January’s home sale numbers continue to rise, and the outlook for spring is positive.
There is a lot of uncertainty surrounding the housing market with the new tax reform and the stock market going up and down and then up again. But Lorraine Arora, the 2018 NVAR chairman of the Board and Weichert Realtors, Fairfax regional managing broker says “with our local economy thriving, the nominal predicted interest rate hikes are a signal of our strong national economy, despite the inventory shortages. All of the business growth reported locally and nationally bodes well for consumer confidence.”
In a release sent out by NVAR, Arora adds that homeownership rates have reached the highest level since mid-2014 and 2017 home prices reached new highs for the past decade, and with the solid rises in home values this year, if the growth continues, we are looking at an increase of two percent compared to 2017 sales numbers.
Rob Allen, a 2018 NVAR Board member and Long and Foster Realtor® in Reston, stated in the release that he’s “seeing buyers eager to act on homes that fill their needs as inventory remains extremely low. It’s not uncommon to find you are in a competitive bidding situation right now.”
January 2018 NoVA Home Stats:
- Homes sold: 1,097 homes (down 1.17 percent from January 2017)
- Average days on market: 63 days (down 7.35 percent from January 2017)
- Average home sale price: $567,710 (up 3.21 percent from January 2017)
- Median sold price: $475,000 (up 2.76 percent from January 2017)
- New pending home sales: 1,444 (down 2.3 percent from January 2017)
- New listings: 2,193 (down almost 20 percent from January 2017)