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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.

 

Latest Press Release

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

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Press Release Archive

  • NVAR Awarded Global Platinum Council

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

  • 2016 NVAR Cares Committees Supports Charities

  • Bob Adamson Installed As 2017 Chairman

  • Media Invitation: Eco Summit

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

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

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

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

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

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

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

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

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

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

  • 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 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 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)

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

  • ‘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)

  • 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’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)

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

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

  • ‘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

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