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Increase in March Listings Provide Homebuyers with More Choices; Confidence is Up, Average, Median Home Prices in Northern Virginia Dip Slightly
Fairfax – By the numbers, the overall housing market in Northern Virginia is taking steps that show reasonable market stability with a promising year ahead. “While the number of units sold this March is technically the same as last year, the 12 percent boost in active listings and the 23 percent hike in under contract listings are signs of a great market to come,” said Virgil Frizzell, the 2016 Northern Virginia Association of Realtors® chairman of the board.
Homes sales totaled 1,542 this past March in the NVAR region, compared to 1,538 transactions in March, 2015. While this .26 percent increase has no immediate impact, March’s rising inventory shows a positive trend. The new-under-contracts number totaled 747 transactions on the way to the closing table in March, compared to 606 last year.
Brand new active listings rose nearly 19 percent, underscoring local seller confidence, with 3,751 homes added to the market this past March, compared to 3,165 last year.
“Consumer confidence is always a key indicator about the housing market,” said NVAR CEO Ryan T. Conrad. “With 3,082 contracts pending in the pipeline in March, which is an 11 percent increase over last year, we consider this a sign of confidence from Northern Virginia buyers about our local housing market.” All these pending transactions occur at a time when lower mortgage rates still prevail despite lender processing delays, Conrad pointed out.
March 2016 Regional Home Sales Compared to March 2015: Northern Virginia
The Northern Virginia Association of Realtors® reports on March 2016 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,542 homes sold in March 2016, an increase of less than 1 percent above March 2015 home sales of 1,538.
Active listings increased this month compared with 2015. Listings were up 11.85 percent over last year, with 4,285 active listings in March, compared with 3,831 homes available in March 2015. The average days on market (DOM) for homes in March 2016 was 66 days, an increase of 6.45 percent compared to the 62 DOM for homes in March 2015.
The average home sale price fell slightly compared with last March, to $537,628. This is down 1.91 percent compared to March 2015, when the average price was $548,101.
The median sold price of homes this March, which was $465,500, fell by 2 percent compared to the median price of $475,000 in March 2015.
The 2,458 new pending home sales in Northern Virginia in March marks an increase of 7.20 percent compared with 2,293 contracts that were pending in March of last year. Total pending sales in March were up by 11.26 percent, to 3,082, compared with 2,770 pending contracts in March 2015.
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