With a strong summer rebound almost in the record books, local real-estate professionals expect pent-up demand could carry through much of the rest of the year across Northern Virginia.
“Top-producing agents project that the typical lull in September won’t occur this year since the market is making up for the pause that took place in April and May,” said Ryan Conrad, CEO of the Northern Virginia Association of Realtors (NVAR), in parsing recently released July sales data.
For the month, 2,376 homes went to closing – up 6.5 percent from a year before – but inventory concerns continue to keep prices high and properties moving quickly.
“It continues to be a seller’s market in Northern Virginia,” said Nicholas Lagos, president of NVAR, who pointed to declining mortgage-interest rates as another boost to demand.
Perhaps the situation is no surprise, as the COVID-19 pandemic and resulting government-mandated shutdown hobbled real-estate activity throughout the spring. The market now seems to be making up for lost time.
“The traditional spring market has been delayed to the summer months, and the pent-up buyer and seller demand that began in in late spring continued full force into July,” Lagos said.
Year-over-year sales were up across the region’s major jurisdictions – Arlington and Fairfax counties and the city of Alexandria – by rates ranging from 4.5 percent to 19.2 percent. In the two smaller communities of the survey, sales bumped up significantly in the city of Falls Church but were down slightly in the city of Fairfax.
Average sales prices were up across the board, with the average home selling for $696,902 across Northern Virginia, an increase of 12.6 percent from a year before. The average includes all types of housing, including single-family, townhouses and condominiums.
New listings continued an upward trend that began in June, when new listings of homes coming to market in Northern Virginia were positive for the first time since February. The number of new listings increased 14.5 percent from June 2020 to July 2020, indicating that sellers are feeling increasingly confident in local market and economic conditions – and might be desiring to cash in.
New listings in July were up more than 30 percent from a year before, but the overall tight inventory is still a challenge for prospective purchasers.
“Properly priced homes continue to sell quickly and often at, or above, list price,” Lagos said.
For full details, see the Website at www.nvar.com/marketstats.
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