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NVAR is dedicated to keeping members of the press and various news media up-to-date and informed on the ever-changing world of Real Estate.
NVAR is constantly staying in the forefront of news to keep you informed with changes in government affairs, education, technology and housing market trends. View archived press releases and check out our latest news and trends, which includes articles from our RE+View Magazine.
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Northern Virginia Home Prices in Full Bloom; May Market Reflects Continued Spring Growth Cycle
Homebuyers in Northern Virginia Push Prices to Record Peak; NVAR/GMU-CRA Forecast Adjusted to Reflect Region's HQ2 Effect
Fairfax – A dramatic first-quarter uptick in sales activity prompted a revised 2019 housing market forecast by the Northern Virginia Association of Realtors® (NVAR), in partnership with the George Mason University Center for Regional Analysis (GMU-CRA).
"Escalating prices and a diminishing number of available homes for sale combined to cause us to revisit 2019 projections for our NVAR market footprint," said NVAR President Christine Richardson of Weichert, Realtors®. Members of an NVAR/GMU-CRA forecast focus group reconvened in March to reconsider regional market projections that were made in November 2018. The NVAR region covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
Median prices of homes sold in Arlington County are expected to show a 17.2 percent year-over-year increase by the end of 2019, announced GMU-CRA Director Dr. Terry Clower at the June 7, 2019 NVAR Finance Summit. This reflects a significant change from the NVAR/GMU-CRA original 2019 projected year-over-year increase of 5.1 percent. The median sale price in Arlington County in May was $615,000, a 9.82 percent increase compared to May 2018.
"This is a market response to the Amazon HQ2 announcement with investors competing with residents for a shrinking number of homes for sale. The price gains we foresee do not reflect an overall bubble in housing prices but rather reflect the specific circumstances of our current market" Clower said.
The Fairfax County median sale price is expected to see a 2019 year-over-year gain of about 7 percent, Clower said. This is more than double the original 3.1 percent projected year-over-year growth.
"The average sold price to original list price ratio in May was 99.9 percent for the NVAR region, and over 100 percent in both Arlington and Alexandria," said Richardson. "Ratios at that level reflect a housing market with multiple offers on the table, and that's what we're continuing to see."
Regarding possible limits on how high prices will climb, Clower said that mortgage qualification is the biggest restraint. "Our folks in the lending industry are constrained by the notion that they expect that [buyers are] actually able to pay [the loan] back."
For the second consecutive month, the number of homes sold in the NVAR region reached a 14-year high. Buyers in the NVAR market closed on 2,381 homes in May – the highest number of May total sales since 2005, when there were 3,213 homes sold.
The pace of sales continued to climb in May, with homes selling within an average of 27 days on market (DOM).
"With average days on market down 42 percent compared with last May, the result is less than one month of inventory in some areas," said NVAR Board Member Ritu Desai, of Samson Properties.
"Speculation on higher pricing once Amazon settles in the region has caused many sellers not to sell their homes now," said Desai. "While the number of potential buyers entering the housing market in the Northern Virginia region is rising, the ripple impact of low inventory and high demand has caused a tough market for them," she said.
Clower explained that some homeowners have also decided that since Amazon is coming, maybe they can live in their house a bit longer and then convert it to a rental property.
"I'm really concerned about the number of ownership to rental conversions we may have going forward, particularly as valuations get higher," Clower said.
Based on revised projections, the number of available homes for sale in Fairfax County is expected to be down 10.2 percent at the end of 2019. The decline was previously projected to be just 2.4 percent.
"Arlington inventory has fallen off a cliff," Clower said, and is expected to be down by 18.8 percent at the end of 2019. The original forecast showed a 7 percent year-end decline.
The number of available homes in Alexandria is expected to show a year-end decline of 37.5 percent in 2019. Previously, that decline was projected at 0.6 percent.
"Buyer interest is not likely to decline in the near term," said NVAR CEO Ryan Conrad. "Employment across the D.C. Metro region continues to be healthy, and our partners at GMU-CRA tell us that almost all of the regional job growth is happening here in Northern Virginia."
Panelists at the June 7 NVAR Finance Summit noted that much of the new Amazon recruiting will focus on international prospects, Conrad explained. "Our members are prepared to work with all newcomers to our region, and many local Realtors® have already earned their Certified International Property Specialist (CIPS) designation or are planning to do so at NVAR later this year," said Conrad.
Mortgage rates continue to be a potential motivating factor for prospective homebuyers. Average rates on both 30-year fixed and 15-year mortgages dropped on Tuesday, to 3.99 percent and 3.25 percent respectively.
May 2019 Regional Home Sales Compared to May 2018: Northern Virginia
Data as of June 6, 2019
A total of 2.381 homes sold in May 2019, a decrease of 3.17 percent below May 2018 home sales of 2,459.
Active listings decreased this month compared with 2018. Listings were down by about 23 percent below last year, with 2,916 active listings in May, compared with 3,790 homes available in May 2018. The average DOM for homes in May was 27 days, a decrease of 42.55 percent compared to the 47 DOM for homes in May 2018.
The average home sale price rose by 3.04 percent compared with last May, to $626,345. The May 2018 average price was $607,886.
The median sold price of homes this May, which was $552,750, rose by 2.84 percent compared to the median price of $537,500 in May 2018.
View our May 7 Finance Summit presentations on NVAR.com.
Read more about the NVAR region housing market in GMU-CRA Market Metrics articles published in NVAR's RE+VIEW magazine, found at NVAR.com/review.
NVAR Charts, Graphs, Social Media for May 2019 NVAR Housing Stats
May Housing Data:
https://www.nvar.com/docs/default-source/housing-and-market-statistics/may-market-stats-2019.pdf?sfvrsn=8580bd0d_2
Infographic:
https://www.nvar.com/images/default-source/default-album/05-19_marketstats_vertical2.jpg?sfvrsn=dc80bd0d_3
The May Market Stats Page:
https://www.nvar.com/realtors/news/market-statistics/market-statistics-may-2019
May Market Minute Video:
https://youtu.be/SLZr3bas_pQ
These links are accessible from the Market Stats page here:
https://nvar.com/realtors/news/market-statistics
The Northern Virginia Association of Realtors®
nvar.com
Ann Gutkin
Vice President, Communications
703.207.3216; agutkin@nvar.com
Kate O'Toole
703.207.3283; kotoole@nvar.com
* Follow us on Twitter - @nvar
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If you are a member of the press/media and would like to be added to our list, please contact Ann Gutkin at agutkin@nvar.com or 703-207-3216. Please also download the NVAR Fact Sheet for more information.
NVAR in the News
Who's New (Amazonification edition)
TTNews.com June 27
Arlington home values to rise 17.2%; inventory has 'fallen off a cliff'
WTOP.com June 13
More Arlington Real Estate Optimism (From Washingtonian)
ARLNow.com June 13
Amazon's HQ2 is already making Arlington's housing prices skyrocket
WashingtonPost.com June 13
New Report: Arlington Home Prices Will Spike 17.2 Percent By the End of 2019
Washingtonian.com June 12
HQ2 Effect Lifts Northern Virginia Housing Prices
FairfaxNews.com June 12
NVAR Reports Surge in N.Va Home Sales
FCNP.com May 15
Post-Amazon Real Estate Boom in N. Va.
ARLNow.com May 15
Northern Virginia home sales hit 14-year high, and Amazon's a factor
WTOP.com May 14
N. Va. Home sales come roaring into spring with strong April
InsideNova.com May 14
7 local realtors share insider tips on the housing market
NorthernVirginiaMag.com May 1
See the full archive of NVAR in the News
NVAR Awarded Global Platinum Council
December 28, 2016 - NVAR Awarded Global Platinum Council
The Northern Virginia Association of Realtors® Awarded Global Platinum Council, Outstanding Ambassador Association Status; Other International Honors Achieved. NVAR Fosters Realtor® Representation in Four Countries and South America
Fairfax, VA –"We, at the Northern Virginia Association of Realtors®, are delighted that the National Association of Realtors® awarded us the Global Platinum Achievement Award for our members' service to international clientele," said NVAR CEO Ryan Conrad. "Since we are located next door to our nation's capital, our members often have clients who are foreign nationals, immigrants, buyers with family abroad, multilingual families and others. NVAR provides international forums and relevant education to keep our members in the know about best practices for these clients and international transactions."
NVAR leaders signing an Honorary Reciprocal Agreement with the leaders of the Cambodian delegation.
NVAR offers all members the chance to participate in Korean, Vietnamese, Hispanic and International Business forums, according to NVAR Chairman of the Board Virgil Frizzell. "Our global forums help communicate the importance of international real estate opportunities and teach our members about how to handle multicultural real estate transactions correctly," said Frizzell.
Other 2016 NVAR international achievements were:
1. Frizzell served as a panelist in Lima, Peru at the COIPRO 2016 conference alongside Elizabeth Mendenhall, 2017 President-Elect of the National Association of Realtors®. He discussed the role of the real estate agent in transactions at an event hosted by the Peruvian Association of Real Estate Agents on Sept. 20, 2016.
2. NAR offers ambassador opportunities to more than 40 countries where there is reciprocal cooperation with a local real estate agent association. NAR selected five NVAR members to represent the United States Realtors® with another country or region.
Our NAR Presidential Liaison Ambassadors are:
Guatemala: Mayra Pineda, Fairfax Realty, Fairfax
Vietnam: Lieu Nguyen, Westgate Realty, Falls Church
Peru: Angie Delboy, RE/MAX Gateway, Arlington
Spain: Veronica Seva-Gonzalez, Compass, Washington, D.C.
South America: Mario Rubio, Rubio Realty, Annandale
3. NVAR hosted its 3rd Annual Realtor Showcase of Ideas and Innovative Concepts during in May with over 60 attendees of which 20 were are from allied associations in 9 countries all over the globe.
4. NVAR hosted a Cambodian Delegation for three days in November. During that visit, NVAR leaders signed an Honorary Reciprocal Agreement with the leaders of the Cambodian delegation. Image shown above.
5. Eighty Realtors® from Northern Virginia and across the United States earned the Certified International Property Specialist Designation (CIPS) during a week-long training class at its Fairfax Headquarters. The designation, sanctioned by the National Association of Realtors®, seeks to provide Realtors® with the knowledge, research, network and tools to globalize their business and better serve international clients.
First-Ever Realtor® Community Action Day Results in Philanthropy, Outreach to Neighbors
Northern Virginia Association of Realtors® Members Step Up To Give Back To Those in Need with Groceries, Home Repairs and More
Fairfax, VA – The Northern Virginia Association of Realtors® has as a strategic priority to serve as an excellent corporate citizen. Such outreach is not only good business, but it is the right thing to do for an association that has 12,000 real estate practitioners as its core constituents.
When installed in December 2016, the 2017 NVAR Chairman of the Board Bob Adamson challenged member-brokerages to participate in the inaugural NVAR Realtor® Community Action Day, which took place this past April. He asked members to find ways to give back to the charities of their choice with time, sweat equity, service and funding.
"Realtors® in at least nine brokerage members of the Northern Virginia Association of Realtors® found time to participate as teams or alone for our first-ever Realtor® Community Action Day," said Adamson. "With all the services that our practitioners deliver to clients, it is hard to carve out time for much else. But these members really showed their caring, generosity and selflessness to help neighbors of all ages, in all situations."
The following NVAR Brokerages participated by changing the lives of those in need throughout Northern Virginia:
PLEASE CLICK ON THIS LINK TO SEE OUR PHOTO SPREAD: NVAR.COM/2017ACTIONDAY
The Arlington Office of McEnearney Associates decided to show some love to our furry friends at the Animal Welfare League of Arlington. See Photos: 2, 4, 5, 6, 11, 16, 18, 20, 23
Heather Embrey, Better Homes & Gardens Real Estate Premier, donated to Food for Others. See Photos: 28
Jacqui Bullock, Keller Williams in Falls Church, organized a team to help a disabled veteran repair his Woodbridge apartment.See Photos: 1, 15, 17, 27
4. Jonathan Henkel of Properties on the Potomac volunteers at Wheatland Farm, a Therapeutic Riding Center in Purcellville, VA. See Photos: 3, 29
5. The Arlington office of Century 21 Redwood Realty held a fundraiser and game night for the Arc of Northern Virginia See Photos: 7, 22
6. A team from Keller Williams Capital Properties raised $15k for Roc Solid Foundation for children with cancer and Main Street Child Development Center at a gala fundraiser.
See Photos: 8, 10, 12, 14
7. The Vienna office of Coldwell Banker Residential Brokerage held a clothing drive to benefit the Lamb Center in Fairfax, Rising Hope Mission Church in Alexandria, and Alternative House Culmore Resource Center in Falls Church. See Photos: 9, 19
8. Robin Gephardt and her team with Pearson Smith Realty volunteered with Loudoun Hunger Relief in Loudoun County by hosting a Pop-Up Pantry shop in a low income neighborhood and donating free food. See Photos: 13, 21, 24, 25
9. The Nellis Group, of Keller Williams Capital Properties, donated to the following client-selected charities: Warrior Buddies at the Prince William Humane Society; TC Williams Alumni Association; Dominik Pettey Fund at Gonzaga College High School; Immanuel Bible Church; DC127; Homeward Trails; and Fellowship of Christian Athletes. See Photo: 26
2016 NVAR Cares Committees Supports Charities
Northern Virginia Association of Realtors® Announces its 2016 NVAR Cares Committee Charitable Giving Beneficiaries and its Louisiana Relief Fund Donation
Fairfax, VA – The Northern Virginia Association of Realtors® announces the outreach and philanthropy of its 2016 NVAR Cares Committee. This committee considered proposals for funding from local nonprofit organizations and associations this year and made decisions to donate time and money based on each mission's alignment with NVAR's goal for charitable giving. More than $37,000 was donated.
NVAR Cares and the NVAR Board of Directors proudly announce a $10,000 contribution to the Louisiana Realtor Relief Foundation to benefit Louisiana residents in need, impacted by the August 2016 flooding.
"This year presented many challenges to our neighbors in need as well as those in Louisiana," said Virgil Frizzell, 2016 NVAR Chairman of the Board. "We, at the Northern Virginia Association of Realtors®, are committed to giving back to our communities by volunteering and with donations." Frizzell is a Realtor® with Long & Foster Real Estate in Reston.
"Good housing helps to achieve good quality of life," said the 2016 NVAR Cares Committee Chair Susan Mekenney. She is an associate broker with RE/MAX Executives in Springfield.
"Realtors® believe that housing plays a major role in making vibrant neighborhoods," said Mekenney. "We reviewed more than 30 great, local nonprofits and chose 21 nonprofits to donate our time and money to since they support our mission to help people find safe, affordable, and sustainable homes."
"Our commitment to give back to the community has many benefits," Ryan T. Conrad NVAR's CEO. "Our NVAR Cares Committee explores ways for our members to show that we are not only about guiding clients to buy, sell or rent homes, but also to nurture all aspects of the neighborhoods we work in."
The 2016 NVAR Cares Committee recipients are:
1. Asian-American Homeownership Counseling Inc.
2. The Brain Foundation
3. Boys and Girls Club of Fairfax County
4. First Home Alliance
5. Final Salute
6. Graham Road Elementary, Falls Church, Virginia
7. Habitat for Humanity of Northern Virginia
8. His Hidden Treasures
9. Home Aid Northern Virginia
10. Homestretch
11. Housing and Community Services of Northern Virginia
12. Life With Cancer
13. New Hope Housing
14. Operation Renewed Hope Foundation
15. Pathway Homes
16. Rebuilding Together – Alexandria
17. Ronald McDonald House
18. Shelter House
19. United Community Ministries
20. Veterans Association of Real Estate Professionals
21. Virginia Housing Development Authority
Bob Adamson Installed As 2017 Chairman
Jill M. Landsman, Vice President, Communications & Media Relations
703.207.3226 or jlandsman@nvar.com
Ann Gutkin, Director, Communications & Media Relations
703.207.3216 or agutkin@nvar.com
Bob Adamson Installed as 2017 Chairman of the
NVAR Inducts Leadership,
Taps Hall of Fame, Affiliate of the Year, Honorary Life Membership Honorees
Fairfax, VA –Members of the Northern Virginia Association of Realtors® celebrated its volunteer leadership in a year marked by modestly increased sales compared to 2015, mostly horizontal price growth and continued low interest rates. NVAR's Appreciation and Installation ceremony took place on December, 1, 2016 at its Fairfax headquarters.
Led by Virgil Frizzell, 2016 Chairman of the Board, the association honored its outgoing 2016 leadership and award winners and welcomed incoming leaders. David Howell, the 1995 NVAR Chair, conducted the installation. Howell is the executive vice president of McEnearney Associates in Arlington.
Bob Adamson, a Realtor® with McEnearney Associates, was installed as the 2017 Chairman of the Board. He has been proactive on NVAR committees engaged in local housing policy and has cultivated relationships with Virginia's political leaders. "It takes constant effort to monitor and shape policies and laws that favor homeownership and the rights of property owners," he said during his acceptance speech. Emphasizing members' needs to give back, he said, "We must care for the communities we work in. We must care for the people, schools, and businesses in them."
According to NVAR's CEO Ryan Conrad, "Stemming from Bob's 30 years as a Realtor®, he knows how the local real estate market has transformed. His commitment to motivating our members to give back will have a profound impact. Realtors® Bob's leadership and passion will help NVAR take those efforts to new heights in 2017."
In addition to Adamson, the 2017 NVAR Executive Committee includes:
Lorraine Arora, Chairman-Elect, Weichert, Realtors®, Fairfax
Christine Richardson, Secretary/Treasurer, Weichert, Realtors®, Great Falls
Virgil Frizzell, Immediate Past Chairman, Long & Foster, Reston
The 2017 NVAR Board of Directors include:
Brian Block, RE/MAX Allegiance, McLean
Tracy Comstock, SilverLine Realty & Investments, Vienna
Genevieve Concannon, Advon Real Estate, Falls Church
Reggie Copeland, Long and Foster Real Estate, Arlington/Alexandria
Nicholas Lagos, Century 21 Gawen Realty, Arlington
Gary Lange, Coldwell Banker Residential, Fairfax
Craig Lilly, Long & Foster Real Estate, Vienna
Christina Macro, KW Metro Center, Vienna
Peter Nguyen, TTR Sotheby's International Realty, McLean
Marc Pina, Century 21 Redwood Realty, Arlington
Derrick Swaak, TTR Sotheby's International Realty, McLean
Ann Yanagihara, Hana Associates, Alexandria
2016 Affiliate of the Year: EKKO Title
2016 Hall of Fame: Pat Kline, Avery-Hess, Realtors® in Fredericksburg
Honorary Life Membership:
Suzanne Granoski, RE/MAX Executives, Alexandria
Vinh Nguyen, Westgate Realty Group, Falls Church
Media Invitation: Eco Summit
Jill M. Landsman
Vice President, Communications & Media Relations
703.207.3226; jlandsman@nvar.com
Director, Communications & Media Relations
MEDIA INVITATION: NVAR's Annual Economic Summit
Thurs., Nov. 10, 8:30 a.m.
Fairview Park Marriott, Falls Church, Virginia
Election Results:
What Will They Mean for the Northern Virginia Real Estate market?
Housing: Demand, Trends, Mortgages, Outlook, Demographics, Policies
Fairfax, VA – Join the Northern Virginia Association of Realtors® and the George Mason University Center for Regional Analysis for their 20th Annual Economic Summit on Thursday, Nov. 10, 2016 at 8:30 a.m. at the Fairview Park Marriott, Falls Church, Virginia.
Panelists are:
Dr. Lynn Fisher, Mortgage Bankers Association, VP of Research and Economics
Ken Harney, Washington Post Syndicated Columnist, The Nation's Housing
Dr. Terry Clower, George Mason University, Director, Center for Regional Analysis
Stockton Williams, Urban Land Institute, Terwilliger Center for Housing, Executive Director
Location on Thursday, Nov. 10:
Fairview Park Marriott, 3111 Fairview Park Drive, Falls Church, Virginia 22042
For Google Map Directions:
http://go.nvar.com/ecodirections
Media who attend will learn about these issues and more from our experts:
I. National Economic, Housing Overview & Forecast
A. Presidential Election Outcome: Impacts on Housing
B. National Housing Policy Developments
C. Availability of Financing, Monetary Policy
D. Demographic Trends and The Housing Market
II. Regional Economic, Housing Picture & Forecast
A. Who Is Buying Homes? Who Is Not/Why?
B. Nature of the Region's Job Growth
C. Regional Domestic Product Forecast and Trends
III. Your Questions Answered
Registration and continental breakfast: 8:30 a.m. on Thurs., Nov. 10
Adjourns: 12:30 p.m.
Front-row seating; free parking; continental breakfast.
Special requests? Contact webmaster@nvar.com
The Northern Virginia Association of Realtors® Launches Its New Website,
January 9,2017
The Northern Virginia Association of Realtors® Launches Its New Website, NVAR.com, Providing Home Buyers, Sellers, Real Estate Professionals withLeading-Edge Design, User Experience for News, Trends, Resources
Fairfax, VA –The Northern Virginia Association of Realtors® teamed up with the Matrix Group International, Inc. to create a new website, NVAR.com, that offers a leading-edge three-audience experience. Recognizing the distinct audiences for Northern Virginia real estate information, the redesigned NVAR website highlights the most relevant content and areas of interest for each user. Launched on Jan. 5, 2017, the new NVAR.com delivers a tailored browsing experience for every visitor.
"This website has been designed to provide all users with the information that is most germane to their specific real estate interests," said NVAR CEO Ryan Conrad. "Not only Realtors®, but real estate-related businesses and consumers also need a trustworthy source for current, accurate information about homeownership and property rights in Northern Virginia."
According to the 2017 NVAR Chairman of the Board Bob Adamson, "Our new NVAR.com consumer audience portal provides real estate market facts and information about the significant role of Realtors® and affiliated service providers in all phases of the transaction process. More than 2 million residents are in our NVAR footprint," Adamson said. "This represents one of the most active real estate markets in the country," he explained.
The product of more than a year's worth of work and hundreds of hours of research, major aspects of the redesign include:
full mobile friendliness on all devices
better site search to deliver relevant results
easier sharing of articles and news items on social media
attractive image-driven design, and
intuitive, simple navigation to help users find information with ease.
"Each time a user views content, the website will provide related articles, news, Realtor® shop items, classes and events, delivering unparalleled service to every visitor," said Joanna Pineda, Matrix CEO. "Matrix is delighted to work with NVAR to deliver a cutting-edge approach to communicating and engaging with its members and with people in the Northern Virginia real estate marketplace."
Nisha Thakker to Lead Association's Strategic Partnership Program Strategic Partnership Goals and Leading-Edge Product Development to Be Pursued.
Fairfax, VA – The Northern Virginia Association of Realtors® announces the appointment today of Nisha Thakker to the newly-created position of Senior Director of Strategic Partnerships. In her new role, Thakker lead NVAR's strategic sponsorship and affiliate partner program to develop a greater membership value proposition for the association's 12,000 Realtor® and affiliated service provider members.
"The creation of this new senior-level position, with the selection of our former Associate General Counsel Nisha Thakker at the helm, will help us advance and cultivate NVAR's relationships in the Northern Virginia business community," said CEO Ryan Conrad. "The combination of Nisha's legal expertise and business acumen makes her uniquely well positioned for this new role," Conrad said.
Thakker will serve as a partner outreach and product development leader for NVAR. In this new capacity, working across all association departments, she will cultivate existing sponsors and partners as well as forge new strategic alliances. Her work will help create a more engaged membership and help the association deliver new products and services.
Thakker is a graduate of the George Washington University and the Washington College of Law at American University.
Lorraine Arora Installed as 2018 Chairman of the Northern Virginia Association of Realtors®,
Lorraine Arora Installed as 2018 Chairman of the
Northern Virginia Association of Realtors®,
Inaugural NVAR Hero Award Winner Announced,
Hall of Fame, Affiliate of the Year, Honorary Life Membership Honorees Tapped at Installation, Appreciation Event
Fairfax, VA –NVAR's Appreciation and Installation ceremony took place on December 7, 2017 at its Fairfax headquarters with 2017 NVAR Chairman of the Board Bob Adamson thanking the membership for stepping up regarding their charitable community outreach, showing that they are not just Realtors®, but professionals who really care about their neighbors in need.
Berkshire Hathaway Home Services Realtor® Deborah Baisden, Virginia Beach, installed the incoming NVAR Board of Directors and then Lorraine Arora as the 2018 Chairman of the Board. Baisden was the 2015 president of the Virginia Realtors®.
Arora, a managing broker with Weichert, Realtors®, had also served as a managing broker for Long & Foster Real Estate in Springfield and Coldwell Banker in Arlington. She has been a practitioner in Northern Virginia for two decades.
"Leadership is an attitude, and that attitude must be ethical and professional," said Arora during her acceptance speech. "As Brokers we play a critical role in leadership. We are the influencers."
She explained that she sees NVAR playing a role to help transform the real estate industry in a way that is fair to all clients. "We need to … help the thousands of people who are going to be next year's buyers, sellers, renters or investors."
Said NVAR Chief Executive Officer Ryan Conrad, "As a Broker who so many Realtors® and other Brokers respect, Lorraine has a firm understanding of the direction of our evolving industry. I can think of no other NVAR leader who is better positioned to help move us in a new strategic direction as we do more with technology, education, the global real estate market and professional development. Change is happening, and we are at the forefront of that change. Lorraine will help elevate our members, our guiding principles and our standing in the industry nationwide."
In addition to installing its 2018 leaders, NVAR awarded its first NVAR Hero Award to Stacy Hennessey of McEnearney Associates in Arlington, and presented Affiliate of the Year, Hall of Fame and Honorary Life Member Awards noted below.
NVAR Inaugural Hero Award:
Stacy Hennessey, McEnearney Associates
2017 Affiliate of the Year:
Access National Bank
2017 Hall of Fame:
Margaret Ireland, Samson Properties
Mario Rubio, Rubio Real Estate
Susan Mekenney, RE/MAX Executives
The 2018 NVAR Executive Committee includes:
Christine Richardson, Chair-Elect Weichert, Realtors®
Nicholas Lagos, Secretary/Treasurer Century 21 Gawen Realty
Bob Adamson, Immediate Past Chair McEnearney Associates
Tracy Comstock SilverLine Realty & Investment
Reggie Copeland Long & Foster Real Estate
Heather Embrey Better Homes & Gardens Real Estate Premier
Coral Gundlach Compass
Gary Lange Weichert, Realtors®
Craig Lilly Long & Foster Real Estate
Peter Nguyen TTR Sotheby's International Realty
Marc Pina Compass
Derrick Swaak TTR Sotheby's International Realty
Dallison Veach RE/MAX Executives
Rob Wittman Redfin Corporation
Ann Yanagihara Coldwell Banker Residential Brokerage
For a photo of Lorraine Arora, NVAR 2018 Chairman of the Board, click here.
For additional event photos, click here.
The Northern Virginia Association of Realtors® serves as The Voice For Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more.
The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members' adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property.
NVAR has grown to more than 12,000 Realtors® and business affiliates who carry out an estimated $11 billion real estate industry in a community of more than 2 million residents.
Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com
Northern Virginia Association of Realtors® Announces its 2017 NVAR Cares Committee Beneficiaries Inaugural NVAR Hero Awardee Named
Northern Virginia Association of Realtors® Announces its
2017 NVAR Cares Committee Beneficiaries
Inaugural NVAR Hero Awardee Named
Fairfax, VA – The Northern Virginia Association of Realtors® announces the outreach and philanthropy of its 2017 NVAR Cares Committee. This committee considered proposals for funding from 50 local nonprofits and foundations this year and made decisions to donate time and money based on each mission's alignment with NVAR's goal for charitable giving. In addition, NVAR awarded its inaugural NVAR Hero Award to a member who was exemplary in giving back to the community.
The winning recipient was McEnearney Associates Realtor® Stacy Hennessey, a practitioner for 10 years, who was selected because of her fundraising and support services to the Homestretch nonprofit.
Homestretch's mission is to empower homeless families to attain permanent housing and self-sufficiency by giving them the skills, knowledge and hope that its clients need to become productive members of the community.
Said Hennessey, "By supporting Homestretch, I am seeing real results that the clients achieve in all facets of their lives. It is so rewarding to see the trajectory of their lives change from despair to success. Results are everything as 95 percent of the [Homestretch] families remain self-sufficient years after leaving the program."
Homestretch, a Falls Church based nonprofit, is becoming a national model for organizations that serve homeless families by providing a comprehensive and personalized approach to redirect futures on a positive path, according to Hennessey.
In 2017, the NVAR Cares Committee awarded more than $35,000 to various charities. 2017 NVAR Cares Committee Chairman Miguel Calvo said, "We are proud to build partnerships with these organizations that share our mission in helping local people who need nonprofit support services, as well as those people struck by natural disasters."
In addition to local nonprofits, NVAR supported communities affected by severe weather in Texas, Florida and Puerto Rico.
"As an association of professionals who are dedicated to helping people find housing, it is important that we, as Realtors, donate our time, talent and funds to those in need, whether that be in our own backyards or nationwide," 2017 NVAR Chairman Bob Adamson said.
Noting that the mission of the NVAR Cares Committee is a strategic priority, NVAR CEO Ryan Conrad said, "NVAR cares about the neighborhoods where our members and their clients buy and sell. We, as real estate professionals, make a much stronger impact by assisting these important nonprofits, all of which are equally committed to helping our neighbors lead successful lives." The 2017 NVAR Cares Committee recipients are:
Computer Core
Habitat for Humanity of Northern Virginia
Good Shepherd Housing
Rebuilding Together Alexandria
Shelter House
Catholics for Housing
Pathway Homes
Graham Road Elementary School
Psychiatric Rehabilitation Services
Centro de Apoyo Familiar
The Brain Foundation
Home Aid Northern Virginia
United Community Ministries
New Hope Housing
First Home Alliance
Devotion to Children
Puerto Rico Association of Realtors
Women Giving Back
PHILLIPS Programs for Children and Families
Langley Residential Support Services
Final Salute Inc.
National Association of Realtors® Disaster Relief Fund
Texas Association of Realtors® Disaster Relief Fund
NVAR has grown to more than12,000 Realtors® and business affiliates who carry out an estimated $11 billion real estate industry in a community of more than 2 million residents.
Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com.
Tax Reform Impacts Not Hindering Northern Virginia Buyers, Sellers (January 2018 Housing Stats)
Tax Reform Impacts Not Hindering Northern Virginia Buyers, Sellers;
January's Home Average, Median Sales Prices Climb 3 Percent,
Pending Contracts Rise 15 Percent;
Economic Outlook Remains Favorable,
Reports the Northern Virginia Association of Realtors®
Fairfax – While 2017 homeownership rates have reached the highest level since mid-2014 according to Census Bureau data, and 2017 home prices reached new highs for the past decade, we are starting this year off with solid rises in home values, said Lorraine Arora, the 2018 NVAR Chairman of the Board and Weichert, Realtors® Fairfax regional managing broker.
"With our local economy thriving, the nominal predicted interest rate hikes are a signal of our strong national economy, despite the inventory shortages. All of the business growth reported locally and nationally bodes well for consumer confidence."
If such robust growth continues, explained Arora, then this year's Northern Virginia housing market will likely increase by 2 percent compared to 2017 sales numbers.
Suspecting that Northern Virginia housing will see an early, strong spring market, Rob Allen, a 2018 NVAR Board member and Long and Foster Realtor® in Reston, remains confident that houses that show well and are priced right will be snapped up quickly. "I'm seeing buyers eager to act on homes that fill their needs as inventory remains extremely low," he said "It's not uncommon to find you are in a competitive bidding situation right now.
"Conversations with my buyer-clients have centered more around strategies for putting together a well-written and competitive offer and less about the possible implications of tax reform," Allen said.
"From a seller perspective, I'm finding it an appealing time to be on the market," Allen said. "Houses that are competitively priced from the start are going to be in great shape."
According to Ryan T. Conrad, NVAR CEO, "In 2017, NVAR Realtor® members conducted 22,555 transactions valued at $13.1 billion; both figures are the highest since 2005. We had an average sales price of $579,498 – one of the strongest on record for our region. Such data points indicate a viable market."
Understanding the new normal, Ryan noted, "We are not minimizing that the rising interest rates are inevitable to help combat inflation. However, housing markets nationwide have been thriving, just as we have been in Northern Virginia. We fully expect that real estate in Northern Virginia will continue to show strong metrics, remain stable and provide long-range equity for serious homebuyers. Such savvy clients are not intimidated by what goes on in politics."
January 2018 Regional Home Sales Compared to January 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on January 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,097 homes sold in January 2018, a 1.17 percent decrease below January 2017 home sales of 1,110.
Active listings decreased this month compared with 2017. Listings were down about 20 percent below last year, with 2,193 active listings in January, compared with 2,730 homes available in January 2017. The average days on market (DOM) for homes in January 2018 was 63 days, a decrease of 7.35 percent compared to the 68 DOM for homes in January 2017.
The average home sale price rose compared with last January, to $567,710. This is up 3.21 percent compared to January 2017, when the average price was $550,069.
The median sold price of homes this January, which was $475,000, rose by 2.76 percent compared to the median price of $462,250 in January 2017.
The 1,444 new pending home sales in Northern Virginia in January were 2.30 percent below the 1,478 contracts that were pending in January last year. Total pending sales in January were down by almost 10 percent, to 1,720, compared with 1,910 pending contracts in January 2017.
NVAR Charts, Graphs, Social Media for January 2018 Housing Stats
GMU-NVAR Housing Projections:
https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_dec_gmu_forecaast.pdf?sfvrsn=dfc1ac0d_2
January housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/january-market-stats-2018.pdf?sfvrsn=a5f8ad0d_2
January Infographic: https://nvar.com/images/default-source/default-album/01-2018_january_static.jpg?sfvrsn=d8aad0d_0
Market Minute Video: https://youtu.be/TJOop5_-8ow
January Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-january-2018
The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members' adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA 22031, with a second service center located in Herndon.
Capitalize D.C. to Promote The Metro D.C. Region at MIPIM
https://www.capitalizedc.net/
CAPITALIZE DC TO PROMOTE THE METRO D.C. REGION AT MIPIM, THE WORLD'S LARGEST PROPERTY MARKET CONFERENCE FROM MARCH 13-16 IN FRANCE
Greater Capital Area Association of Realtors®, District of Columbia Association of Realtors® and Northern Virginia Association of Realtors® to Showcase National Capital Region Investment Opportunities.
Fairfax, VA -- MIPIM, the world's leading global real estate market, business conference and networking event, will welcome Capitalize DC to its 2018 event in Cannes, France. Capitalize DC, a collaborative regional consortium formed by the Northern Virginia Association of Realtors®, Greater Capital Area Association of Realtors® and District of Columbia Association of Realtors®, will be part of the growing USA pavilion, hosted by the National Association of Realtors®, the United States' largest real estate trade organization. NAR and Capitalize DC will be among the 3,100 exhibiting companies at the 2018 event.
Pointing out the business-friendly environment in the DC metro region, NVAR's 2018 Chairman of the Board Lorraine Arora said, "Our Northern Virginia and metro area are outstanding centers for commerce, government and technology in the United States. Our region provides international companies with the business climate needed to thrive, and our Realtors® stand ready to help foreign clients examine locations in Northern Virginia locations that they consider an option. We are a mid-Atlantic hub, with access to three airports, Metro trains and a growing highway network. Northern Virginia is known for its receptive, pro-business government, quality of life, outstanding health care and excellent schools."
With active interest from business giants such as Nestle and Amazon, 2018 GCAAR President Tom Daley noted business interest in our region has escalated. "Factors such as the growing strength of the economy and several well-known international companies relocating or expressing interest to move to this area have added to the appeal of this highly-attractive region for both individuals and companies," he said. "Realtors® play an integral role in pulling the pieces together."
Noting the District's place as the seat of the federal government, 2018 DCAR President Christopher Suranna said, "Washington, DC is home to over 700,000 residents, adding over 1,000 residents per month since 2012. Washington, DC boasts 200 foreign embassies and the highest percentage of college-educated people in the country with strong earning power. DC is one of the most diverse cities in the world with people of every age, race and religion living and working in a variety of industries. Our Realtor® members would be delighted to guide foreign investors in their commercial or residential search."
For the third year in a row, NAR has expanded its MIPIM exposition footprint in response to the growing U.S. presence and to accommodate new exhibiting partners. The NAR-sponsored USA pavilion provides local and regional U.S. markets the ability to showcase opportunities to 24,000 attendees and 5,000 foreign investors at MIPIM. Realtors® in the National Capital Region are being offered an opportunity to showcase their listings on the CapitalizeDC.net website that will be on display during the exposition. More than 20 Realtor® Association partners from across the U.S. will have a presence at MIPIM in 2018.
"The U.S. remains the top-ranked market for real estate investors," said Elizabeth Mendenhall, 2018 president of the 1.3-million-member national trade association. "Despite potential risks associated with emerging technologies, e-commerce, the 'sharing economy' and geopolitical events, foreign investors in a recent survey named the U.S. the most stable market for real estate investment and the best opportunity for capital appreciation.
"Overall, the market is healthy, with commercial property prices rising 90 percent in the last seven years," said Mendenhall. "Multiple years of steady job growth and the strengthening U.S. economy – albeit at a modest pace – makes commercial property a good bet for foreign investors looking to diversify their portfolios and generate returns outside their country of origin.
"MIPIM provides a unique opportunity to showcase local property markets on a global scale," continued Mendenhall. "While Class A asset prices in many large markets have surpassed pre-crisis levels, Realtors® in many middle- and smaller-tier markets stand to benefit from the increased interest from foreign commercial property investors. Further, the current interest in industrial and logistics properties due to the growth of online shopping, creates opportunities in markets not traditionally identified as a destination for foreign investment."
The Washington, DC /Northern Virginia/Montgomery County (MD) markets will be featured in the USA pavilion along with Arizona, Illinois, Missouri, Nevada, North Carolina, Rhode Island and Washington State, as well as other metro areas such as Beverly Hills/Greater Los Angeles, Coastal Carolina/Myrtle Beach and San Antonio. Markets participating in the USA "zone."
gcaar.com
dcrealtors.org
About MIPIM
MIPIM, the world's leading property market, brings together all the key actors of the real estate business. Investors, developers, end-users, architects, hotel groups, public authorities and property associations gather in Cannes for four intensive days of networking, matchmaking and development of international business relations. MIPM has established itself as an essential meeting place for city administrations who attend in order to both promote inward investment opportunities and discuss major key policy issues that urban conglomerations are facing around the world. Learn more at www.mipim.com.
Vice President, Communications & Media Relations, NVAR
703.207.3226 | jlandsman@nvar.com
Bobette Banks
Director of Communications, GCAAR
301.590.8764 | bbanks@gcaar.com
Bryan Frantz
Communications Specialist, DCAR
301.590.8765 | bfrantz@dcrealtors.org
Northern Virginia Association of Realtors® Wins Progress Sitefinity 2017 Association Website of the Year Award
Wins Progress Sitefinity 2017 Association
Website of the Year Award
Association honored for the best in website creativity, design, user experience, functionality and overall presentation
FAIRFAX, VIRGINIA—April 19, 2018—The Northern Virginia Association of Realtors® today announced it has been named a 2017 Progress® Sitefinity™ Website of the Year winner in the Association category. Since its inception, the awards have been recognizing websites powered by Progress Sitefinity for creativity, design, user experience, functionality and overall website presentation. Winners were selected from the finalists based on the highest number of votes received during the public voting process.
NVAR teamed up with the Matrix Group International, Inc. to create its new website, NVAR.com, that offers a leading-edge three-audience experience. Recognizing the distinct audiences for Northern Virginia real estate information, the redesigned NVAR.com highlights the most relevant content and areas of interest for each user. Launched on Jan. 5, 2017, the website delivers a tailored browsing experience to:
Better showcase its array of member services
Encourage member engagement beyond the required licensing courses
Feature offerings that help Realtors® conduct their business
Foster involvement in NVAR's various communities
Highlight and support its service provider members
Reinforce the association's commitment to consumers.
"Congratulations to the Northern Virginia Association of Realtors® on this incredible achievement," said John Ainsworth, senior vice president, core products, Progress. "While thousands of organizations worldwide rely on Progress Sitefinity to personalize and optimize the customer experience across websites and devices, these awards honor the most creative and innovative organizations that deliver differentiated experiences and set the bar in their respective industries."
The Progress Sitefinity 2017 Association Website of the Year award culminates a post-launch year of forward momentum for NVAR, with website recognition for design and content from: DOTCOMM (Platinum winner), W³ (Silver winner), Hermes Creative (Gold winner), Communicator (Award of Excellence), and AVA Digital (Gold winner),
Since the launch, NVAR.com has seen a 27 percent increase in site visits, a 40 percent increase in pageviews, a 14 percent decrease in bounce rate and a doubling of attendance at its annual conference and trade expo.
"The strides we've made this past year have been driven in large part by the vision underlying our new website," said NVAR CEO Ryan T. Conrad. "At NVAR, our strategic direction is guided by delivering value, innovation and impact – and NVAR.com is now our primary delivery mechanism for realizing those organizational goals."
The 2017 Website of the Year winners were selected in two phases. First, an internal Progress jury shortlisted the three best websites per category. After narrowing the field, voting was opened to the community at large via email and social media, and the finalists with the highest number of votes were appointed the winners.
This year, 51 websites developed using Progress Sitefinity were nominated across 17 categories: Consumer Goods & Services, Banking, Financial Services, Government, Automotive & Transportation, Healthcare, Manufacturing, Education, Real Estate & Construction, Services, Technology, Tourism & Hospitality, Food & Beverages, Associations, Non-Profit, Multisite and Graphic Design.
More information about the contest and the winners is available on the "Website of the Year" page.
About the Northern Virginia Association of Realtors®
The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members' adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 12,000+ Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA 22031, with a second service center located in Herndon.
About Matrix Group International
Matrix Group is a leading interactive agency in the Washington, DC area. Matrix Group helps associations nonprofits increase membership, stem membership decline, reach new audiences, articulate a clear brand, and streamline their back office operations. These goals are accomplished through web, mobile, social and e-marketing services.
Progress (NASDAQ: PRGS) offers the leading platform for developing and deploying strategic business applications. We enable customers and partners to deliver modern, high-impact digital experiences with a fraction of the effort, time and cost. Progress offers powerful tools for easily building adaptive user experiences across any type of device or touchpoint, award-winning machine learning that enables cognitive capabilities to be a part of any application, the flexibility of a serverless cloud to deploy modern apps, business rules, web content management, plus leading data connectivity technology. Over 1,700 independent software vendors, 100,000 enterprise customers, and two million developers rely on Progress to power their applications. Learn about Progress at www.progress.com or +1-800-477-6473.
Sr. Director of Communications
Lean Inventory for Northern Virginia Buyers Sparks Competition for Available Homes (February 2018 Housing Stats)
Lean Inventory for Northern Virginia Buyers Sparks Competition for Available Homes, Reports the Northern Virginia Association of Realtors®
Fairfax – With interest rates rising and the inventory of available homes diminishing, the pace of home sales in Northern Virginia has slowed compared to last year, said Lorraine Arora, the 2018 Northern Virginia Association of Realtors® Chairman of the Board and Weichert, Realtors® Fairfax regional managing broker. However, home values are holding, with the median price 7.37 percent above February 2017, at $500,000, and homes are selling at an average of 97.7% of the original listing price.
"National inventory constraints continued to challenge Northern Virginia buyers in February," said Rob Wittman, principal broker with Redfin in Falls Church. "Particularly noticeable is that the months of supply continue to fall – an indication that buyers are snatching up the available homes for sale faster than sellers can place their properties on the market.
"Further highlighting the demand for homes is the shortened days on market and the more than 1 in 8 transactions that occur where the buyer uses cash to purchase the home. Stiff competition from other buyers highlights the need for creativity to find properties and prepare the most competitive offer," Wittman said. "The spring market is just getting started. Prospective sellers can be confident that there are eager buyers in Northern Virginia," Wittman added.
Consistent with seasonal market trends, Arora explained that sales are outpacing our January numbers, but still reflect reduced wintertime activity.
"There were 1,143 homes sold in our NVAR footprint in February, which is about 4 percent more than the 1,097 homes sold in January," Arora said. "The Federal Reserve hinted that a rise in short-term interest rates may occur at its March meeting, based on a strong economic outlook. Even though interest rates are still at historic lows, such a move could continue to keep home sales in check.
"We also need to keep in mind that as we approach the April tax-filing deadline, prospective buyers and sellers may be considering how changes to federal income tax laws might affect their future housing decisions," Arora added. "And that impact is still not clear to many people," she said.
According to Ryan T. Conrad, NVAR CEO, "Northern Virginia continues to be a stable market for real estate. Although year-over-year numbers for February show a slowing of home sale activity in our local footprint, the numbers overall are positive when compared with a five-year February average.
"Our 2,228 new February listings marked a 2.7 percent increase above the 2,170 five-year average number of listings, and our NVAR region's 1,143 February sales are about 2 percent above the five-year average of 1,119," Conrad said.
February 2018 Regional Home Sales Compared to February 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on February 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,143 homes sold in February 2018 – a 4.11 percent decrease below February 2017 home sales of 1,192.
Active listings decreased this month compared with 2017. Listings were down about 19 percent below last year, with 2,396 active listings in February, compared with 2,973 homes available in February 2017. The average days on market (DOM) for homes in February 2018 was 61 days, which is a decrease of about 9 percent compared to the 67 DOM for homes in February 2017.
Compared with last February, the average home sale price rose slightly to $556,791. This is up less than 1 percent compared to February 2017, when the average price was $552,942.
The median sold price of homes this February, which was $500,000, rose by 7.37 percent compared to the median price of $465,700 in February 2017.
The 1,768 new pending home sales in Northern Virginia in February were 3.49 percent below the 1,832 contracts that were pending in February last year. Total pending sales in February were down by 7.55 percent, to 2,229, compared with 2,411 pending contracts in February 2017.
NVAR Charts, Graphs, Social Media for February 2018 Housing Stats:
February housing data: https://nvar.com/docs/default-source/housing-and-market-statistics/february-market-stats-2018.pdf?sfvrsn=810fae0d_4
February infographic: https://nvar.com/images/default-source/default-album/02-2018_february_static.jpg?sfvrsn=550eae0d_0
February Market Stats video: https://youtu.be/R0LUOVPw-vk
February Market Stats Page: https://nvar.com/realtors/news/market-statistics/market-statistics-february-208
Monetary Policy, Tax Changes Do Not Affect Northern Virginia's Serious Clients, March Home Sales Track Evenly with Last Year (March 2018 Housing Stats)
Monetary Policy, Tax Changes Do Not Affect Northern Virginia's Serious Clients,
March Home Sales Track Evenly with Last Year,
Fairfax – March home sales numbers in the combined area of Fairfax County, Arlington County, Alexandria and Falls Church totaled 1,768 sales, which is close to the 1,779 homes sold last year in March. This volume of transactions in the Northern Virginia Association of Realtors® region reflects stability: demonstrating that qualified clients are proceeding with their housing decisions regardless of interest rates or tax bill change news, said NVAR Chairman of the Board Lorraine Arora. "That said, we see caution in some buyers since our region's home prices have steadily risen and bidding wars have been occurring for many homes."
Some entry level buyers are taking their time. Realtor® Dallison Veach of The Veach Realty Group with RE/MAX Executives sees that entry-level clients of all ages can be frustrated. "I was working with a first-time home buyer, with a modest income as a [long-time local] teacher. She's been renting all her life and decided to buy because [of rising rents]," she said. Her client had a Virginia Housing Development Authority loan, and bid full-price on two condos. Both offers were rejected because the client couldn't participate in a bidding war that would have priced her out, Veach said. My client ultimately decided to continue to rent.
Traffic at properties had been busy in spite of last month's record cold temps. "March has been an exceptionally brisk market as prepared buyers are rushing to take advantage of current interest rates," said Ann Yanagihara, Coldwell Banker Residential Brokerage branch vice president. "Properly priced properties often sell in the first week on the market and over list price because of multiple contracts." She advises that clients be aware of the critical market factors that could cause listings to become stale quickly. "The maximum exposure that a listing agent can provide is also critical to ensuring that the sellers attract buyer traffic during the first weekend on the market," said Yanagihara.
Buyers can also benefit by being among the first buyers viewing properties and competing with strong, reasonable offers, she explains.
According to NVAR CEO Ryan Conrad, "Tight supply and our high-cost area have been challenges in our region, however those who have prepared for a home purchase believe it is smarter to decide now since prices and related costs will likely rise later in the year. Our Realtor® members are reporting that serious clients are not basing their housing decisions on issues in the news. Our March sales numbers track perfectly level with last year. What would help the market the most would be an influx of new affordable homes."
Veach notes that the current lean inventory presents a headwind. "Clients who are moving into the area are having a little more difficult time finding a suitable property," she explained. "They are often having to make some compromises in their selections."
March 2018 Regional Home Sales Compared to March 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on March 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,768 homes sold in March 2018, a decrease of less than 1 percent below March 2017 home sales of 1,779.
Active listings decreased this month compared with 2017. Listings were down about 21 percent below last year, with 2,891 active listings in March, compared with 3,667 homes available in March 2017. The average days on market (DOM) for homes in March 2018 was 42 days, a decrease of about 19 percent compared to the 52 DOM for homes in March 2017.
The average home sale price was essentially flat compared with last March, at $568,576. This is up by barely 1 percent compared to March 2017, when the average price was $565,964.
The median sold price of homes this March, which was $514,500, rose by 3.31 percent compared to the median price of $498,000 in March 2017.
The 2,417 new pending home sales in Northern Virginia in March were 7.25 percent below the 2,606 contracts that were pending in March last year. Total pending sales in March were down by 10.72 percent, to 2,740, compared with 3,069 pending contracts in March 2017.
NVAR Charts, Graphs, Social Media for March 2018 Housing Stats
March housing data: https://nvar.com/docs/default-source/housing-and-market-statistics/march-market-stats-2018.pdf?sfvrsn=6ea5a80d_2
March Infographic: https://nvar.com/images/default-source/default-album/03-2018_march_static.jpg?sfvrsn=55a4a80d_0
Market Minute Video: https://youtu.be/05pQRBDa5_M
March Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-march-2018
April Had Cool Temps But Market Heated Up: Record Overall Sales in Northern Virginia; Total Active Listings, Pendings Have Room to Grow (April 2018 Housing Stats)
April Had Cool Temps But Market Heated Up: Record Overall Sales in Northern
Virginia; Total Active Listings, Pendings Have Room to Grow,
Fairfax – April home sales numbers hit a record high for the past decade in the combined area of Fairfax County, Arlington County, Alexandria and Falls Church, with 2,079 sales, which is 4 percent higher than the 1,996 homes sold last year at that time.
"While we are nearing the height of the spring season, we have already reached a high water mark this year with April's sales," said Lorraine Arora, NVAR chairman of the board and Weichert Fairfax Regional managing broker. "It is actually the best April in the last decade for the total number of sales in our NVAR footprint. This sales activity reflects a sound buying climate. It shows that our buyers' timing of the market, decisions about their housing choices and their mortgages have aligned," she said.
"With interest rates still low, my buyers are motivated to buy," said Peter Nguyen, a Realtor® with TTR Sotheby's International Realty. "Their frustration is the low inventory of homes. In hot areas like Merrifield, Arlington, Reston and Tysons, my buyers are experiencing multiple offer situations.
"My sellers are motivated to sell," explained Nguyen. "However, they are going up against buyers without a home-sale contingency. As listing agents, we should be creative for our clients when listing their properties and helping them with their new home purchase at the same time. Frustrations on the seller and buyer sides can exist, but the incentive of the still low interest rate outweighs the frustration."
According to NVAR CEO Ryan Conrad, "April showed a great bounce in the step of our housing market. We are seeing that our strong market fundamentals prevail over the long term and help push the number of home sales and their values upward. Clearly, our challenge remains in entry level housing. In April, just 14 percent of sales were under $400,000. Of the 2,079 homes sold, only 294 were priced at entry levels."
Conrad expects that as mortgage rates rise slightly and the new tax law impacts on homeowners become clear, prospective buyers will have a better understanding of their purchasing power. Price gains could moderate during this transition period, he explained. People will have to adapt to their 'new normal' when it comes to buying power and tax breaks, he said.
April 2018 Regional Home Sales Compared to April 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on April 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 2,079 homes sold in April 2018, a 4 percent increase above April 2017 home sales of 1,996.
Active listings decreased this month compared with 2017. Listings were down about 17 percent below last year, with 3,396 active listings in April, compared with 4109 homes available in April 2017. The average days on market (DOM) for homes in April 2018 was 29 days, a decrease of about 19 percent compared to the 36 DOM for homes in April 2017.
The average home sale price rose slightly compared with last April, to $586,058. This is up about 2 percent compared to April 2017, when the average price was $574,767.
The median sold price of homes this April, which was $525,000, also rose by about 2 percent compared to April 2017, when the median price was $515,000.
The 2,678 new pending home sales in Northern Virginia in April were about 4 percent below the 2,577 contracts that were pending in April last year. Total pending sales in April were down by 9.29 percent, to 3,174, compared with 3,499 pending contracts in April 2017.
NVAR Charts, Graphs, Social Media for April 2018 Housing Stats
GMU/CRA-NVAR Housing Projections:
https://nvar.com/docs/default-source/housing-and-market-statistics/2018_spring_gmu_forecast.pdf?sfvrsn=3d59a90d_2
April housing data: https://nvar.com/docs/default-source/housing-and-market-statistics/april-market-stats-2018.pdf?sfvrsn=1f55a90d_2
April Infographic: https://nvar.com/images/default-source/default-album/04-2018_april_static.jpg?sfvrsn=e55a90d_0
Market Minute Video:
https://youtu.be/9Au_rxtR1l0
April Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-april-2018
May Home Sales Remain Brisk as Spring Season Ramps Up, Condo Sales Strong, Moderate Economic Growth Expected (May 2018 Housing Stats)
May Home Sales Remain Brisk as Spring Season Ramps Up,
Condo Sales Strong, Moderate Economic Growth Expected,
Fairfax – Americans are paying a little more for housing this year as demand has been brisk, and serious buyers know that stalling a home purchase means higher prices. Northern Virginia buyers get this too, as Fairfax County, Arlington, Alexandria and Falls Church reached a combined 2,459 transactions in May. This movement reflects a slight dip of under 3 percent compared to the 2,526 homes sold in May 2017 in the NVAR footprint.
"With our Northern Virginia local economy in a great place regarding employment numbers, we do not think our region's economy is at risk to overheat any time soon, said Lorraine Arora, NVAR Chairman of the Board. "Even though the Fed just inched up interest rates, there is still pent up demand. This rate hike will ensure that economic growth remains moderate. Buyers need to prioritize their requirements and make some adjustments of their wish lists to find a home in their price range that checks off most boxes," she said. Sellers need to adjust their expectations as well since, in this market now, homes sell in days or weeks rather than in hours, she explained.
Education is the most critical issue for buyers right now, as they need to understand market innuendos, explained Gary Lange, Weichert, Realtors® Vienna managing broker. "According to my agents, buyers have a stop-and-go mentality," said Lange. "[Clients] are hot and heavy looking, then go cold pretty quickly. Some of that may be due to lack of inventory; they are looking for a deal or they just don't have a serious need to buy.
"Agents must counsel buyers and sellers about the way the housing market works," he explained. "[Such insight] would help slow down the rate at which buyers back out over minor home inspection issues. Sometimes buyers have successfully bid for a home, then realize the home really isn't for them or they paid too much. It is easy to get caught up in the moment when a buyer makes a hasty decision about a home for fear of losing that opportunity," Lange warns.
Heather Embrey, associate broker at Better Homes & Garden Real Estate Premier, saw tons of action from her serious clients.
"This May market was robust – maybe too robust for buyers," she said. "Some decided to stay put instead of battling against multiple offers.
"Sellers became over-confident and priced properties unrealistically, only to feel frustrated when savvy buyers passed them by," she said. Embrey remains optimistic that the June market will have a better balance, especially with her seller clients who have unrealistic expectations.
According to NVAR CEO Ryan Conrad, "May proved to be a strong sales month despite its lateral movement when compared to May 2017. The 1,110 homes that sold under $500,000 comprised 45 percent of all 2,459 sales. Of homes in that price range, 50 percent were condo or co-op in our Northern Virginia region. Demand from millennials, downsizing baby boomers and investors continue to be strong at that price point."
The Northern Virginia Association of Realtors® reports on May 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 2,459 homes sold in May 2018, a 2.65 percent decrease below May 2017 home sales of 2,526.
Active listings decreased this month compared with 2017. Listings were down almost 12 percent below last year, with 3,788 active listings in May, compared with 4,299 homes available in May 2017. The average days on market (DOM) for homes in May 2018 was 29 days, a decrease of about 9 percent compared to the 32 DOM for homes in May 2017.
The average home sale price rose slightly, compared with last May, to $607,886. This is up about 3 percent compared to May 2017, when the average price was $589,080.
The median sold price of homes this May, which was $537,500, rose by less than 2 percent compared to May 2017, when the median price was $530,000.
The 2,708 new pending home sales in Northern Virginia in May were about 2 percent below the 2,770 contracts that were pending in May last year. Total pending sales of 3,241 in May were down by about 8 percent, compared with 3,530 pending contracts in May 2017.
NVAR Charts, Graphs, Social Media for May 2018 Housing Stats
GMU/CRA-NVAR Housing Projections Through March 2019:
https://nvar.com/docs/default-source/housing-and-market-statistics/june_market_forecast.pdf?sfvrsn=8deba90d_2
May housing data: https://nvar.com/docs/default-source/housing-and-market-statistics/may-market-stats-2018.pdf?sfvrsn=7cca90d_2
May Infographic: https://nvar.com/images/default-source/default-album/05-2018_may_static.jpg?sfvrsn=76cfa90d_2
https://youtu.be/u0ru3XmDJq4
May Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-may-2018
The Northern Virginia Association of Realtors® Announces the Selection of Paula Martino, Northern Virginia RPAC Development Strategist
The Northern Virginia Association of Realtors® Announces the Selection of
Paula Martino, Northern Virginia RPAC Development Strategist
Fairfax, VA – The Northern Virginia Association of Realtors® is pleased to announce the hiring of Paula Martino to the newly-created position of Realtor® Political Action Committee development strategist.
"In an effort to increase NVAR Realtors® Political Action Committee investments and to strengthen NVAR in the local and state political landscape, we hired Martino to create a new fundraising campaign as part of our Vision 2020 Strategic Plan," said NVAR CEO Ryan Conrad. "Enlisting Martino's talents and national expertise will provide the sparks we need to enhance the association's NV/RPAC culture. A successful NV/RPAC campaign ultimately helps our members' businesses by raising consumer and legislators' awareness. They will better understand the importance of a robust and thriving real estate market for local homeownership, homebuying and sustainable economic prosperity.
"NVAR is a proactive, industry-leading association, and our legislative and government affairs effort has never been more important," said Conrad. "We are braced to go to the next level."
Formerly the National Association of Realtors®' director of corporate fundraising, Martino was responsible for the launch of NAR's Realtor® Party Corporate Ally Program. Last year, that CAP program raised $1.35 million for Realtor® Party advocacy at the local, state and federal levels. As the government affairs director for both the Southern Maryland Association of Realtors® and the Maryland Association of Realtors®, Martino successfully created RPAC investment campaigns that exceeded annual goals each year with the help of a team of dedicated volunteer members.
"I am delighted to be on board with NVAR because I see the great opportunity to create and develop an exciting new approach to RPAC fundraising," Martino said. "I look forward to working with NVAR staff and leadership on a campaign that will grow and be appreciated by the association's 13,000 members as a valuable tool for NVAR's Public and Government Affairs efforts," Martino said.
A graduate of the University of Maryland at College Park, Martino earned a bachelor of science in business and a master's degree in art history. She is also a graduate of the Women's Campaign School at Yale University and a certified professional fundraiser.
For the photograph of Paula Martino, please click here.
The Northern Virginia Association of Realtors® serves as The Voice For Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members' adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to about 13,000 Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com, www.realtorschool.com, and www.realtorshop.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA 22031, with a second service center located in Herndon.
June Home Sales Dip 5 Percent, New Contracts Rise 5 Percent, Housing Supply Still Lean as Slower Summer Months Approach, Lenders Offer New Products for Interest Rate Locks (June 2018 Housing Stats)
June Home Sales Dip 5 Percent, New Contracts Rise 5 Percent, Housing Supply Still Lean as Slower Summer Months Approach,
Lenders Offer New Products for Interest Rate Locks
Fairfax – Even though the housing market nationally has leveled off, Northern Virginia buyers successfully closed on 2,581 homes in June. These sales amount to a modest decrease of 5 percent compared to the 2,718 homes sold one year ago. This is no cause for concern when looking at the big picture of Northern Virginia home sales trends this year.
"The slight decline in this past month's home sales reflects that summertime is upon us, people are busy with plans, and clients recognize that housing choices have been limited," said Lorraine Arora, NVAR chairman of the board. "Also, people may not fully understand the federal tax laws and how that effects the benefits of home ownership. The new federal tax laws limit deductions on state and local taxes to $10,000 a year, which includes property taxes," Arora explained.
Northern Virginia properties, in most neighborhoods, still gain equity," Arora continued. "Low interest rates coupled with strong regional employment have been instrumental in helping ready buyers pull the trigger and buy that first home or their move-up home."
Christine Richardson, NVAR Chair-Elect, and Realtor® with Weichert Great Falls pointed out that this June's average sales price of $601,928 is practically the same as last June's of $602,045. "Demand for homes in Northern Virginia continues to be strong, even though supply continues to be low," said Richardson. "What does all this mean for home sellers?" she asked. "They are likely to sell quickly, provided the home is priced right," she explained. "Buyers will have to be quick as the best of the well-priced homes will likely attract multiple offers. Traditionally, activity — both among buyers as well as sellers — slows down in July and August and then picks up again in the fall."
According to NVAR CEO Ryan Conrad, "When the 'New-Under-Contract' numbers rise by 5 percent, we know that qualified buyers are making decisions before interest rates rise again. The median sales price of $548,00 rose about 2½ percent, which is a sign of a stable market. A median sales price means that half of all homes sold above that price, and the other half sold below.
"Of all homes sold in June, 43 percent sold below $500,000," Conrad said. This lean supply of entry level housing tops the list of our market challenges, he continued.
Said NVAR Board of Director Rob Allen, "June marked the 19th straight month of median price increases when compared to that time in the previous year. That goes all the way back to December 2016."
Allen, an associate broker with Long & Foster in Reston, urges his clients to secure financing before their home selection for peace of mind. "I've found buyers with an increased sense of urgency due to those rising rates," he explained. "Many lenders have rolled out new creative programs that allow qualified prospective purchasers to lock rates for an extended amount of time without a sales contract. I've encouraged my clients to take advantage of these programs, so they can focus on finding a home that's perfect for them."
June 2018 Regional Home Sales Compared to June 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on June 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 2,581 homes sold in June 2018, a 5 percent decrease below June 2017 home sales of 2,718.
Active listings decreased this month compared with 2017. Listings were down 11.56 percent below last year, with 3,945 active listings in June, compared with 4,462 homes available in June 2017. The average days on market (DOM) for homes in June 2018 was 27 days, a decrease of 15.63 percent compared to the 32 DOM for homes in June 2017.
The average home sale price remained constant compared with last June, at $601,928. This is less than one tenth of 1 percent below the June 2017 average price of $602,045.
The median sold price of homes this June, which was $548,000, rose by about 2½ percent compared to June 2017, when the median price was $535,000.
The 2,296 new pending home sales in Northern Virginia in June were 5.46 percent below the 2,400 contracts that were pending in June last year. Total pending sales of 2,747 in June were down by about 9 percent, compared with 3,030 pending contracts in June 2017.
GMU/CRA-NVAR Housing Projections Through March 2019: https://nvar.com/docs/default-source/housing-and-market-statistics/june_market_gmu_forecast.pdf?sfvrsn=accaaa0d_2
June housing data: https://nvar.com/docs/default-source/housing-and-market-statistics/june_market_forecast.pdf?sfvrsn=8deba90d_2
June Infographic: https://nvar.com/images/default-source/news/market-statistics/06-2018_june_static.jpg?sfvrsn=14c3aa0d_0
Market Minute Video: NVAR Market Minutes: 2018 Dodd Frank Reform: Good or Bad for Local Housing?
June Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-june-2018
July Home Sales Equity Gains Ring True for NOVA Sellers; Active Listings Dip; New Under Contracts Rise More Than 2 Percent (July 2018 Housing Stats)
July Home Sales Equity Gains Ring True for NOVA Sellers;
Active Listings Dip;
New Under Contracts Rise More Than 2 Percent,
Fairfax – July was a hot month for Northern Virginia in more ways than one; turns out that the rainy weather enticed house hunters to step up searching. With homes staying on the market for a shorter timeframe, prospective home buyers are struggling to keep their cool as they compete for this region's limited inventory of homes for sale.
"July's home sales continue to highlight the low inventory crunch Realtors® and their clients have faced for several consecutive months," said Rob Wittman, a broker with Redfin Corporation in Falls Church. Active listings were down 12 percent compared to last July.
"Average days on market are down close to 20 percent versus the same time last year; homes are moving off the market faster than ever," Wittman added.
"Northern Virginia's available housing inventory is struggling to keep up with buyers' demands," Wittman continued. "Pending sales, the homes that have a buyer but have not been transferred to their new owners, are lower than last year at the same time. However, of the nearly 4,600 combined final and pending sales in July there were only an additional 2,500 new listings being added to the available pool of for sale properties. I'd love to be a seller right now!" July's 2,213 closed sales represents less than a two percent decrease below the 2,251 homes sold in July last year, showing a technically horizontal line of change.
The region's strong business climate fuels homebuyer interest, adding to the need for more homes to list, for both first-time and move-up buyers.
"With everyone on tenterhooks about the prospect of the Amazon HQ2 landing in our region, it is not shocking that July Northern Virginia housing activity reflects a decisive market," said 2018 NVAR Chairman of the Board Lorraine Arora. In July, 2,022 new contacts were signed, compared to the 1,981 new pending contracts one year ago. This is a 2.07 percent increase, Arora pointed out.
"In July, our data cites average sales price increases of more than 3 percent and median price improvement of 4.39 percent when compared to July 2017. With 63 percent of homes sold in under 20 days, local buyers are choosing to own a home as a part of their equity-building plan."
Changing seasons are not likely to cool the Northern Virginia housing market.
"With July gaining more than a 12 percent increase in new contracts compared to last year and new July pending contracts rising 2 percent, the prospects of a strong pickup for the housing market in the latter half of the year remains on the table for the Northern Virginia housing market," said NVAR CEO Ryan Conrad. "People in our region are seeing that while active listing numbers have been lean, rising home prices reflect the stable and growing value of local properties."
The path to wealth should never hinge on just one financial component, advises Conrad. He points out that pursuing homeownership in Northern Virginia provides social and economic benefits.
"Just look at all the companies that are relocating to our region, and it is clear this region's economic outlook is promising," Conrad notes.
July 2018 Regional Home Sales Compared to July 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on July 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 2,213 homes sold in July 2018, a decrease of less than 2 percent below July 2017 home sales of 2,251.
Active listings decreased this month compared with 2017. Listings were down 12.32 percent below last year, with 3,837 active listings in July, compared with 4,376 homes available in July 2017. The average days on market (DOM) for homes in July 2018 was 29 days, a decrease of 19.44 percent compared to the 36 DOM for homes in July 2017.
The average home sale price rose compared with last July, to $609,460. This is 3 percent above the July 2017 average price of $591,500.
The median sold price of homes this July, which was $535,000, rose by 4.39 percent compared to July 2017, when the median price was $512,500.
The 2,022 new pending home sales in Northern Virginia in July were 2 percent higher than the 1,981 contracts that were pending in July last year. Total pending sales of 2,380 in July were down by about 7 percent, compared with 2,563 pending contracts in July 2017.
NVAR Charts, Graphs, Social Media for July 2018 Housing Stats
https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_spring_gmu_forecast.pdf?sfvrsn=1408a40d_2
July housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/july-market-stats-2018.pdf?sfvrsn=2e79a50d_2
July Infographic: https://nvar.com/images/default-source/news/market-statistics/07-2018_july_static.jpg?sfvrsn=7f79a50d_0
Market Minute Videohttps://youtu.be/p7zt1bV7Qu8
March Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-july-2018
August Home Sales: 1 Percent Rise; Active Listings & Pendings Dip, First-Time Homebuyers Start Their Equity Clocks Ticking While Interest Rates Remain Good (August 2018 Housing Stats)
August Home Sales: 1 Percent Rise; Active Listings & Pendings Dip,
First-Time Homebuyers Start Their Equity Clocks Ticking While Interest Rates Remain Good
Fairfax – With many August home sales data points tracking horizontally or up, leaders at the Northern Virginia Association of Realtors® conclude that the anticipated expected tax deductions have not adversely affected Northern Virginia home sales.
"For the short term, the limits to the state and local tax deductions (SALT) appear to be only a slight headwind to buyer confidence in our region," said 2018 NVAR Chairman Lorraine Arora. "We are showing slight increases in our average sold and median sold prices for August along with homes that are on the market an average of 34 days." She pointed out that the 2,036 home sales in August reflect a stable trendline in the local housing market with overall average equity gains.
Explained Bob Adamson, associate broker with McEnearney in Arlington, "The prospect of future rate increases has kept the velocity of home sales at a high level and the big drop in average days on market indicates that buyers feel a little more pressure to act quickly. New contracts are up about 7 percent and new pending contracts are down about 8 percent from August last year, which could be due to lower inventory or a seasonal drop in overall purchase activity," he said.
"A house is usually the biggest investment most families make, and the process takes careful review," Said NVAR CEO Ryan Conrad. "With the average sold price for a two-bedroom townhouse at $435,000, many young adults in our region have taken their time to move out of their parents' homes and start their own households. The experience of obtaining a mortgage is a long process, so we know first-time buyers are slow to make the commitment. The good news is that when they do, their wealth building has a strong start." Entry level price points continue to be lean in Northern Virginia, he pointed out.
August 2018 Regional Home Sales Compared to August 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on August 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 2,036 homes sold in August 2018, an increase of less than 1 percent above August 2017 home sales of 2,018.
Active listings decreased this month compared with 2017. Listings were down 8.11 percent below last year, with 3,874 active listings in August, compared with 4,216 homes available in August 2017. The average days on market (DOM) for homes in August 2018 was 34 days, a decrease of 19.05 percent compared to the 42 DOM for homes in August 2017.
The average home sale price rose slightly compared with last August, to $588,724. This is 1.51 percent above the August 2017 average price of $579,969.
The median sold price of homes this August, which was $515,848, rose by less than 1 percent compared to August 2017, when the median price was $515,000.
The 1,753 new pending home sales in Northern Virginia in August were 7.74 percent fewer than the 1,900 contracts that were pending in August last year. Total pending sales of 1,954 in August were down by 13.58 percent, compared with 2,261 total pending contracts in August 2017.
NVAR Charts, Graphs, Social Media for August 2018 Housing Stats
August housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/august-market-stats-2018.pdf?sfvrsn=7724a60d_2
August Infographic: https://nvar.com/images/default-source/default-album/08-2018_august_static.jpg?sfvrsn=8d39a60d_0
Market Minute Video: https://youtu.be/qyq66FjimWE
August Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-july-2018
September Home Sales Dip Compared to Last Year; Average, Median Prices Tick Upwards; Home Sellers Still 'In Driver's Seat' (September 2018 Housing Stats)
September Home Sales Dip Compared to Last Year; Average, Median Prices Tick Upwards; Home Sellers Still 'In Driver's Seat,'
Fairfax – In spite of a productive local economy, a Federal Reserve edging up interest rates, and inflation making the news, some homebuyers may be sidelined by the mortgage application process and lean inventory, reports the Northern Virginia Association of Realtors®.
"Although Northern Virginia sellers remain in the driver's seat, our September data regarding rising home values is a positive indicator to those wondering about market headwinds," said 2018 NVAR Chairman of the Board Lorraine Arora. She pointed out that the average price increase of nearly 4 percent and the 3 percent rise in median sales price provide an encouraging picture for long-term appreciation gains. "Despite the volatility in the stock market and Federal Reserve decisions, homes that are priced and show well are selling, "Arora said. "Today's consumers are savvy and know what they like and do not like and are willing to pay."
Though inventory remains tight, buyers are not rushing to pull the trigger to purchase right now, explained Gary P. Lange, managing broker of Weichert in Vienna.
"The buyers are looking for move-in ready homes with all the bells and whistles," he said. "If a home isn't in tip-top shape, it is sitting. Sellers are trying to get top spring market prices and that just isn't going to happen in fall and winter months. Sellers need to temper their expectations and be willing to do necessary updates to compel buyers to look at their property as 'the home of choice.' If they cannot do that, they need to lower their price.
"We've seen instances where buyers keep a home on the radar and then pounce on it with other potential buyers when the seller lowers the price," he stated. "Advice to buyers would be to make an offer on a home you like while there is no competition and negotiate acceptable terms that work for both parties. In these cases, we are seeing flexibility by sellers," he advised.
Some clients who want to buy are challenged by this region's high prices coupled with rising rates. "We all know that the housing market is the bellwether for how interest rates impact economic growth," said NVAR CEO Ryan Conrad. "Since our region continues to add jobs, this is driving up local housing demand. Due to new construction declines, we see upward pressure on resales. By year's end, we expect sales activity to be on a level with last year's."
September 2018 Regional Home Sales Compared to September 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on September 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,427 homes sold in September 2018, a decrease of almost 12 percent below September 2017 home sales of 1,620.
Active listings decreased this month compared with 2017. Listings were down 9.32 percent below last year, with 4,134 active listings in September, compared with 4,560 homes available in September 2017. The average days on market (DOM) for homes in September 2018 was 36 days, a decrease of 14.29 percent compared to the 42 DOM for homes in September 2017.
The average home sale price rose compared with last September, to $573,555. This is 3.63 percent above the September 2017 average price of $553,440.
The median sold price of homes this September, which was $494,000, rose by 2.93 percent compared to September 2017, when the median price was $479,950.
The 1,652 new pending home sales in Northern Virginia in September were 5.92 percent fewer than the 1,756 contracts that were pending in September last year. Total pending sales of 2,001 in September were down by 9.78 percent, compared with 2,218 total pending contracts in September 2017.
NVAR Charts, Graphs, Social Media for September 2018 Housing Stats
GMU-NVAR Housing Projections: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018_spring_gmu_forecast.pdf?sfvrsn=1408a40d_2
September housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/september-market-stats-2018.pdf?sfvrsn=fb49a60d_2
September Infographic: https://nvar.com/images/default-source/default-album/09-2018_sept_static.jpg?sfvrsn=a148a60d_0
September Market Minute Video: https://youtu.be/d8XEYvAB-CY
September Stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-september-2018
These links are accessible from the Market Stats page here: https://nvar.com/realtors/news/market-statistics
'Principle of Anticipation' kicks in for October's Buyers, Sellers in Northern Virginia: New Listings, New Contracts Rise 7 Percent; Active Listings, All Pendings Dip 7 Percent (October 2018 Housing Stats)
'Principle of Anticipation' kicks in for October's Buyers,
Sellers in Northern Virginia: New Listings, New Contracts Rise 7 Percent; Active Listings, All Pendings Dip 7 Percent,
Fairfax – While being selected as an HQ2 site by Amazon, one of the world's biggest companies, is cause for celebration among politicians and business leaders, Northern Virginia residents and prospective homebuyers have valid concerns about how such an announcement will affect housing affordability. Last month, the October housing market in Alexandria, Arlington, Fairfax, Clifton and Falls Church combined recorded a 4 percent dip in total sales compared to sold homes one year ago, according to Northern Virginia Association of Realtors® housing data.
"With the DC region as one of the nation's top five spots for tech talent, we remained cautiously optimistic that Amazon's HQ2 announcement would include the region where Bezos lives," said NVAR CEO Ryan T. Conrad. "This week's announcement to divide the location of Amazon's second headquarters between Queens, NY and Arlington's National Landing (aka Crystal City) provides great affirmation about our region's value and strong fundamentals."
Conrad noted, "With our area's boost of new listings of nearly 7 percent, seller confidence is emerging, and will likely stick long-term in light of this Amazon business news."
According to NVAR's President Lorraine Arora, "With the coming tsunami in Northern Virginia housing demand, the issues of affordable new properties and resales at value-priced points loom as our ongoing challenges. That said, some of our agents observed greater than usual buyer traffic in October resulting in multiple offers on properties that had little action previously." Market activity should show steady increases now that there is an infusion of new business lines in our NVAR footprint, she predicted.
The still reasonable interest rates provided incentives to serious clients, according to Tracy Comstock, principal broker of SilverLine Realty & Investments. "For under-$1 million properties, both buyers and sellers compromised in October. Trying to get in front of the expected rate increases, sellers were more willing to negotiate prices, recognizing that their own buying power would be less. The same held true for buyers: they were anxious to complete the transactions to ensure they would get the best possible rate and could maximize their buying power now.
"Another interesting note is that the 'Principle of Anticipation' works so well in the Reston Metro and Tysons' areas. Buyers are willing to pay higher price for pre-construction condos or townhomes in Metro-accessible areas," Comstock observed.
October 2018 Regional Home Sales Compared to October 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on October 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,585 homes sold in October 2018, a decrease of 4 percent below October 2017 home sales of 1,652.
Active listings decreased this month compared with 2017. Listings were down 6.19 percent below last year, with 3,789 active listings in October, compared with 4,039 homes available in October 2017.
The average home sale price rose compared with last October, to $569,748. This is an increase of less than 1 percent above the October 2017 average price of $564,356.
The median sold price of homes this October, which was $490,000, rose by 3.16 percent compared to October 2017, when the median price was $475,000.
The 1,771 new pending home sales in Northern Virginia in October were 1.5 percent fewer than the 1,798 contracts that were pending in October last year. Total pending sales of 2,042 in October were down by 7.43 percent, compared with 2,206 total pending contracts in October 2017.
NVAR Charts, Graphs, Social Media for October 2018 NVAR Housing Stats
October housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/october-market-stats-2018.pdf?sfvrsn=1256a70d_2October
Infographic: https://nvar.com/images/default-source/default-album/010-2018_oct_static.jpg?sfvrsn=156a70d_0
The October Market stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-october-2018
October Market Minute Video: https://www.youtube.com/watch?v=7N7tO3Ko7qk&feature=youtu.be
The Northern Virginia Association of Realtors® Honored with Platinum Global Achievement Program Award By National Association of Realtors® at Annual Convention in Boston, MA
Honored with Platinum Global Achievement Program Award
By National Association of Realtors® at Annual Convention in Boston, MA
Boston, MA -- The Northern Virginia Association of Realtors® Global Council received the Platinum Global Achievement Program Award from the National Association of Realtors® at the NAR Convention in Boston on Nov. 3, 2018. This places NVAR Global in the top 10 percent of Global Councils nationwide, according to NAR.
"Our goal at NVAR is to increase and expand our members' awareness about conducting global business opportunities with clients in our region," said NVAR CEO Ryan T. Conrad. "We have individuals and companies that seek foreign investment opportunities, and we have diverse clients eager to conduct business in the Washington D.C area. Since our region is an international magnet, we provide quality training to our practitioners who assist clients with multi-cultural transactions."
The 2018 NVAR Global program consisted of initiatives such as trade missions to foreign countries; member involvement as NAR President's Liaisons to Guatemala, Spain, South America, Vietnam and Cambodia; representation at the international real estate conference, MIPIM, and regional partnerships to create Capitalize DC.
According to the 2018 NVAR President Lorraine Arora, "Our 2018 NVAR Global Council provides the highest level of service to our members by consistently providing them with tools and resources they need to excel in cross-border investment for both commercial and residential transactions. NVAR offers the Certified International Property Specialist Designation (CIPS) training. We, at NVAR, also host Korean, Hispanic and Vietnamese Cultural Forums as well as events that analyze global opportunities in the local market.
"We are especially thrilled for this year's honor, as it marks our third consecutive year; this keeps us on track to qualify us for the NAR Diamond Global Achievement Program Award in two years," she said.
"We are thankful to NVAR's Global Council members for their commitment to enhancing global business opportunities for Realtors® in the Northern Virginia market," said Jan Hope, NAR Vice President of Commercial & Global Services. "They have done an outstanding job and we are pleased to provide them with the Platinum Global Achievement Program Award."
The NVAR Global Council was formally recognized at the NAR Conference's International Night Out.
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The Northern Virginia Association of Realtors® serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members' adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to nearly 13,000 Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com. Contact the Northern Virginia Association of Realtors® at 703.207.3200. The NVAR headquarters is located at: 8407 Pennell Street, Fairfax, VA 22031, with a second service center located in Herndon, VA.
November's Northern Virginia New Under Contract Sales Jump Nearly 90 Percent in the Wake of the Amazon News; Despite Lean Inventory, Market Sentiment is Not Dampened (November 2018 Housing Stats)
November's Northern Virginia New Under Contract Sales Jump Nearly 90 Percent in the Wake of the Amazon News; Despite Lean Inventory, Market Sentiment is Not Dampened,
Fairfax – "While there is speculation about the real estate market showing signs of softening nationwide, our Northern Virginia data still reflects a promising direction," said Northern Virginia Association of Realtors® CEO Ryan Conrad.
According to Derrick Swaak, managing broker of TTR Sotheby's International Realty in Mclean, "The market seemed to have pivoted from a seller's market this spring to a softer buyer's market this fall, probably because of a lack of inventory, stock market gyrations, and mortgage rates that have been creeping up slightly."
Explained Conrad, "The new pendings in our NVAR footprint are up 11.5 percent, which means that these homes are ready to proceed to close. Arlington's new pendings are up more than 46 percent compared to 2017. Alexandria's new pendings rose 27 percent, and we believe these spikes may stem from one reason: The Amazon effect."
While new employment and new business are highly anticipated, "November's housing market continued to be affected by the dearth of available houses for sale in Northern Virginia," said Swaak.
"The pleasant surprise from November's housing market data was a significant pop in new contracts," Swaak added. "New under contract sales jumped nearly 90 percent in the NVAR footprint, which means that a buyer's offer has been accepted by the seller. Some of that increase was a reaction to an unexcepted, but welcome, retreat of mortgage rates in the second half of the month, plus a frenzy of condo buying activity in the areas surrounding Amazon's new H2Q location in Crystal City."
NVAR President Lorraine Arora noted, "It is increasingly important that our practitioners become hyper aware of market conditions since Crystal City and Alexandria have become a hotbed of market action." That also has a ripple effect to outlying areas, even crossing the river, she said.
"The average rate for a 30-year fixed-rate mortgage of 4.75 percent is still reasonable, and consumers know rates could rise again," Arora said. "The new tax law will likely not become a drag in our Northern Virginia market considering our local economy's direction. Demand will drive sales. If we could only create a solution for our affordable housing challenge: our inventory is lean at low price points and that must change."
November 2018 Regional Home Sales Compared to November 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on November 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,503 homes sold in November 2018, a decrease of 7.05 percent below November 2017 home sales of 1,617.
Active listings, which include detached, attached and condo/coop properties, decreased this month compared with 2017. Listings were down 11.87 percent below last year, with 2,851 active listings in November, compared with 3,235 homes available in November 2017.
The average home sale price fell by less than 1 percent compared with last November, to $577,476. The November 2017 average sale price was $580,733.
The median sold price of homes this November, which was $510,000, was 2 percent above the November 2017 median of $499,900.
The 1,704 new pending home sales in Northern Virginia in November were 11.45 percent above the 1,529 contracts that were newly pending in November last year. Total pending sales of 2,123 in November were up by 8.26 percent, compared with 1,961 total pending contracts in November 2017.
NVAR Charts, Graphs, Social Media for November 2018 NVAR Housing Stats
November housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2018-home-sales-report/november-market-stats-2018.pdf?sfvrsn=5e2aa00d_2
Infographic: https://nvar.com/images/default-source/default-album/011-2018_nov_static.jpg
The November Market stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-november-2018
November Market Minute Video: https://youtu.be/1i3gFMGH4sM
12/12 Symposium Examines Amazon HQ2's Impact on Local Housing: National Economists to Analyze What to Expect Live Streaming on YouTube Set
Live Stream: https://www.youtube.com/user/MasonSOM
12/12 Symposium Examines Amazon HQ2's Impact on Local Housing:
National Economists to Analyze What to Expect
Live Streaming on YouTube Set
Arlington, VA -- George Mason University's Center for Real Estate Entrepreneurship (CREE), the Northern Virginia Association of Realtors® (NVAR), and the Northern Virginia Apartment Association (NVAA) present:
"Amazon HQ2: Impact on Local Housing Markets", a symposium on the potential impact of the Amazon HQ2 project on housing demand, supply, and pricing in Northern Virginia.
The event will take place on Wed., Dec. 12 at 5:30 p.m. at the Founders Hall Auditorium on the George Mason Arlington campus. The symposium will feature local housing experts Jeannette Chapman (Deputy Director, Stephen S. Fuller Institute, George Mason University), Danielle Hale (Chief Economist, Realtor.com), Ben Sage (Director for Mid-Atlantic Region, Metrostudy), Michelle Winters (Executive Director, Alliance for Housing Solutions), Sandy Paul ((Senior Managing Director, National Research - Newmark Knight Frank), and Christian Barreiro (The Zupancic Group of Marcus and Millichap).
Amazon HQ2, one of the most anticipated national corporate expansions, will be situated in newly branded National Landing, in Northern Virginia with an expectation of 25,000 full-time high-paying jobs; approximately $2.5 billion in Amazon investment; 4 million square feet of office space with the opportunity to expand to 8 million square feet; and an estimated incremental tax revenue of $3.2 billion over the next 20 years.
"The pending expansion of Amazon into Northern Virginia has created questions on the net impact on the quality of life that makes this region so appealing to major employers," stated Eric Maribojoc, Executive Director of CREE. "Even prior to the Amazon announcement, our region requires new and innovative ways to plan, design, and build housing to address issues such as affordability and traffic. As part of the largest university in Virginia and through events like this, our George Mason University real estate center works to convene experts, provide information, and educate the industry and real estate consumers."
Said Ludwig Gaines, Executive Director of NVAA. "We view Amazon HQ2 as a tremendous regional opportunity with real impacts on the multifamily housing industry. On behalf of our membership, including apartment owners, management companies and the vendors that service NOVA's apartment industry, we are excited to be at the forefront of examining this issue, and look forward to hearing from the experts on HQ2's potential impacts. The unknown will soon be known and preparing our membership and partners for what's to come is critical."
According to NVAR President Lorraine Arora. "The arrival of Amazon's HQ2 will present a challenge to housing demand in coming years, especially for the rental market. We expect real estate values to have incremental gains, and new home construction may accelerate. Keep in mind that Crystal City lost more than 17,000 workers from the federal Base Realignment and Closure Commission one decade ago. The new Amazon jobs will reinforce our region's diversity and help sustain our economic growth."
Said NVAR CEO Ryan T. Conrad, "We aim to ensure that Realtors®, business leaders and the community are fully informed about the housing demands created by Amazon's move. One thing we know is that we are very different from Seattle. Our local economy and housing market are positioned to absorb these new needs, and we are confident that our highly competent and professional Realtor® members will provide excellent service to those seeking a new home anywhere in our region." The association will track the trends, data points and infrastructure developments so our community is out in front of this, he said.
The event will be live streamed at https://www.youtube.com/user/MasonSOM
To accommodate high demand of interest from local Realtors®, NVAR is hosting a simultaneous watch party on Dec. 12 at its Fairfax headquarters, 8407 Pennell St., Fairfax, VA.
The Center for Real Estate Entrepreneurship (CREE) at the George Mason University's School of Business (http://business.gmu.edu/realestate/) is the university's connection with the real estate industry and supports real estate education through a Masters in Real Estate Development program and industry-focused educational events and collaborations.
The Northern Virginia Apartment Association (NVAA) was founded over 60 years ago with the clear purpose of representing, protecting and promoting its membership's business interest in Northern Virginia. With this strong foundation, today's NVAA is built upon 3 pillars: Advocacy, Education and Elevation. No other professional association has as its exclusive focus your interests in the rapidly evolving Northern Virginia region. NVAA focuses on (1) championing the industry's legislative priorities at both the local and state government levels, (2) on providing both upper level and practical education and training to both owner members, managers and staff, and (3) on providing professional networking opportunities through various events and activities for all members of the industry. Contact NVAA at https://www.nvaaonline.com/.
The Northern Virginia Association of Realtors® (NVAR) serves as The Voice for Real Estate in Northern Virginia and provides a variety of services to its members including educational opportunities, professional standards enforcement, market statistics, legislative reviews, issues lobbying, multiple listing and lockbox services, and more. The purpose of NVAR is to enhance the ability and opportunity of its members to conduct their business successfully, to promote member professional competency, to maintain members' adherence to the Realtor® Code of Ethics and to promote the preservation of the right to own, transfer and use real property. NVAR has grown to nearly 13,000 Realtors® who carry out a real estate industry in a community of more than 2 million residents. Visit NVAR online at www.nvar.com.
The Northern Virginia Association of Realtors® Announces its $41,000 in Donations to 19 Nonprofit Beneficiaries. Funds dispersed by the 2018 NVAR Cares Committee
The Northern Virginia Association of Realtors® Announces
its $41,000 in Donations to 19 Nonprofit Beneficiaries.
Funds dispersed by the 2018 NVAR Cares Committee
Fairfax, VA – The Northern Virginia Association of Realtors® donated $41,000 in outreach and philanthropy to 19 local nonprofits through its NVAR Cares Committee in 2018. This committee considered proposals for funding from local nonprofits and made decisions to donate time and money based on each mission's alignment with NVAR's goals for charitable giving and its strategic plan. The largest donation went to the Habitat for Humanity Over the Edge fundraiser, which NVAR served as the Media Day Sponsor for in 2018. In addition, NVAR awarded its second NVAR Hero Award to Nora Partlow, a Realtor® with Coldwell Banker, who was nominated by the Neighborhood Health nonprofit in Alexandria.
On Nov. 8, 2018, the NVAR Cares Committee hosted its first fundraiser, "Party with a Purpose," at the Paradise Springs Winery in Clifton.
"The NVAR Cares Committee is proud to build partnerships with organizations that share our mission of helping the community," said 2018 NVAR Cares Committee Chair Marriah Unruh. "We are honored to give to local nonprofits that help so many people who need immediate assistance. The passionate, devoted members of this committee have been very inspirational. They are a special, generous group of people."
Said 2018 NVAR President of the Board Lorraine Arora, "As an association of professionals who are dedicated to helping achieve their dreams of homeownership, it is important that we also help those who are not as fortunate as our clients and our members. The NVAR Cares Committee oversees our association's vetting of qualified charities that will truly serve the underserved right in our own backyards. We are not only about the bottom line: we believe in corporate social responsibility."
Alliance for Housing Solutions
Chimes Virginia
Culpepper Garden
DC Candlelighters
HomeAid
Neighborhood Health
Northern Virginia Mental Health Foundation
Psychiatric Rehabilitation Services (PRS)
Wholehearted Foundation
'HQ2 High,' Short-Term Uncertainty Reflected in Northern Virginia Association of Realtors® December Housing Market; New 'Under Contracts' Up 74 Percent Year-end Numbers Mirror Historic Highs of 2017; Government Shutdown Impact to be Determined
Fairfax – "Contracts in the pipeline and home sales are up in our NVAR footprint despite stock market swings and a continuing federal government shutdown," said Northern Virginia Association of Realtors® CEO Ryan Conrad. "Even with these factors, our housing market is holding steady. We know that people want to live in Northern Virginia.
"In 2018, Realtors® in Northern Virginia conducted transactions at a pace almost identical to 2017, which was the highest since 2005," Conrad said. "The NVAR region's 22,140 home sales in 2018 totaled $13,075,494,842, closely matching the 22,555 homes sold in 2017 for a $13,074,994,902 volume."
Strong job growth, low unemployment and a positive economic outlook resulting from federal tax reform created a solid year for real estate in Northern Virginia, explained NVAR President Christine Richardson. "We expect a similar market in 2019," she said.
Speaking to a group of regional real estate leaders on Jan. 10, National Association of Realtors® Chief Economist Lawrence Yun touted Northern Virginia's status as a tech hub to reinforce his long-term solid growth forecast for the area's housing. But in the near-term, Yun said, tax reform, lagging consumer confidence, the government shutdown and economic uncertainty are keeping home sales flat nationwide. That said, year-end total 2018 home sales in the NVAR region were just 2 percent below 2017 total sales.
However, home sales rose by 5.43 percent in December 2018 compared to December 2017, buoyed by 28 percent year-over-year increases in both Arlington and Alexandria – perhaps due to investor speculation in the wake of Amazon's adjacent National Landing HQ2 announcement.
"The buzz HQ2 has created will definitely impact our market for years," said NVAR Board Member Reggie Copeland, C.R. Copeland Real Estate in Fairfax.
Contracts also skyrocketed in December. New "Under Contracts," which may include contingencies, were up 73.75 percent compared to December 2017. New "Pendings," those contracts ready to close, were up 16.51 percent over 2017.
"While mortgage interest rates may inch up, the Fed in December lowered its 2019 projection to two increases of the federal funds rate. However, the potential for rising interest rates, combined with the Amazon announcement, has spurred many buyers into action. We've seen first-time buyers, who were sitting on the sidelines waiting for the right time to act, jump in to the market," said Richardson.
It's too soon to tell what impact, if any, the federal government shutdown will have on the NVAR region's housing market. National Association of Realtors® federal government shutdown survey data shows 11 percent of surveyed Realtors® reporting an impact on current clients and potential clients. The largest number of respondents cited general economic uncertainty as the reason for a consumer's decision not to buy.
Inventory remains a challenge for the NVAR region, with active listings falling by 20 percent in December compared with 2017.
"The difference is felt when you're showing properties and you're only able to show them one or two homes per showing – and they don't have a lot of time to think about it!" said Copeland.
However, the inventory levels are not causing skyrocketing prices, explained Richardson. "Buyers – and their Realtors® – are extremely well educated about market values and are not willing to overpay for a property just to win the right to buy it."
Despite continuing job growth and mortgage rates still below historic norms, the NVAR region can use more homes at affordable price points. "But our Realtor® members keep a trained eye on economic trends and financing options to maximize available opportunities for those hoping to buy or sell a home in Northern Virginia," said Conrad.
Looking ahead with optimism, Copeland said, "We're definitely starting to see more listings come on the market as of January."
Richardson agreed, noting that activity in the marketplace is already increasing rapidly, despite the fact that it's only early January. "We are seeing open houses with 30 to 40 visitors in three hours," said Richardson. "This suggests that we will have a very busy Spring market in 2019."
December 2018 Regional Home Sales Compared to December 2017: Northern Virginia
The Northern Virginia Association of Realtors® reports on December 2018 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,514 homes sold in December 2018, an increase of 5.43 percent above December 2017 home sales of 1,437.
Active listings, which include detached, attached and condo/co-op properties, decreased this month compared with 2017. The NVAR region had 1,905 active listings in December, compared with 2,388 homes available in December 2017.
The average home sale price rose by about 1 percent compared with last December, to $593,400. The December 2017 average sale price was $591,005.
The median sold price of homes this December, which was $512,000, held steady compared to the December 2017 median of $510,000.
The 1,270 new pending home sales in Northern Virginia in December were 16.51 percent above the 1,090 contracts that were newly pending in December last year. Total pending sales of 1,697 in December were up by 14.12 percent, compared with 1,487 total pending contracts in December 2017.
GMU-NVAR Housing Projections: https://nvar.com/docs/default-source/market-stats-home-sales-reports/2019-marketforecast.pdf?sfvrsn=e89aa00d_2
December housing data: https://nvar.com/docs/default-source/market-stats-home-sales-reports/december-market-stats-2018.pdf?sfvrsn=3b6fa10d_2
Infographic: https://nvar.com/images/default-source/default-album/012-2018_dec_static.jpg?Status=Temp&sfvrsn=6f6aa10d_0
The December Market stats page: https://nvar.com/realtors/news/market-statistics/market-statistics-december-2018
December Market Minute Video: https://www.youtube.com/watch?v=w7BhUvmcphE&feature=youtu.be
Multiple Offers, 'Packs' of Investors, Record January Sales Point to Early Start of Spring Market, Reports the Northern Virginia Association of Realtors®
Fairfax – "With mortgage interest rates at a 10-month low, and our regional home sales at a 10-plus-year high, Northern Virginia Realtors® anticipate an active spring market," said Ryan Conrad, CEO of the Northern Virginia Association of Realtors®.
January home sales in the NVAR region, which includes Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, rose to 1,127, the highest number of January home sales here since 2007.
"The Amazon HQ2 announcement, plus favorable interest rates and a relatively mild winter, have all contributed to bringing the buyers out early this year," said NVAR President Christine Richardson. "Open house traffic has been brisk in January and early February, and many properties have been sold with multiple offers," she said.
For the third consecutive month, the number of "New Under Contracts" in the NVAR region – contracts which may include contingencies – were up year-over-year by at least 70 percent.
"Interest rates remaining low, the excitement of Amazon and what's to come with Virginia Tech's new center have definitely impacted the buyer pool," said Rachel Carter, branch vice president of Coldwell Banker Residential Brokerage in Alexandria and chair of the NVAR Technology Advisory Group. "For condo listings in the Pentagon City/National Landing area, we saw 'packs' of investors on tour at our open houses," she said.
Carter's Alexandria office in January saw significant increases in closed volume, average sales prices and sides compared with January 2018, she explained. "Interestingly, the rentals that we've closed also saw a solid increase in closed price year over year. We are clearly seeing more activity and an 'early spring,'" Carter said.
Inventory is top of mind for many area homebuyers and real estate professionals. "The number of homes for sale is down 20 percent from January of 2018," said Richardson. "In addition, the average days on market is down from 80 days in 2018 to 63 days in 2019, a more than 21 percent drop. The average sales price is holding steady, however, at $565,000 in January 2019 compared to $567,000 in the same month last year. Given these factors, sales prices should rise as we move through the traditionally busy spring market," she said.
The Arlington market, arguably most impacted by potential Amazon activity, continued to thrive in January. It outpaced the NVAR region as a whole, with a median sold price of $615,000, up by 20 percent over the prior year. The number of January sales in Arlington grew by 7 percent compared with January 2018.
A total of 1,127 homes sold in January 2019, a 2.83 percent increase above January 2018 home sales of 1,097.
Active listings decreased this month compared with 2018. Listings were down about 20 percent below last year, with 1,750 active listings in January, compared with 2,193 homes available in January 2018. The average days on market (DOM) for homes in January 2019 was 63 days, a decrease of 21.25 percent compared to the 80 DOM for homes in January 2018.
The average home sale price fell by less than 1 percent compared with last January, to $565,032. This is just 0.47 percent below the January 2018 average price of $567,710.
The 1,356 new pending home sales in Northern Virginia in January were 6.09 percent below the 1,444 contracts that were pending in January last year. Pending contracts are those for which all contingencies have been removed. Total pending sales in January were down by 2.44 percent, to 1,678, compared with 1,720 pending contracts in January 2018.
NVAR Charts, Graphs, Social Media for January 2019 NVAR Housing Stats
GMU-NVAR Housing Projections (pre-government shutdown analysis):
https://nvar.com/docs/default-source/market-stats-home-sales-reports/2019-marketforecast.pdf?sfvrsn=e89aa00d_2
January Housing Data:
https://nvar.com/docs/default-source/market-stats-home-sales-reports/january-market-stats-2019.pdf?sfvrsn=1d04a20d_2
https://nvar.com/images/default-source/default-album/01-19_marketstats_vertical.jpg?sfvrsn=3810a20d_0
The January Market Stats Page
https://nvar.com/realtors/news/market-statistics/market-statistics-january-2019
January Market Minute Video:
https://youtu.be/U3uBAphS5Ss