How Has Our Market Changed Since Last January?

The numbers for our January 2018 Northern Virginia market are in.
As we head into the spring market, Northern Virginia home purchase
activity has changed. New pending home contracts are down 3.6%
since last year and the number of closed sales also decreased,
going down by 3.6% to 1,834 sales. New listings are down 3.4% from
January of last year but are up 73.9% from what they were in
December of 2017. The number of listings on our market is currently
just below the five-year average for January. The median sold price
has increased 3.9% since January of last year, now sitting at
$429,950. “Northern Virginia definitely has pocketed areas, but our
market is still strong.” As far as the average days on market,
listings this January saw an average of 62 days. This is an
improvement from last year and from the five-year average of 67
days. To summarize, we entered the new year with low inventory but
a steady buyer demand. Northern Virginia definitely has pocketed
areas, but our market is still strong. So, if you’ve been thinking
of listing your home, now is the time to start preparing. The
spring market will be here before we know it. If you have any other
questions or would like more information, feel free to give me a
call or send me an email. I look forward to hearing from you soon.