in March were 7.25 percent below the 2,606 contracts that were pending in March last year. Total pending sales in March were down by 10.72 percent, to 2,740, compared with 3,069 pending contracts in March 2017.

 

NVAR Charts, Graphs, Social Media for March 2018 Housing Stats

 

GMU-NVAR Housing Projections:

https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_dec_gmu_forecaast.pdf?sfvrsn=dfc1ac0d_2

 

March housing data: https://nvar.com/docs/default-source/housing-and-market-statistics/march-market-stats-2018.pdf?sfvrsn=6ea5a80d_2

March Infographic: https://nvar.com/images/default-source/default-album/03-2018_march_static.jpg?sfvrsn=55a4a80d_0

Market Minute Video: https://youtu.be/05pQRBDa5_M

March Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-march-2018

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

Lean Inventory for Northern Virginia Buyers Sparks Competition for Available Homes (February 2018 Housing Stats)

Mar 13, 2018

 

Lean Inventory for Northern Virginia Buyers Sparks Competition for Available Homes, Reports the Northern Virginia Association of Realtors®

Fairfax – With interest rates rising and the inventory of available homes diminishing, the pace of home sales in Northern Virginia has slowed compared to last year, said Lorraine Arora, the 2018 Northern Virginia Association of Realtors® Chairman of the Board and Weichert, Realtors® Fairfax regional managing broker. However, home values are holding, with the median price 7.37 percent above February 2017, at $500,000, and homes are selling at an average of 97.7% of the original listing price.

“National inventory constraints continued to challenge Northern Virginia buyers in February,” said Rob Wittman, principal broker with Redfin in Falls Church. “Particularly noticeable is that the months of supply continue to fall – an indication that buyers are snatching up the available homes for sale faster than sellers can place their properties on the market.

“Further highlighting the demand for homes is the shortened days on market and the more than 1 in 8 transactions that occur where the buyer uses cash to purchase the home. Stiff competition from other buyers highlights the need for creativity to find properties and prepare the most competitive offer,” Wittman said. “The spring market is just getting started. Prospective sellers can be confident that there are eager buyers in Northern Virginia,” Wittman added.

 

Consistent with seasonal market trends, Arora explained that sales are outpacing our January numbers, but still reflect reduced wintertime activity.

“There were 1,143 homes sold in our NVAR footprint in February, which is about 4 percent more than the 1,097 homes sold in January,” Arora said. “The Federal Reserve hinted that a rise in short-term interest rates may occur at its March meeting, based on a strong economic outlook. Even though interest rates are still at historic lows, such a move could continue to keep home sales in check.

“We also need to keep in mind that as we approach the April tax-filing deadline, prospective buyers and sellers may be considering how changes to federal income tax laws might affect their future housing decisions,” Arora added. “And that impact is still not clear to many people,” she said.

According to Ryan T. Conrad, NVAR CEO, “Northern Virginia continues to be a stable market for real estate. Although year-over-year numbers for February show a slowing of home sale activity in our local footprint, the numbers overall are positive when compared with a five-year February average.

“Our 2,228 new February listings marked a 2.7 percent increase above the 2,170 five-year average number of listings, and our NVAR region’s 1,143 February sales are about 2 percent above the five-year average of 1,119,” Conrad said.

February 2018 Regional Home Sales Compared to February 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on February 2018 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 1,143 homes sold in February 2018 – a 4.11 percent decrease below February 2017 home sales of 1,192.

Active listings decreased this month compared with 2017. Listings were down about 19 percent below last year, with 2,396 active listings in February, compared with 2,973 homes available in February 2017. The average days on market (DOM) for homes in February 2018 was 61 days, which is a decrease of about 9 percent compared to the 67 DOM for homes in February 2017.

Compared with last February, the average home sale price rose slightly to $556,791. This is up less than 1 percent compared to February 2017, when the average price was $552,942.

The median sold price of homes this February, which was $500,000, rose by 7.37 percent compared to the median price of $465,700 in February 2017.

The 1,768 new pending home sales in Northern Virginia in February were 3.49 percent below the 1,832 contracts that were pending in February last year. Total pending sales in February were down by 7.55 percent, to 2,229, compared with 2,411 pending contracts in February 2017.

 

NVAR Charts, Graphs, Social Media for February 2018 Housing Stats:

 

GMU-NVAR housing projections:

https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_dec_gmu_forecaast.pdf?sfvrsn=dfc1ac0d_2

 

February housing data: https://nvar.com/docs/default-source/housing-and-market-statistics/february-market-stats-2018.pdf?sfvrsn=810fae0d_4

February infographic: https://nvar.com/images/default-source/default-album/02-2018_february_static.jpg?sfvrsn=550eae0d_0

February Market Stats video: https://youtu.be/R0LUOVPw-vk

February Market Stats Page: https://nvar.com/realtors/news/market-statistics/market-statistics-february-208

These links are accessible from the Market Stats page here:

https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

Northern Virginia Association of Realtors® Wins Progress Sitefinity 2017 Association Website of the Year Award

For Immediate Release

 

Northern Virginia Association of Realtors®

Wins Progress Sitefinity 2017 Association

Website of the Year Award

 

Association honored for the best in website creativity, design, user experience, functionality and overall presentation

FAIRFAX, VIRGINIA—April 19, 2018—The Northern Virginia Association of Realtors® today announced it has been named a 2017 Progress® Sitefinity™ Website of the Year winner in the Association category. Since its inception, the awards have been recognizing websites powered by Progress Sitefinity for creativity, design, user experience, functionality and overall website presentation. Winners were selected from the finalists based on the highest number of votes received during the public voting process.

NVAR teamed up with the Matrix Group International, Inc. to create its new website, NVAR.com, that offers a leading-edge three-audience experienceRecognizing the distinct audiences for Northern Virginia real estate information, the redesigned NVAR.com highlights the most relevant content and areas of interest for each user. Launched on Jan. 5, 2017, the website delivers a tailored browsing experience to:

  • Better showcase its array of member services
  • Encourage member engagement beyond the required licensing courses
  • Feature offerings that help Realtors® conduct their business
  • Foster involvement in NVAR’s various communities
  • Highlight and support its service provider members
  • Reinforce the association’s commitment to consumers.

“Congratulations to the Northern Virginia Association of Realtors® on this incredible achievement,” said John Ainsworth, senior vice president, core products, Progress. “While thousands of organizations worldwide rely on Progress Sitefinity to personalize and optimize the customer experience across websites and devices, these awards honor the most creative and innovative organizations that deliver differentiated experiences and set the bar in their respective industries.”

The Progress Sitefinity 2017 Association Website of the Year award culminates a post-launch year of forward momentum for NVAR, with website recognition for design and content from: DOTCOMM (Platinum winner), W³ (Silver winner), Hermes Creative (Gold winner), Communicator (Award of Excellence), and AVA Digital (Gold winner),

Since the launch, NVAR.com has seen a 27 percent increase in site visits, a 40 percent increase in pageviews, a 14 percent decrease in bounce rate and a doubling of attendance at its annual conference and trade expo.

“The strides we’ve made this past year have been driven in large part by the vision underlying our new website,” said NVAR CEO Ryan T. Conrad. “At NVAR, our strategic direction is guided by delivering value, innovation and impact – and NVAR.com is now our primary delivery mechanism for realizing those organizational goals.”

The 2017 Website of the Year winners were selected in two phases. First, an internal Progress jury shortlisted the three best websites per category. After narrowing the field, voting was opened to the community at large via email and social media, and the finalists with the highest number of votes were appointed the winners.

This year, 51 websites developed using Progress Sitefinity were nominated across 17 categories: Consumer Goods & Services, Banking, Financial Services, Government, Automotive & Transportation, Healthcare, Manufacturing, Education, Real Estate & Construction, Services, Technology, Tourism & Hospitality, Food & Beverages, Associations, Non-Profit, Multisite and Graphic Design.

More information about the contest and the winners is available on the “Website of the Year” page.

About the Northern Virginia Association of Realtors®

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.comwww.realtorschool.com, and www.realtorshop.com. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

About Matrix Group International

Matrix Group is a leading interactive agency in the Washington, DC area. Matrix Group helps associations nonprofits increase membership, stem membership decline, reach new audiences, articulate a clear brand, and streamline their back office operations. These goals are accomplished through web, mobile, social and e-marketing services.

About Progress

Progress (NASDAQ: PRGS) offers the leading platform for developing and deploying strategic business applications. We enable customers and partners to deliver modern, high-impact digital experiences with a fraction of the effort, time and cost.  Progress offers powerful tools for easily building adaptive user experiences across any type of device or touchpoint, award-winning machine learning that enables cognitive capabilities to be a part of any application, the flexibility of a serverless cloud to deploy modern apps, business rules, web content management, plus leading data connectivity technology. Over 1,700 independent software vendors, 100,000 enterprise customers, and two million developers rely on Progress to power their applications. Learn about Progress at www.progress.com or +1-800-477-6473.

Jill M. Landsman

Vice President, Communications & Media Relations

703.207.3226; jlandsman@nvar.com

 

Ann Gutkin

Sr. Director of Communications

703.207.3216; agutkin@nvar.com

###

Capitalize D.C. to Promote The Metro D.C. Region at MIPIM

March 1, 2018

For Immediate Release

https://www.capitalizedc.net/

 CAPITALIZE DC TO PROMOTE THE METRO D.C. REGION AT MIPIM, THE WORLD’S LARGEST PROPERTY MARKET CONFERENCE FROM MARCH 13-16 IN FRANCE

Greater Capital Area Association of Realtors®, District of Columbia Association of Realtors® and Northern Virginia Association of Realtors® to Showcase National Capital Region Investment Opportunities.

Fairfax, VA -- MIPIM, the world’s leading global real estate market, business conference and networking event, will welcome Capitalize DC to its 2018 event in Cannes, France. Capitalize DC, a collaborative regional consortium formed by the Northern Virginia Association of Realtors®, Greater Capital Area Association of Realtors® and District of Columbia Association of Realtors®, will be part of the growing USA pavilion, hosted by the National Association of Realtors®, the United States’ largest real estate trade organization. NAR and Capitalize DC will be among the 3,100 exhibiting companies at the 2018 event.

Pointing out the business-friendly environment in the DC metro region, NVAR’s 2018 Chairman of the Board Lorraine Arora said, “Our Northern Virginia and metro area are outstanding centers for commerce, government and technology in the United States. Our region provides international companies with the business climate needed to thrive, and our Realtors® stand ready to help foreign clients examine locations in Northern Virginia locations that they consider an option. We are a mid-Atlantic hub, with access to three airports, Metro trains and a growing highway network. Northern Virginia is known for its receptive, pro-business government, quality of life, outstanding health care and excellent schools.”

With active interest from business giants such as Nestle and Amazon, 2018 GCAAR President Tom Daley noted business interest in our region has escalated. “Factors such as the growing strength of the economy and several well-known international companies relocating or expressing interest to move to this area have added to the appeal of this highly-attractive region for both individuals and companies,” he said. “Realtors® play an integral role in pulling the pieces together.”

 

Noting the District’s place as the seat of the federal government, 2018 DCAR President Christopher Suranna said, “Washington, DC is home to over 700,000 residents, adding over 1,000 residents per month since 2012. Washington, DC boasts 200 foreign embassies and the highest percentage of college-educated people in the country with strong earning power. DC is one of the most diverse cities in the world with people of every age, race and religion living and working in a variety of industries. Our Realtor® members would be delighted to guide foreign investors in their commercial or residential search.”

 

For the third year in a row, NAR has expanded its MIPIM exposition footprint in response to the growing U.S. presence and to accommodate new exhibiting partners. The NAR-sponsored USA pavilion provides local and regional U.S. markets the ability to showcase opportunities to 24,000 attendees and 5,000 foreign investors at MIPIM. Realtors® in the National Capital Region are being offered an opportunity to showcase their listings on the CapitalizeDC.net website that will be on display during the exposition. More than 20 Realtor® Association partners from across the U.S. will have a presence at MIPIM in 2018.

“The U.S. remains the top-ranked market for real estate investors,” said Elizabeth Mendenhall, 2018 president of the 1.3-million-member national trade association. “Despite potential risks associated with emerging technologies, e-commerce, the ‘sharing economy’ and geopolitical events, foreign investors in a recent survey named the U.S. the most stable market for real estate investment and the best opportunity for capital appreciation.

“Overall, the market is healthy, with commercial property prices rising 90 percent in the last seven years,” said Mendenhall. “Multiple years of steady job growth and the strengthening U.S. economy – albeit at a modest pace – makes commercial property a good bet for foreign investors looking to diversify their portfolios and generate returns outside their country of origin.

“MIPIM provides a unique opportunity to showcase local property markets on a global scale,” continued Mendenhall. “While Class A asset prices in many large markets have surpassed pre-crisis levels, Realtors® in many middle- and smaller-tier markets stand to benefit from the increased interest from foreign commercial property investors. Further, the current interest in industrial and logistics properties due to the growth of online shopping, creates opportunities in markets not traditionally identified as a destination for foreign investment."

 

The Washington, DC /Northern Virginia/Montgomery County (MD) markets will be featured in the USA pavilion along with Arizona, Illinois, Missouri, Nevada, North Carolina, Rhode Island and Washington State, as well as other metro areas such as Beverly Hills/Greater Los Angeles, Coastal Carolina/Myrtle Beach and San Antonio. Markets participating in the USA “zone.”

# # #

https://www.capitalizedc.net/
nvar.com
gcaar.com
dcrealtors.org
About MIPIM
MIPIM, the world’s leading property market, brings together all the key actors of the real estate business. Investors, developers, end-users, architects, hotel groups, public authorities and property associations gather in Cannes for four intensive days of networking, matchmaking and development of international business relations. MIPM has established itself as an essential meeting place for city administrations who attend in order to both promote inward investment opportunities and discuss major key policy issues that urban conglomerations are facing around the world. Learn more at www.mipim.com.

Jill M. Landsman

Vice President, Communications & Media Relations, NVAR

703.207.3226 | jlandsman@nvar.com

Bobette Banks

Director of Communications, GCAAR

301.590.8764 | bbanks@gcaar.com

Bryan Frantz

Communications Specialist, DCAR

301.590.8765 | bfrantz@dcrealtors.org

Tax Reform Impacts Not Hindering Northern Virginia Buyers, Sellers (January 2018 Housing Stats)

February 14, 2018

Tax Reform Impacts Not Hindering Northern Virginia Buyers, Sellers;
January's Home Average, Median Sales Prices Climb 3 Percent,
Pending Contracts Rise 15 Percent;
Economic Outlook Remains Favorable,
Reports the Northern Virginia Association of Realtors®

Fairfax – While 2017 homeownership rates have reached the highest level since mid-2014 according to Census Bureau data, and 2017 home prices reached new highs for the past decade, we are starting this year off with solid rises in home values, said Lorraine Arora, the 2018 NVAR Chairman of the Board and Weichert, Realtors® Fairfax regional managing broker.

“With our local economy thriving, the nominal predicted interest rate hikes are a signal of our strong national economy, despite the inventory shortages. All of the business growth reported locally and nationally bodes well for consumer confidence.”

If such robust growth continues, explained Arora, then this year’s Northern Virginia housing market will likely increase by 2 percent compared to 2017 sales numbers.

Suspecting that Northern Virginia housing will see an early, strong spring market, Rob Allen, a 2018 NVAR Board member and Long and Foster Realtor® in Reston, remains confident that houses that show well and are priced right will be snapped up quickly. “I'm seeing buyers eager to act on homes that fill their needs as inventory remains extremely low,” he said “It's not uncommon to find you are in a competitive bidding situation right now. 

“Conversations with my buyer-clients have centered more around strategies for putting together a well-written and competitive offer and less about the possible implications of tax reform,” Allen said. 

“From a seller perspective, I'm finding it an appealing time to be on the market,” Allen said. “Houses that are competitively priced from the start are going to be in great shape.” 

According to Ryan T. Conrad, NVAR CEO, “In 2017, NVAR Realtor® members conducted 22,555 transactions valued at $13.1 billion; both figures are the highest since 2005. We had an average sales price of $579,498 – one of the strongest on record for our region. Such data points indicate a viable market.”

Understanding the new normal, Ryan noted, “We are not minimizing that the rising interest rates are inevitable to help combat inflation. However, housing markets nationwide have been thriving, just as we have been in Northern Virginia. We fully expect that real estate in Northern Virginia will continue to show strong metrics, remain stable and provide long-range equity for serious homebuyers. Such savvy clients are not intimidated by what goes on in politics.”

January 2018 Regional Home Sales Compared to January 2017: Northern Virginia

The Northern Virginia Association of Realtors® reports on January 2018 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 1,097 homes sold in January 2018, a 1.17 percent decrease below January 2017 home sales of 1,110.

Active listings decreased this month compared with 2017. Listings were down about 20 percent below last year, with 2,193 active listings in January, compared with 2,730 homes available in January 2017. The average days on market (DOM) for homes in January 2018 was 63 days, a decrease of 7.35 percent compared to the 68 DOM for homes in January 2017.

The average home sale price rose compared with last January, to $567,710. This is up 3.21 percent compared to January 2017, when the average price was $550,069.

The median sold price of homes this January, which was $475,000, rose by 2.76 percent compared to the median price of $462,250 in January 2017.

The 1,444 new pending home sales in Northern Virginia in January were 2.30 percent below the 1,478 contracts that were pending in January last year. Total pending sales in January were down by almost 10 percent, to 1,720, compared with 1,910 pending contracts in January 2017.

NVAR Charts, Graphs, Social Media for January 2018 Housing Stats

 

GMU-NVAR Housing Projections:
https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_dec_gmu_forecaast.pdf?sfvrsn=dfc1ac0d_2

January housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/january-market-stats-2018.pdf?sfvrsn=a5f8ad0d_2

January Infographic: https://nvar.com/images/default-source/default-album/01-2018_january_static.jpg?sfvrsn=d8aad0d_0

Market Minute Video: https://youtu.be/TJOop5_-8ow
January Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-january-2018

These links are accessible from the Market Stats page here:
https://nvar.com/realtors/news/market-statistics

 

* Follow us on Twitter - @nvar
* Visit us on facebook.com/nvar.realestate
* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA  22031, with a second service center located in Herndon.

 

 

Northern Virginia Association of Realtors® Announces its 2017 NVAR Cares Committee Beneficiaries Inaugural NVAR Hero Awardee Named

December 29, 2017


Northern Virginia Association of Realtors® Announces its
2017 NVAR Cares Committee Beneficiaries

Inaugural NVAR Hero Awardee Named

Fairfax, VA – The Northern Virginia Association of Realtors® announces the outreach and philanthropy of its 2017 NVAR Cares Committee. This committee considered proposals for funding from 50 local nonprofits and foundations this year and made decisions to donate time and money based on each mission’s alignment with NVAR’s goal for charitable giving. In addition, NVAR awarded its inaugural NVAR Hero Award to a member who was exemplary in giving back to the community.

The winning recipient was McEnearney Associates Realtor® Stacy Hennessey, a practitioner for 10 years, who was selected because of her fundraising and support services to the Homestretch nonprofit.

Homestretch's mission is to empower homeless families to attain permanent housing and self-sufficiency by giving them the skills, knowledge and hope that its clients need to become productive members of the community.

Said Hennessey, “By supporting Homestretch, I am seeing real results that the clients achieve in all facets of their lives. It is so rewarding to see the trajectory of their lives change from despair to success. Results are everything as 95 percent of the [Homestretch] families remain self-sufficient years after leaving the program.” 

Homestretch, a Falls Church based nonprofit, is becoming a national model for organizations that serve homeless families by providing a comprehensive and personalized approach to redirect futures on a positive path, according to Hennessey. 

In 2017, the NVAR Cares Committee awarded more than $35,000 to various charities. 2017 NVAR Cares Committee Chairman Miguel Calvo said, “We are proud to build partnerships with these organizations that share our mission in helping local people who need nonprofit support services, as well as those people struck by natural disasters.”

In addition to local nonprofits, NVAR supported communities affected by severe weather in Texas, Florida and Puerto Rico.

“As an association of professionals who are dedicated to helping people find housing, it is important that we, as Realtors, donate our time, talent and funds to those in need, whether that be in our own backyards or nationwide,” 2017 NVAR Chairman Bob Adamson said.

Noting that the mission of the NVAR Cares Committee is a strategic priority, NVAR CEO Ryan Conrad said, “NVAR cares about the neighborhoods where our members and their clients buy and sell. We, as real estate professionals, make a much stronger impact by assisting these important nonprofits, all of which are equally committed to helping our neighbors lead successful lives.” The 2017 NVAR Cares Committee recipients are:

  1. Computer Core
  2. Habitat for Humanity of Northern Virginia
  3. Good Shepherd Housing
  4. Rebuilding Together Alexandria
  5. Shelter House
  6. Homestretch
  7. Catholics for Housing
  8. Pathway Homes
  9. Graham Road Elementary School
  10. Psychiatric Rehabilitation Services
  11. Centro de Apoyo Familiar
  12. The Brain Foundation
  13. Home Aid Northern Virginia
  14. United Community Ministries
  15. New Hope Housing
  16. First Home Alliance
  17. Devotion to Children
  18. Puerto Rico Association of Realtors
  19. Women Giving Back
  20. PHILLIPS Programs for Children and Families
  21. Langley Residential Support Services
  22. Homes for Our Troops
  23. Final Salute Inc.
  24. National Association of Realtors® Disaster Relief Fund
  25. Texas Association of Realtors® Disaster Relief Fund

 

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more.

The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property.

NVAR has grown to more than12,000 Realtors® and business affiliates who carry out an estimated $11 billion real estate industry in a community of more than 2 million residents.
Visit NVAR online at
www.nvar.com, www.realtorschool.com, and www.realtorshop.com.

Lorraine Arora Installed as 2018 Chairman of the Northern Virginia Association of Realtors®,

Lorraine Arora Installed as 2018 Chairman of the
Northern Virginia Association of Realtors®,
Inaugural NVAR Hero Award Winner Announced,
Hall of Fame, Affiliate of the Year, Honorary Life Membership Honorees Tapped at Installation, Appreciation Event

Fairfax, VA –NVAR’s Appreciation and Installation ceremony took place on December 7, 2017 at its Fairfax headquarters with 2017 NVAR Chairman of the Board Bob Adamson thanking the membership for stepping up regarding their charitable community outreach, showing that they are not just Realtors®, but professionals who really care about their neighbors in need.

Berkshire Hathaway Home Services Realtor® Deborah Baisden, Virginia Beach, installed the incoming NVAR Board of Directors and then Lorraine Arora as the 2018 Chairman of the Board. Baisden was the 2015 president of the Virginia Realtors®.

Arora, a managing broker with Weichert, Realtors®, had also served as a managing broker for Long & Foster Real Estate in Springfield and Coldwell Banker in Arlington. She has been a practitioner in Northern Virginia for two decades.  

“Leadership is an attitude, and that attitude must be ethical and professional,” said Arora during her acceptance speech. “As Brokers we play a critical role in leadership. We are the influencers.”

She explained that she sees NVAR playing a role to help transform the real estate industry in a way that is fair to all clients. “We need to … help the thousands of people who are going to be next year’s buyers, sellers, renters or investors.”

Said NVAR Chief Executive Officer Ryan Conrad, “As a Broker who so many Realtors® and other Brokers respect, Lorraine has a firm understanding of the direction of our evolving industry. I can think of no other NVAR leader who is better positioned to help move us in a new strategic direction as we do more with technology, education, the global real estate market and professional development. Change is happening, and we are at the forefront of that change. Lorraine will help elevate our members, our guiding principles and our standing in the industry nationwide.”

In addition to installing its 2018 leaders, NVAR awarded its first NVAR Hero Award to Stacy Hennessey of McEnearney Associates in Arlington, and presented Affiliate of the Year, Hall of Fame and Honorary Life Member Awards noted below.

Awards and Recognition

NVAR Inaugural Hero Award:

Stacy Hennessey, McEnearney Associates


2017 Affiliate of the Year:

Access National Bank



2017 Hall of Fame:

Margaret Ireland, Samson Properties

Mario Rubio, Rubio Real Estate


Honorary Life Membership:

Susan Mekenney, RE/MAX Executives


The 2018 NVAR Executive Committee includes:

Christine Richardson, Chair-Elect           Weichert, Realtors®

Nicholas Lagos, Secretary/Treasurer       Century 21 Gawen Realty

Bob Adamson, Immediate Past Chair      McEnearney Associates



The 2018 NVAR Board of Directors include:

Tracy Comstock              SilverLine Realty & Investment

Reggie Copeland            Long & Foster Real Estate

Heather Embrey             Better Homes & Gardens Real Estate Premier

Coral Gundlach              Compass

Gary Lange                     Weichert, Realtors®

Craig Lilly                        Long & Foster Real Estate

Peter Nguyen                 TTR Sotheby’s International Realty

Marc Pina                        Compass

Derrick Swaak                 TTR Sotheby’s International Realty

Dallison Veach                RE/MAX Executives

 Rob Wittman                   Redfin Corporation

 Ann Yanagihara               Coldwell Banker Residential Brokerage


Photo Gallery


For a photo of Lorraine Arora, NVAR 2018 Chairman of the Board, click here.

For additional event photos, click here.

***

The Northern Virginia Association of Realtors® serves as The Voice For Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more.

The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members’ adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property.

NVAR has grown to more than 12,000 Realtors® and business affiliates who carry out an estimated $11 billion real estate industry in a community of more than 2 million residents.
Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com

First-Ever Realtor® Community Action Day Results in Philanthropy, Outreach to Neighbors


Northern Virginia Association of Realtors® Members Step Up To Give Back To Those in Need with Groceries, Home Repairs and More

First-Ever Realtor® Community Action Day Results in Philanthropy, Outreach to Neighbors

 

Fairfax, VA – The Northern Virginia Association of Realtors® has as a strategic priority to serve as an excellent corporate citizen. Such outreach is not only good business, but it is the right thing to do for an association that has 12,000 real estate practitioners as its core constituents.

When installed in December 2016, the 2017 NVAR Chairman of the Board Bob Adamson challenged member-brokerages to participate in the inaugural NVAR Realtor® Community Action Day, which took place this past April. He asked members to find ways to give back to the charities of their choice with time, sweat equity, service and funding.

“Realtors® in at least nine brokerage members of the Northern Virginia Association of Realtors® found time to participate as teams or alone for our first-ever Realtor® Community Action Day,” said Adamson. “With all the services that our practitioners deliver to clients, it is hard to carve out time for much else. But these members really showed their caring, generosity and selflessness to help neighbors of all ages, in all situations.”

The following NVAR Brokerages participated by changing the lives of those in need throughout Northern Virginia: 
PLEASE CLICK ON THIS LINK TO SEE OUR PHOTO SPREAD: NVAR.COM/2017ACTIONDAY

  1. The Arlington Office of McEnearney Associates decided to show some love to our furry friends at the Animal Welfare League of Arlington. See Photos: 2, 4, 5, 6, 11, 16, 18, 20, 23
  2. Heather Embrey, Better Homes & Gardens Real Estate Premier, donated to Food for Others. See Photos: 28
  3. Jacqui Bullock, Keller Williams in Falls Church, organized a team to help a disabled veteran repair his Woodbridge apartment.See Photos: 1, 15, 17, 27

4. Jonathan Henkel of Properties on the Potomac volunteers at Wheatland Farm, a Therapeutic Riding Center in Purcellville, VA. See Photos: 3, 29

5. The Arlington office of Century 21 Redwood Realty held a fundraiser and game night for the Arc of Northern Virginia See Photos: 7, 22

6. A team from Keller Williams Capital Properties raised $15k for Roc Solid Foundation for children with cancer and Main Street Child Development Center at a gala fundraiser. 
See Photos: 8, 10, 12, 14

7. The Vienna office of Coldwell Banker Residential Brokerage held a clothing drive to benefit the Lamb Center in Fairfax, Rising Hope Mission Church in Alexandria, and Alternative House Culmore Resource Center in Falls Church.  See Photos: 9, 19

8. Robin Gephardt and her team with Pearson Smith Realty volunteered with Loudoun Hunger Relief in Loudoun County by hosting a Pop-Up Pantry shop in a low income neighborhood and donating free food. See Photos: 13, 21, 24, 25

9. The Nellis Group, of Keller Williams Capital Properties, donated to the following client-selected charities: Warrior Buddies at the Prince William Humane Society; TC Williams Alumni Association; Dominik Pettey Fund at Gonzaga College High School; Immanuel Bible Church; DC127; Homeward Trails; and Fellowship of Christian Athletes. See Photo: 26

The Northern Virginia Association of Realtors® Launches Its New Website,

Latest Press Release
January 9,2017

The Northern Virginia Association of Realtors® Launches Its New Website, NVAR.com, Providing Home Buyers, Sellers, Real Estate Professionals withLeading-Edge Design, User Experience for News, Trends, Resources


 

Fairfax, VA –The Northern Virginia Association of Realtors® teamed up with the Matrix Group International, Inc. to create a new website, NVAR.com, that offers a leading-edge three-audience experience. Recognizing the distinct audiences for Northern Virginia real estate information, the redesigned NVAR website highlights the most relevant content and areas of interest for each user. Launched on Jan. 5, 2017, the new NVAR.com delivers a tailored browsing experience for every visitor.

“This website has been designed to provide all users with the information that is most germane to their specific real estate interests,” said NVAR CEO Ryan Conrad. “Not only Realtors®, but real estate-related businesses and consumers also need a trustworthy source for current, accurate information about homeownership and property rights in Northern Virginia.”

According to the 2017 NVAR Chairman of the Board Bob Adamson, “Our new NVAR.com consumer audience portal provides real estate market facts and information about the significant role of Realtors® and affiliated service providers in all phases of the transaction process. More than 2 million residents are in our NVAR footprint,” Adamson said. “This represents one of the most active real estate markets in the country,” he explained. 

The product of more than a year’s worth of work and hundreds of hours of research, major aspects of the redesign include: 

  • full mobile friendliness on all devices
  • better site search to deliver relevant results
  • easier sharing of articles and news items on social media
  • attractive image-driven design, and
  • intuitive, simple navigation to help users find information with ease.

“Each time a user views content, the website will provide related articles, news, Realtor® shop items, classes and events, delivering unparalleled service to every visitor,” said Joanna Pineda, Matrix CEO. “Matrix is delighted to work with NVAR to deliver a cutting-edge approach to communicating and engaging with its members and with people in the Northern Virginia real estate marketplace.”

NVAR Awarded Global Platinum Council

Latest Press Release

December 28, 2016 - NVAR Awarded Global Platinum Council

The Northern Virginia Association of Realtors® Awarded Global Platinum Council, Outstanding Ambassador Association Status; Other International Honors Achieved. NVAR Fosters Realtor® Representation in Four Countries and South America

Fairfax, VA –“We, at the Northern Virginia Association of Realtors®, are delighted that the National Association of Realtors® awarded us the Global Platinum Achievement Award  for our members’ service to international clientele,” said NVAR CEO Ryan Conrad. “Since we are located next door to our  nation’s capital, our members often have clients who are foreign nationals, immigrants, buyers with family abroad, multilingual families and others. NVAR provides international forums and relevant education to keep our members in the know about best practices for these clients and international transactions.”

Delagate_Cambodia

NVAR leaders signing an Honorary Reciprocal Agreement with the leaders of the Cambodian delegation.

NVAR offers all members the chance to participate in Korean, Vietnamese, Hispanic and International Business forums, according to NVAR Chairman of the Board Virgil Frizzell. “Our global forums help communicate the importance of international real estate opportunities and teach our members about how to handle multicultural real estate transactions correctly,” said Frizzell.

Other 2016 NVAR international achievements were:

1.    Frizzell served as a panelist in Lima, Peru at the COIPRO 2016 conference alongside Elizabeth Mendenhall, 2017 President-Elect of the National Association of Realtors®. He discussed the role of the real estate agent in transactions at an event hosted by the Peruvian Association of Real Estate Agents on Sept. 20, 2016.

2.    NAR offers ambassador opportunities to more than 40 countries where there is reciprocal cooperation with a local real estate agent association. NAR selected five NVAR members to represent the United States Realtors® with another country or region.
Our NAR Presidential Liaison Ambassadors are:
Guatemala: Mayra Pineda, Fairfax Realty, Fairfax
Vietnam: Lieu Nguyen, Westgate Realty, Falls Church
Peru: Angie Delboy, RE/MAX Gateway, Arlington
Spain: Veronica Seva-Gonzalez, Compass, Washington, D.C.
South America: Mario Rubio, Rubio Realty, Annandale

3.    NVAR hosted its 3rd Annual Realtor Showcase of Ideas and Innovative Concepts during in May with over 60 attendees of which 20 were are from allied associations in 9 countries all over the globe.

4.    NVAR hosted a Cambodian Delegation for three days in November. During that visit, NVAR leaders signed an Honorary Reciprocal Agreement with the leaders of the Cambodian delegation. Image shown above.

5.    Eighty Realtors® from Northern Virginia and across the United States earned the Certified International Property Specialist Designation (CIPS) during a week-long training class at its Fairfax Headquarters.  The designation, sanctioned by the National Association of Realtors®, seeks to provide Realtors® with the knowledge, research, network and tools to globalize their business and better serve international clients.
2016 NVAR Cares Committees Supports Charities
Northern Virginia Association of Realtors® Announces its 2016 NVAR Cares Committee Charitable Giving Beneficiaries and its Louisiana Relief Fund Donation

Fairfax, VA – The Northern Virginia Association of Realtors® announces the outreach and philanthropy of its 2016 NVAR Cares Committee. This committee considered proposals for funding from local nonprofit organizations and associations this year and made decisions to donate time and money based on each mission’s alignment with NVAR’s goal for charitable giving. More than $37,000 was donated.

NVAR Cares and the NVAR Board of Directors proudly announce a $10,000 contribution to the Louisiana Realtor Relief Foundation to benefit Louisiana residents in need, impacted by the August 2016 flooding.

“This year presented many challenges to our neighbors in need as well as those in Louisiana,” said Virgil Frizzell, 2016 NVAR Chairman of the Board. “We, at the Northern Virginia Association of Realtors®, are committed to giving back to our communities by volunteering and with donations." Frizzell is a Realtor® with Long & Foster Real Estate in Reston.

“Good housing helps to achieve good quality of life,” said the 2016 NVAR Cares Committee Chair Susan Mekenney. She is an associate broker with RE/MAX Executives in Springfield.

“Realtors® believe that housing plays a major role in making vibrant neighborhoods,” said Mekenney. “We reviewed more than 30 great, local nonprofits and chose 21 nonprofits to donate our time and money to since they support our mission to help people find safe, affordable, and sustainable homes.”
“Our commitment to give back to the community has many benefits,” Ryan T. Conrad NVAR’s CEO. “Our NVAR Cares Committee explores ways for our members to show that we are not only about guiding clients to buy, sell or rent homes, but also to nurture all aspects of the neighborhoods we work in.”    

The 2016 NVAR Cares Committee recipients are:
1.    Asian-American Homeownership Counseling Inc.
2.    The Brain Foundation
3.    Boys and Girls Club of Fairfax County
4.    First Home Alliance
5.    Final Salute
6.    Graham Road Elementary, Falls Church, Virginia
7.    Habitat for Humanity of Northern Virginia
8.    His Hidden Treasures
9.    Home Aid Northern Virginia
10.    Homestretch
11.    Housing and Community Services of Northern Virginia
12.    Life With Cancer
13.    New Hope Housing
14.    Operation Renewed Hope Foundation
15.    Pathway Homes
16.    Rebuilding Together – Alexandria
17.    Ronald McDonald House
18.    Shelter House
19.    United Community Ministries
20.    Veterans Association of Real Estate Professionals
21.    Virginia Housing Development Authority
Bob Adamson Installed As 2017 Chairman
December 8, 2016
For Immediate Release

Contacts:
Jill M. Landsman, Vice President, Communications & Media Relations
703.207.3226 or jlandsman@nvar.com
Ann Gutkin, Director, Communications & Media Relations
703.207.3216 or agutkin@nvar.com
 Bob Adamson Installed as 2017 Chairman of the
 Northern Virginia Association of Realtors®
 NVAR Inducts Leadership,
Taps Hall of Fame, Affiliate of the Year, Honorary Life Membership Honorees

Fairfax, VA –Members of the Northern Virginia Association of Realtors® celebrated its volunteer leadership in a year marked by modestly increased sales compared to 2015, mostly horizontal price growth and continued low interest rates. NVAR’s Appreciation and Installation ceremony took place on December, 1, 2016 at its Fairfax headquarters.

Led by Virgil Frizzell, 2016 Chairman of the Board, the association honored its outgoing 2016 leadership and award winners and welcomed incoming leaders. David Howell, the 1995 NVAR Chair, conducted the installation. Howell is the executive vice president of McEnearney Associates in Arlington.

Bob Adamson, a Realtor® with McEnearney Associates, was installed as the 2017 Chairman of the Board. He has been proactive on NVAR committees engaged in local housing policy and has cultivated relationships with Virginia’s political leaders. “It takes constant effort to monitor and shape policies and laws that favor homeownership and the rights of property owners,” he said during his acceptance speech. Emphasizing members’ needs to give back, he said, “We must care for the communities we work in. We must care for the people, schools, and businesses in them.”

According to NVAR’s CEO Ryan Conrad, “Stemming from Bob’s 30 years as a Realtor®, he knows how the local real estate market has transformed. His commitment to motivating our members to give back will have a profound impact. Realtors® Bob’s leadership and passion will help NVAR take those efforts to new heights in 2017.”

In addition to Adamson, the 2017 NVAR Executive Committee includes:

Lorraine Arora, Chairman-Elect, Weichert, Realtors®, Fairfax
Christine Richardson, Secretary/Treasurer, Weichert, Realtors®, Great Falls    
Virgil Frizzell, Immediate Past Chairman, Long & Foster, Reston

The 2017 NVAR Board of Directors include:
Brian Block, RE/MAX Allegiance, McLean
Tracy Comstock, SilverLine Realty & Investments, Vienna
Genevieve Concannon, Advon Real Estate, Falls Church
Reggie Copeland, Long and Foster Real Estate, Arlington/Alexandria
Nicholas Lagos, Century 21 Gawen Realty, Arlington
Gary Lange, Coldwell Banker Residential, Fairfax
Craig Lilly, Long & Foster Real Estate, Vienna
Christina Macro, KW Metro Center, Vienna
Peter Nguyen, TTR Sotheby’s International Realty, McLean
Marc Pina, Century 21 Redwood Realty, Arlington
Derrick Swaak, TTR Sotheby’s International Realty, McLean
Ann Yanagihara, Hana Associates, Alexandria

Additional Awards and Recognition
2016 Affiliate of the Year: EKKO Title
2016 Hall of Fame: Pat Kline, Avery-Hess, Realtors® in Fredericksburg

Honorary Life Membership:
Suzanne Granoski, RE/MAX Executives, Alexandria
Vinh Nguyen, Westgate Realty Group, Falls Church

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