Download Report: 2015 January Home Sales
Housing Supply Up, Sales Numbers Improve, Even Credit May Be More Attainable This Year.
Fairfax – Recent strong job increases are a possible predictor of a healthy future for the 2015 housing market. Starting the year with an 8 percent boost to home sales compared to last January may be yet another predictor of an improving housing market.
“Our Realtor® members have such optimism about our Northern Virginia market that we are cautiously predicting that 2015 is the year to buy a house,” said Mary Bayat, the 2015 NVAR Chair. “Our region has positive fundamentals in spite of the political landscape. Low gas prices are just one bonus! Home prices have shown good value.
“Our Realtor® members have such optimism about our Northern Virginia market that we are cautiously predicting that 2015 is the year to buy a house.”
“Buyers prefer to make their decisions in an improving market,” Bayat said. “I think we have that now. January’s higher sales and pending contracts point to consumers’ optimism. Even lenders are making needed adjustments in their lending criteria to help increase mortgage originations.” This lowering of underwriting standards should help elevate residential activity and be especially helpful to our first-time buyers, she explained.
Another positive data point is the increase in the January 2015 supply of homes, now at three months. This is an improvement over the 2.59 month’s supply in January 2014, as well as the two months’ supply last December. Month’s supply, also known as the absorption rate, is the rate at which available homes are sold in Northern Virginia market during the reported month. It is calculated by dividing the total number of available homes (3,072) by the average number of sales in that month (999). The result, 3.07, represents how many months it will take to sell the existing number of homes on the market.
January 2015 Home Sales Compared to January 2014: NVAR Footprint
The Northern Virginia Association of Realtors® reports on January 2015 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 999 homes sold in January 2015, an 8.35 percent increase above January 2014 home sales of 922.
"A total of 999 homes sold in January 2015, an 8.35 percent increase above January 2014 home sales of 922."
Active listings continued to show a significant increase this month compared with 2014. Listings were up 28.48 percent over last year, with 3,072 active listings in January, compared with 2,391 homes available in January 2014. The average day on market (DOM) for homes in January 2015 was 72 days, an increase of 31 percent compared to the 55 DOM for homes in January 2014.
The average home sale price rose this January, to $544,043. This is up 9.58 percent compared to January 2014, when the average price was $496,490.
The median sold price of homes this January, which was $448,000, rose by 3.58 percent compared to the median price of $432,500 in January 2014.
The 1,400 new pending home sales in Northern Virginia in January is an increase of 4.87 percent compared with 1,335 contracts that were pending in January of last year.
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