The Northern Virginia Real Estate market continues to move at a brisk pace. We are seeing about 4 months worth of housing supply on the market. That being said, most houses are selling much quicker than that statistic would imply. For houses that actually closed in February, 52% were on the market for less than 30 days, and 69% for less than 60 days. What that means in the market place is that many of the houses being sold have multiple offers placed on them. There are no records kept for how many offers a house receives, but my experience is that almost every house that is attracting a buyer is attracting multiple buyers.
An interesting note about the tables and charts below: the jurisdictions that are furthest from Washington DC are selling more briskly than the ones that are closer to DC, with the exception of Loudoun County which continues to sell slower than Northern Virginia in general. I believe the reason for this is that buyers continue to find better bargains in places like Prince William County that have dropped so far in price the last couple of years. Alexandria and Arlington maintained their prices much better through the downturn so they are not as much of a bargain relatively speaking. Fairfax County is somewhere in the middle of those two extremes.
Here are the statistics for the month:
Written by Jeff Royce of Frankly Real Estate, Inc. Fairfax, VA, 703-585-5663