Hard to believe that it’s 2015 already! 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 37.5% across the region which gives Buyers more choices this winter than in year’s past. The flip side is that transaction volume is slowing and is below last year’s numbers. All Pendings are down almost 4% from the same time last year, but up from October while Closed Sales are down 4.5% from the same time last year.
2. Median Sold Price – The Median Sold Price actually increased slightly from October to November across all segments to $415,000, a 3.5% increase from 2013. While not a tremendously high appreciation from 2013, this still reflects the relative strength of the NoVA real estate market. We will watch these numbers with keen interest to see where we settle compared to last year.
3. Average Days on Market – The ADOM for Northern Virginia jumped in November, 2014 to 61 ADOM after falling to 33 ADOM in June. The ADOM is still below the national averages but is 41.9% higher than the same period last year. This slowdown is typical in the fall and winter months, but we will keep an eye this and see if we have a traditional Spring correction.
4. Average Sold to Original List Price Ratio – After cresting in May at 98.3% the ASOLP Ratio has fallen in November to 96% 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 end of November, 2014. As we launch into the 2015 selling season, we anticipate a stronger spring 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 2015 and beyond, you can expect this from us – Real Simple. Real Savings. Real Results.