Wow – as our temperatures are on the rise, our market seems to be following suit and heating up! I’ve just been reviewing some statistics compiled by our Multiple List Service (MRIS) – take a look:
In Fairfax County the following numbers represent Year over Year comparison:
Closed Sales Volume is UP 17.34%
Closed Sales Units is UP 14.8%
Median Sales Price is UP 5.06%
Average Days on Market is DOWN 17.24%
Average List to Sale Ratio (price) is UP 1.4%
In Arlington County, the numbers look like this?
Closed Sales Volume is UP 38.47% (that’s HUGE)
Closed Sales Units is UP 17.22%
Median Sales Price is UP 27.7% (again, HUGE INCREASE)
Average Days on Market is DOWN 16.44%
Average List to Sale Ratio (price) is UP .22%
WOW – these numbers are HOT – and far more aggressive than I’d anticipated.
A look at Loudoun County shows the same trends, but on a much smaller scale – but still moving in the expected direction for the market:
Closed Sales Volume is UP 4.06%
Closed Sales Units is UP 5.2%
Median Sales Price is UP 1.08%
Average Days on Market is DOWN 23.29% (this is a biggie!)
Average List to Sale Ratio (price) is UP .75%
What does this tell us? The market is hot – volume, units and prices are up, time to sell is down – all great news for sellers!! If you are in the market to buy, it’s not altogether impossible – in fact, this is still a great time for 2 reasons: 1) prices are still down from the high – so values are good and 2) with interest rates as low as they are, the overall affordability is still excellent.
Please don’t hesitate to reach out to us if we can be of any service to you, your friends, family, colleagues, neighbors, etc… We stand ready to serve!
Joan & Jen