November Housing Sales Rise 5 percent,
Clients not Slowing Down during Less Competitive Fall Market,
Reports the Northern Virginia Association of Realtors®
Fairfax – “This past November, we once again saw sales prices, median prices and closings tick up,” said Bob Adamson, 2017 NVAR Chairman of the Board and McEnearney & Associates Realtor®. “Our headwinds are lower inventory and fewer pending contracts compared to 2016.” Optimism continues in the marketplace, he pointed out, since employment gains are strong. The national unemployment rate hit a record low of 4.1 percent, with our region’s rate at 3.8 percent, he said “Much remains uncertain regarding final tax reform benefits and deductions impacting housing,” Adamson said.
“The residential market in Northern Virginia during November provided some impressive sales statistics, counter to historical trends where the month is generally one of the quietest for selling,” said Tracy Comstock, principal broker of SilverLine Realty & Investment. According to Comstock, the increased sales transactions are attributable to the proposed interest rate hike, causing hesitant buyers to make housing decisions now.
One of Comstock’s renter clients missed the stability and pride of home ownership, she said. “[They] had sold their home a few years ago, and [in November] purchased a new house with the current buyer-friendly interest rate,” Comstock noted.
“Also, a few of my investors believe the fall and winter seasons have less competition so they have been putting their properties up for sale, adding inventory for buyers.”
Said NVAR CEO Ryan Conrad, “We know that housing is local. Same with economic fundamentals.
“While our region has a housing market with high demand, we also have a local economy that is resilient,” continued Conrad. “With all the budget challenges and tax proposals on Capitol Hill, residents continue to have confidence to become homeowners. We remain confident that our region will sustain 2017’s trends of slightly increasing home sales each month. Sellers need to follow pricing strategies from their Realtors® to achieve best results.”
Realtor® Peter Nguyen, with TTR Sotheby’s International Realty observed that his clients are fine as fall house hunters. “Clients are reaching out to prepare for next year's spring market and are willing to go out to look at what's available on the market now,” said Nguyen. “As a Buyer's Agent, I'm showing properties at different price points although listings are not abundant. This time of year, clients prefer the lack of perceived competition.”
November 2017 Regional Home Sales Compared to November 2016: Northern Virginia
The Northern Virginia Association of Realtors® reports on November 2017 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 1,617 homes sold in November 2017, an increase of about 5 percent above November 2016 home sales of 1,542.
Active listings decreased in November by 11.42 percent compared with 2016. This past November, there were 3,235 active listings, compared with 3,653 homes available in November 2016. The average days on market (DOM) for homes in November 2017 was 50 days, a decrease of about 9 percent compared to the 55 DOM for homes in November 2016.
The average home sale price rose by 7.6 percent, to $580,733, from last November’s average of $539,750.
The median sold price of homes this November, which was $499,900, rose by 6.4 percent compared to the median price of $470,000 in November 2016.
The 1,529 new pending home sales in Northern Virginia in November were just 1.42 percent below the 1,551 new contracts pending in November last year. Total pending sales in November were down by about 10 percent, to 1,961, compared with 2,173 pending contracts in November 2016.