How Did the Northern Virginia Real Estate Market Do This October?

What’s going on in the Northern Virginia real estate market? The
latest numbers from October 2017 are in, so it’s time to highlight
what’s happening as we head toward the end of the year. Home
purchase activity has changed a little year over year. New pending
contracts are up 4.1% from October of 2016, and the number of
closed sales increased by 4.6% to 2,877. New listings in October
are up 4.2% year over year but down 16.6% from September of 2017.
There were 3,502 new listings, which is below the five-year average
of 3,808 new listings for October. October saw 7,108 active
listings in Northern Virginia, which is also below the number
active listings in October 2016 and the five-year average of 8,400
listings. “If this winter is mild, the spring market can start at
the beginning of the year.” The median price is $426,500, which is
a 1.8% increase from $419,000 last year. The average days on market
this October was 46, which is just under the five-year average of
50 days on market. What do all of these statistics mean for you? We
are entering the winter market with very low inventory and steady
buyer demand, as is reflected in the number of closed sales and the
reduction in the average days on market. Certain pockets of
Northern Virginia are busier than others, but our market is still
strong and continues to do better year after year. Traditionally,
the holidays are a tough time to sell your home. If you are
thinking of selling, now is the time to get your home ready to go
on the market at the beginning of the year. If we have a mild
winter, the spring season can start as early as January 1, 2018. If
you have any questions about our current real estate market, please
don’t hesitate to give me a call or send me an email. I would be
happy to help you!