Trends in the housing market show signs of a strong fall season.
Northern Virginia saw a 7-percent increase in sales for the month of October with 1,652 homes sold in the region.
“The market in October was brisk. There seemed to be lots of activity from people who’ve been waiting on the sidelines for the right time,” stated NVAR Board of Directors member Gary Lange, a Weichert Realtors agent in Vienna, in a press release. “The increase in inventory has given buyers a bit more opportunities out there but properties that show well, have been updated and are priced right are still going off the market quickly.”
Overall, the Metro-D.C. area median sales price of $413,125 was up 3.3 percent, or $13,125, compared to last year, according to data released through MarketStats by ShowingTime. Sales were also up 2 percent, or $8,125, compared to last month, marking October 2017 as the highest October price of the decade.
Active listings were down for the region, according to NVAR CEO Ryan Conrad, but he mentioned there have been an increase in contracts pending, which he says “show[s] that many buyers are making commitments now.”
October numbers for the Northern Virginia area show 645 new contracts written in October, an increase of 21 percent from this time last year.
“Bottom line,” Conrad stated in the release, “is that our region is still showing a stable and solid housing market. We can’t predict the future, but those are great trends for now.”
NoVA Home Stats (October 2017)
- Homes sold: 1,652 homes (7.27-percent increase from October 2016)
- Active listings: 4,038 (down 9 percent compared with 2016)
- Average days on market: 44 days (down 15 percent from October 2016)
- Average home sale price: $564,356 (up 3 percent from October 2016)
- Median sold price: $475,000 (up 2 percent from October 2016)
- New pending home sales: 1,798 (up 4 percent from October 2016)
- Total pending home sales: 2,206 (down 5 percent from October 2016)
Metro-D.C. Home Stats
- Sales volume: $2.2 billion+, up 12.8 percent from last year
- Closed sales: 4,320 (up 8.8 percent from last year, up 6.9 percent from last month)
- New contracts: 4,969 (up 2.2 percent from last year, up 3.3 percent from last month)
- New listings: 5,770 (up 6.9 percent compared to last year but down 17.2 percent below last month)
- Active listings: 10,105 (down 2.8 percent from last year, down 7.3 percent from last month)
- Median days on the market: 17 days (six days lower than last year)
(Source: Data provided by MarketStats by ShowingTime based on listing activity from Bright MLS)