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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.

 

The Northern Virginia Association of Realtors®
8407 Pennell Street
Fairfax, Virginia 22031
703.207.3200
nvar.com

April 13, 2021
For Immediate Release

Ann Gutkin
Vice President, Communications
703-207-3216; agutkin@nvar.com

March Brought New Listings, ‘Sight Unseen’ Offers, Brisk Sales Activity to Northern Virginia Housing Market

Fairfax, Va. – “More housing inventory came on the market in March, yet those listings were snapped up quickly; there are simply more buyers than available homes for sale,” says Derrick Swaak, partner and managing broker with TTR Sotheby’s International Realty in McLean, Va. and 2021 president of the Northern Virginia Association of Realtors® (NVAR).

“As a result, total dollar sales volume in March was up 25% versus the same month last year. The average March sales price increased 7% across Northern Virginia compared to last year as prospective buyers often found themselves in multiple offer competitions, pushing the limits of what they can afford,” says Swaak.

There was a 54% month-over-month increase in new contract activity in the NVAR region, with 2,781 new pending contracts, and a 26% month-over-month increase in total pendings – to 2,802 – which represents new contracts plus contracts carried over from February.

“All of this activity has resulted in a Contract Ratio that continues to rise – to 1.77 pending contracts per active listing, which is up from 1.41 in February of this year and an increase from 1.15 in March of last year,” says Ryan McLaughlin, NVAR CEO. “This Contract Ratio is 50% higher than the 5-year March average of 1.18 and indicative of a market that continues to favor sellers in our region,” McLaughlin says.

Realtors® in the NVAR region are reporting an increase in “sight unseen” offers by buyers competing for a limited supply of available homes. In an April 7 NVAR panel presentation, “Offers, Sight Unseen,” an informal poll of 115 respondents revealed that more than one-third of them had presented an offer on behalf of clients who had not actually seen the home, and almost one-half had received a “sight unseen” offer on behalf of their seller clients.

“If we’d done this poll two years ago, we probably wouldn’t have seen [these results],” said moderator David Howell, executive vice president and CIO with McEnearney Associates.

While the total number of active listings was down at the end of the month compared to the previous year, the number of new listings increased by about 9% in March compared to the same time last year. New listings in March also exceeded the prior month’s inventory of new listings. There were 2,029 new listings in February (down about 9% compared to February 2020), compared to 3,067 new listings in March.

“Buyers competed vigorously for new listings that came on the market, particularly single family, detached homes,” says Swaak.

There continues to be a marked difference in the availability of single-family versus condo inventory in the region, as reported by NVAR last month. In March there were 846 active condo listings and 555 active single-family detached homes available. In contrast, last year there were 467 condos listed for sale and 1,217 single-family homes available.

“This contrast in condo inventory is particularly evident in Arlington County,” says McLaughlin. “In March, there were 292 condo units listed for sale in Arlington, compared with 76 in March of 2020, pushing the year-over-year increase in total active listings to 102% in Arlington.”

 

The average days on market for homes sold in March in the NVAR region was 20 days, which is 25% below the five-year March average of 27 days. And homes continue to sell on average above the listed price, with an average sold price to original list price ratio of 101.4% in March.

Summarizing last month’s activity, Swaak says, “March was another robust month reflective of the strong housing market in Northern Virginia this spring.”

March 2021 Regional Home Sales Compared to March 2020: Northern Virginia
Data from Bright MLS as of April 6, 2021; total sales and listings may not include garage/parking spaces.

The Northern Virginia Association of Realtors® reports on March 2021 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 2,140 homes sold in March 2021, an 18% increase above March 2020 home sales of 1,815.

The number of total active listings decreased last month compared with 2020. Listings were 19% below last year, with 1,579 active listings in March, compared with 1,957 homes available in March 2020. The average days on market for homes in March 2021 rose by 5.3% to 20 days – compared to 19 days on market for homes in March 2020.

New listings rose by 8.6% in March compared with last year, to 3,067. There were 2,823 new listings in March of 2020.

The average home sale price rose by 7.3% compared with last March, to $696,318. The March 2020 average sale price was $649,118.

The median sold price of homes this March, which was $595,000, rose by 3% compared to the median price of $577,900 in March 2020.

Read more about the NVAR region housing market at NVAR.com/public.

 

NVAR Charts, Graphs, Social Media for March 2021 NVAR Housing Stats

March Housing Data: Click here.

Infographic: Click here.

The March Market Stats Page: Click here.

March Market Minute Video: Click here.

These links are accessible from the Market Stats page here: Click here.

* Follow us on Twitter - @nvar * Visit us on facebook.com/nvar.realestate

* LinkedIn: NVAR and NVAR Group

***

The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia, enhancing the ability and opportunity of its members to conduct their business successfully, promoting professional competency, upholding the principles of fair housing for all, and preserving the right to own, transfer and use real property. With offices located in Fairfax and Herndon, NVAR has grown to more than 12,000 Realtor® and real estate service provider members who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com

Press Release Archive

2021 Northern Virginia Association of Realtors® Regional Market Forecast
Realtors® Announce Centennial-Year Leaders Northern Virginia Association of Realtors® Installs 2021 Board of Directors; Announces 2020 Awards
No Slowdown in October for Northern Virginia Home Sales Record October Sales and Listing Activity Reflects Pent-Up Demand for Both Sellers and Buyers
Strong November Home Sales Mean Happy Holidays for Sellers in Northern Virginia Year-Over-Year Price Gains and Inventory Increases Continue
September Surge in Northern Virginia Home Sales Housing Data
NVAR CEO Ryan Conrad Named a Virginia 500 Leader
Northern Virginia REALTOR® Associations Adopt Remine Docs+ Transaction Management Platform
New June Home Listings Rise in Northern Virginia; Brisk Home Sales Push Prices Upward
Wary Northern Virginia Sellers Delayed Listing Homes in April; Competition for Limited Inventory by Undeterred Buyers Kept Prices at a Premium
Early Spring Real Estate Market in Northern Virginia Has Its Ups and Downs
Eager Buyers Spur Early Spring Real Estate Market in Northern Virginia; Changes to VA Home Loan Program Expand Opportunities for Local Veterans
Northern Virginia Year-End Housing Market Finishes Strong: Realtors® Predict Increase in 2020 Recorded Sales
Northern Virginia November Market Follows Consistent Trend: Homes Sell and Rent at Fast Pace as Prices Continue to Climb
Setting the Stage for 2020: Northern Virginia Association of Realtors® Installs 2020 Leadership; Announces 2019 Awards
Global Is the New Local in Northern Virginia
October Market Keeps Seller Spirits High: Properties Continue to Move at a Rapid Pace in Northern Virginia
A Seller’s September: Leaves Are Falling, Autumn is Calling – And So Are Those Buyers!
Nora Partlow, Northern Virginia Realtor®, Selected as Finalist for National Award
Fall Market Set to Kick-Off as Summer Comes to Close Low Inventory, Housing Prices Are “On Trend” in Northern Virginia
Steady Northern Virginia Real Estate Market Keeps Sellers in the Driver’s Seat Motivated Buyers Harness Low Mortgage Rates to Navigate Limited Housing Inventory
Wet June Weather Won’t Dampen Northern Virginia Housing Market Homebuyer Enthusiasm Pushes Limits on Pricing
Northern Virginia Home Prices in Full Bloom; May Market Reflects Continued Spring Growth Cycle
Multiple Offers, ‘Packs’ of Investors, Record January Sales Point to Early Start of Spring Market, Reports the Northern Virginia Association of Realtors®
‘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
The Northern Virginia Association of Realtors® Announces its $41,000 in Donations to 19 Nonprofit Beneficiaries. Funds dispersed by the 2018 NVAR Cares Committee
12/12 Symposium Examines Amazon HQ2’s Impact on Local Housing: National Economists to Analyze What to Expect Live Streaming on YouTube Set
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)
The Northern Virginia Association of Realtors® Honored with Platinum Global Achievement Program Award By National Association of Realtors® at Annual Convention in Boston, MA
‘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)
September Home Sales Dip Compared to Last Year; Average, Median Prices Tick Upwards; Home Sellers Still ‘In Driver’s Seat’ (September 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)
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)
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)
The Northern Virginia Association of Realtors® Announces the Selection of Paula Martino, Northern Virginia RPAC Development Strategist
May Home Sales Remain Brisk as Spring Season Ramps Up, Condo Sales Strong, Moderate Economic Growth Expected (May 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)
Monetary Policy, Tax Changes Do Not Affect Northern Virginia’s Serious Clients, March Home Sales Track Evenly with Last Year (March 2018 Housing Stats)
Lean Inventory for Northern Virginia Buyers Sparks Competition for Available Homes (February 2018 Housing Stats)
Northern Virginia Association of Realtors® Wins Progress Sitefinity 2017 Association Website of the Year Award
Capitalize D.C. to Promote The Metro D.C. Region at MIPIM
Tax Reform Impacts Not Hindering Northern Virginia Buyers, Sellers (January 2018 Housing Stats)
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
The Northern Virginia Association of Realtors® Launches Its New Website,
NVAR Awarded Global Platinum Council
2016 NVAR Cares Committees Supports Charities
Bob Adamson Installed As 2017 Chairman

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