Media & Press Releases

 

PressReleasePRESS & MEDIA

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. With changes in government affairs, education, technology and housing market trends, NVAR is constantly staying in the forefront of news to keep you informed.

If you are a member of the press/media and would like to be added to our list, please contact Jill Landsman at jlandsman@nvar.com  or 703-207-3226. Please also download the NVAR Fact Sheet for more information.



Latest Press Release

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

 

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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.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.

 

Press Release Archive

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

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

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

  • NVAR Awarded Global Platinum Council

  • Nisha Thakker to Lead Association’s Strategic Partnership Program Strategic Partnership Goals and Leading-Edge Product Development to Be Pursued.

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

  • 2016 NVAR Cares Committees Supports Charities

  • Bob Adamson Installed As 2017 Chairman

  • Media Invitation: Eco Summit

  • Leaders Matter: Mary Bayat