Dec 201616

Home Sales Increase Throughout Northern Virginia in November 2016

Dec 201616

Home Sales Increase Throughout Northern Virginia in November 2016

Market Minute LogoThe entire Northern Virginia region saw home sales increase in November, according to the Long & Foster Market Minute reports. The Northern Virginia market includes the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

NoVa Market Minute Chart Dec16

The number of homes sold rose in the Northern Virginia region in November, with Arlington County experiencing a 31 percent increase, followed by Alexandria City with a 23 percent increase. In Fairfax County, the number of homes sold rose by 21 percent, while it increased by 19 percent in Prince William County. Loudoun County experienced a 17 percent increase in the number of homes sold in November.

Median sale prices fell in most of the Northern Virginia region last month, with Prince William County experiencing a 4 percent increase. In Fairfax and Loudoun counties, the median sale price declined by 1 percent and 2 percent, respectively, and it fell by 7 percent in Arlington County. Alexandria City experienced a 9 percent decline in median sale price in November.

Active inventory continued to decrease throughout the Northern Virginia region in November when compared to the same month in 2015. Loudoun and Prince William counties both saw inventory decline by 28 percent, and in Fairfax County it fell by 22 percent. In Arlington County, inventory declined by 20 percent, and Alexandria City experienced a decline of 18 percent.

Homes in the region sold within about six weeks or less on average, according to November data. In Alexandria City, the days on market (DOM) average was 36 days, followed by Arlington County with a DOM average of 37 days. Both Fairfax and Loudoun counties had DOM averages of 42 days in November, and in Prince William County the DOM average was 43 days.

“November was another good month for the United States economy, with consumer confidence hitting one of its highest numbers since 2007. In the Mid-Atlantic and Northeast housing market, we saw a number of positive trends as well, including in the Northern Virginia region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although inventory is still sparse, many people are choosing to buy a home, taking advantage of mortgage rates while they remain low.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.