What’s going on in the Northern Virginia real estate market?
The latest numbers from October 2017 are in, so it’s time to highlight what’s happening as we head toward the end of the year.
Home purchase activity has changed a little year over year. New pending contracts are up 4.1% from October of 2016, and the number of closed sales increased by 4.6% to 2,877.
New listings in October are up 4.2% year over year but down 16.6% from September of 2017. There were 3,502 new listings, which is below the five-year average of 3,808 new listings for October.
October saw 7,108 active listings in Northern Virginia, which is also below the number active listings in October 2016 and the five-year average of 8,400 listings.
“If this winter is mild, the spring market can start at the beginning of the year.”
The median price is $426,500, which is a 1.8% increase from $419,000 last year.
The average days on market this October was 46, which is just under the five-year average of 50 days on market.
What do all of these statistics mean for you?
We are entering the winter market with very low inventory and steady buyer demand, as is reflected in the number of closed sales and the reduction in the average days on market.
Certain pockets of Northern Virginia are busier than others, but our market is still strong and continues to do better year after year.
Traditionally, the holidays are a tough time to sell your home. If you are thinking of selling, now is the time to get your home ready to go on the market at the beginning of the year. If we have a mild winter, the spring season can start as early as January 1, 2018.
If you have any questions about our current real estate market, please don’t hesitate to give me a call or send me an email. I would be happy to help you!