Hard to believe that it’s almost football season! Here at Wilson Realty Group, we continue our weekly review of the local real estate market statistics. This week we are focusing on Northern Virginia which includes Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Fauquier County, Loudon County, Manassas City, Manassas Park City and Prince William County.
1. Market Activity – The great news is that inventory is up across the region which gives Buyers more choices this fall than in year’s past. The flip side is that transaction volume is slowing and is below last year’s numbers. Active Listings are up of 53% from the same time last year while Closed Sales are down 8.3% from the same time last year.
2. Median Sold Price – While the Median Sold Price settled slightly from June almost across the board in Northern Virginia, the overall numbers across every segment are better than they were in 2013. We will watch these numbers with keen interest over the rest of the year to see if they stay at or above last year’s levels.
3. Average Days on Market – The ADOM for Northern Virginia jumped in July, 2014 to 38 ADOM after falling to 33 ADOM in June. The ADOM is still well below the national averages but is 22% higher than the same period last year.
4. Average Sold to Original List Price Ratio – After cresting in May at 98.3% the ASOLP Ratio has fallen in both June and July to 97.5% which is slightly below the ASOLP for the same time last year. With increased inventory and a slower market, there will be pressure on this Ratio until the market adjusts to the new dynamics.
The Northern Virginia Real Estate market remains strong through the middle of August, 2014. As we launch into the fall selling season, we anticipate a stronger fall than we have seen in the past two years due specifically to the increased inventory and low interest rates. Given that rates and inventory appear to be rising in 2015, it is more important than ever to save every dollar in your real estate transaction and the Wilson Realty Group Hybrid model is built on just that. In 2014 and beyond, you can expect this from us – Real Simple. Real Savings. Real Results.