NoVA Real Estate Update – February 2018

The Northern Virginia Association of Realtors® reports on February 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

According to the Northern Virginia Association of Realtors, February 2018 continued the trend of tight supply of homes for sale, and stiff competition for the available homes. As a matter of fact 1 in 8 home buyers are making cash offers, which can make it difficult for those using traditional financing to make a deal.

A total of 1,143 homes sold in February 2018, which represents a 4.11 percent decrease from February 2017 home sales of 1,192.

According to Ryan T. Conrad, NVAR CEO, “Northern Virginia continues to be a stable market for real estate. Although year-over-year numbers for February show a slowing of home sale activity in our local footprint, the numbers overall are positive when compared with a five-year February average.

Active listings decreased in February when compared with 2017. The number of new listings were down about 19% from last year, based on 2,396 active listings in February. By comparison, in February 2017, there were 2,973 homes available. The average days on market (DOM) continues to decrease, showing February 2018 at an average of 61 days, compared to the average 67 DOM in February 2017, which is a 9% reduction.

Image courtesy of NVAR

The average home sale price rose slightly compared with last February, to $556,791. This is up less than 1 percent compared to February 2017, when the average price was $552,942.

As can be expected, short supply and buyer competition results in rising home prices. The median sold price for homes in February 2018 was $500,000, up 7.37 percent compared to the February 2017 median price of $465,700.

New pending home sales, reported in February 2018 at 1,768 in Northern Virginia was 3.49 percent below the previous year 1,832 pending contracts. Total pending sales were down by 7.55 percent last month, compared with 2018.

Herbert Riggs and Associates can help you with all your real estate needs. Whether buying, selling, or investing, If you have any questions, give me a call at 703-966-2647 or send me an email at Herbert.Riggs@gmail.com.