January's properties have officially come to a close and the Real Estate market just got the first month's update of 2018. The January data is the first glimpse to see how the market is tacking up to early predictions, so what does it look like compared to last year?
As you can see above, Northern Virginia home prices are off to a great start in most areas compared to last year. This fact gets quite interesting when it is noticed that the number of sales is almost universally down with the exception of Alexandria City. These two statistics should come as no shock given the fact that listing inventory has been low across the board. Less listings, means more competition for price.
One interesting thing that agents are noticing though, along the thought of low listing inventory, is that buyers are still quite picky. Typically when the number of listings is as low as it is now, home buyers move fast. That is absolutely the case currently when a home shows well and is priced correctly, but if those two things are missing then we are still seeing listings sit for longer than they should in a market such as this.
To quickly answer some of the questions that people have had (and don't hesitate to enter your own):
- Tax Reform impacts don't seem to be negatively affecting Northern Virginia buyers & sellers.
- January's average home prices have risen by about 3%
- Listings under contract and waiting to close has grown by about 15%
All-in-all, these numbers show us that listings are selling for more, and we know that there are far more buyers than listings currently, so the beginning of Spring should be a booming market. If you would like to know more about where this data comes from, or what the best decision is for you in your specific information, contact The CAZA Group for all your questions answered.