Now that summer is officially here, I decided to take a good look at home sales around Northern Virginia this spring. First, let me give you some quick stats on the region as a whole:
Home Sales in Northern Virginia 3/1/15-6/1/15
- Number of Single Family Home Sales: 2,200
- Average Sale Price: $751,109 (98% of list price)
- Average Days on Market: 50
Analysis: Overall sales were strong in our region this spring. The number of homes sold was up almost 10% over the same period of 2014, and sales prices were up 3%. These are good indicators that the market is healthy and continues the steady growth that we’ve enjoyed over the past 18 months.
The currently inventory situation for our region is also good. There are currently 2,549 single-family homes for sale. Given recent closings and pending sales, this means the real estate market here is considered a moderately strong seller’s market, which is good news for everyone.
I also took a look at some specific areas: Alexandria, Arlington, McLean, Vienna and Fairfax. Here are the stats:
Spring Home Sales Statistics
(Single Family Homes, 3/1/15-6/1/15)
Arlington
- SF Homes Sold: 280
- Avg. Sale Price: $938,316 (99.4% of list)
- Avg. # of days on market: 48
Key Stat: Sales prices were up 3% over the same period of 2014.
Current Inventory Picture: 247 single-family homes are currently for sale in Arlington. Given recent and pending sales numbers, the Arlington market is currently considered a balanced market, with 6.8 months worth of inventory.
Alexandria
- SF Homes Sold: 459
- Avg. Sale Price: $657,930 (98.4% of list)
- Avg. # of days on market: 61
Key Stat: The number of homes sold increased 8% over the same period of 2014.
Current Inventory Picture: 439 single-family homes are currently for sale in Alexandria. Given recent and pending sales numbers, the Alexandria market is currently considered a buyer’s market, with 10 months worth of inventory.
Fairfax
- SF Homes Sold: 254
- Avg. Sale Price: $642,438 (99.1% of list)
- Avg. # of days on market: 44
Key Stat: The number of homes sold increased 10% over the same period of 2014, average sale price rose 3%.
Current Inventory Picture: 277 single-family homes are currently for sale in Fairfax. Given recent and pending sales numbers, the Fairfax market is currently considered a seller’s market, with 4.6 months worth of inventory.
McLean
- SF Homes Sold: 125
- Avg. Sale Price: $1,270,331 (95.9% of list)
- Avg. # of days on market: 98
Key Stat: Both the total number of home sales and average sale price were virtually identical in McLean in 2014 and 2015.
Current Inventory Picture: 301 single-family homes are currently for sale in McLean. Given recent and pending sales numbers, the McLean market is currently considered a balanced market, with 6.5 months worth of inventory.
Vienna
- SF Homes Sold: 173
- Avg. Sale Price: $657,930 (98.5% of list)
- Avg. # of days on market: 53
Key Stat: The number of homes sold increased 9% over the same period of 2014, while the average sale price decreased 4%.
Current Inventory Picture: 231 single-family homes are currently for sale in Vienna. Given recent and pending sales numbers, the Vienna market is currently considered a buyer’s market, with 8.5 months worth of inventory.
Analysis: This spring saw more moderate growth in Arlington, Alexandria, McLean and Vienna than in the outlying suburbs. This has a lot to do with the fact that the market inside the beltway bounced back from the recession more quickly than the outlying suburbs, and is transitioning to a balanced market, while the areas outside the beltway are still catching up in terms of market performance.
All of this is a bird’s eye view of the situation.
If you’d like to get an idea of what your home is worth in the current market, I’d be happy to do a complimentary market analysis on your home for you. Just go to:
Or Give me a Call @ 703-928-7109
If you’d like to discuss the current market, or chat about anything related to real estate and home building, I’d love to chat! Feel free to call or write me anytime.
Cheers to a happy and healthy Summer!
Lou Sagatov
703-928-7109
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