A stable month for sales coupled with increasing prices pushed Northern Virginia’s real-estate market to a year-over-year volume increase of nearly 10 percent in December.
With 1,525 residential properties going to closing during the month, total sales were up 0.7 percent from the 1,515 transactions recorded in December 2018, according to figures reported Jan. 13 by MarketStats by ShowingTime.
(Figures represent transactions in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.)
While sales were flat, the average sales price of $641,789 was up 8.2 percent from a year before, with increases posted in all three segments of the market:
• The average price of single-family homes was up 7.6 percent to $859,550.
• The average price of attached homes, such as townhouses, was up 4.6 percent to $465,765.
• The average price of condominiums was up 7.6 percent to $377,836.
Add it all up, and the total sales volume for the month of $985.8 million was up 9.7 percent from a year before.
A total of 164 properties, changed hands for $1 million or more, and homes garnered 98.2 percent of original listing price, up from 97.2 percent a year before.
Inventory remained the market’s major challenge, with the 1,446 homes on the market at the end of December representing a decline of nearly 25 percent from the 1,910 properties available a year before.
The shortage of inventory is most evident in closer-in areas, including Arlington, Alexandria and Falls Church, although the broader Fairfax County market is not immune.
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.