First Quarter 2017 Market Report
January 1 – March 2017
We feel it! There is activity in the marketplace!
In the first quarter of 2017, the Northern Virginia real estate market, which includes Fairfax and Arlington Counties and the Cities of Alexandria, Fairfax and Falls Church, sales improved over last year, but not at the rate they did in the District. The number of closed sales in Northern Virginia is up by 12.2%. The average month-end available inventory is down 14%. The number of new listings coming on the market has increased slightly, by almost 2%, from 7,479 in the first quarter of 2016 to 7,623. New contracts are up by 7% and average days on market dropped from 61 to 49 days. The average sales price rose slightly (3.3%) from $536,703 to $554,306.
These numbers are, of course, aggregated. What we do see is a very hot market under $800,000, with multiple offers for houses in great condition. However, the market is slower as you move up in price. Some neighborhoods are hotter than others. For instance properties, in 22301 and 22314 are selling faster than in other neighborhoods in Alexandria.
Overall, it is an extremely tight market particularly below the $800,000 price range and slow above $1.5 million in certain areas.
This trend will likely continue through the first half of the year in Northern Virginia.
The market in Washington DC so far this year continues to be very strong. 21.5% more sales closed in the first quarter of 2017 as compared to 2016. New listings are up 6.8% and the number of contracts are up by 9.8%. Average days on market is down from 44 to 40 days. Most importantly, average sales price has jumped 9.6% to $671,627. Needless to say, there is very little supply. This brisk market activity in the District likely to continue through the spring. Buyers we are working with are experiencing heavy competition up through the $1.5 million range with limited inventory and multiple offer scenarios.
If you are considering a move in today’s market and would like to talk through your options, please reach out. We are always happy to discuss what makes most sense for you whether you are a first time buyer, right-sizing up or down, or moving out of the area. Contact us today!
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