Sales were down but prices were up in the Northern Virginia real-estate market in June, both being impacted by tight inventory that particularly is afflicting closer-in communities and entry-level buyers.
A total of 2,334 properties went to closing in June, down 12.3 percent from a year before, according to data reported by the Northern Virginia Association of Realtors (NVAR).
The sales total represents transactions in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church. Each of the component jurisdictions saw year-over-year sales declines except for the city of Fairfax.
While sales were down, prices were higher, rising to an average $632,016 (up 5 percent) and median $656,155 (up 3.1 percent) from a year before.
The price boost was due, in part, to a lack of inventory.
“Buyers need to be prepared to act quickly . . . be creative and explore all options in this tight market,” said Christine Richardson, NVAR’s president.
Across the region, there were 27 percent fewer homes on the market than a year before, and properties were moving from listing to contract at a brisk pace.
“Nowhere is this more apparently than in Arlington and Alexandria, where the number of homes for sale is half what there was last year,” said Derrick Swaak, a broker with TTR Sotheby’s International Realty and secretary-treasurer of NVAR.
While Amazon hasn’t hired many employees to fill local positions yet, “investors have snapped up available inventory [in the vicinity of its Crystal City HQ2] and some sellers have put off selling their properties in anticipation of outsized price increases over the next few years,” Swaak said.
Across the region as a whole, there were 15.6-percent fewer single-family homes on the market at the end of June than a year before, but the declines were significantly more pronounced in the townhouse and condominium sectors, where inventory was off 34.5 percent and 47.8 percent, respectively.
While the market has bobbed and weaved throughout much of the first half of the year, it ended up, essentially, right back where it started. For the January-to-June period, the total sales volume of $6.53 billion was down ever so slightly (0.33 percent) from a year before, with the 3.6 percent decline in home sales almost offset by a 3.4 percent increase in average sales price.
For full details, see the Website at www.nvar.com