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Monday, August 15, 2022
FairfaxReal EstateFewer home sales impacting bottom line of agents, firms

Fewer home sales impacting bottom line of agents, firms

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Northern Virginia Realtors shared roughly $30 million less in compensation during the first six months of the year compared to the same period in 2021 despite rising home prices, according to a new Sun Gazette analysis.

Year-over-year sales for the first half of 2022 were down 12.2 percent, according to figures reported by the Northern Virginia Association of Realtors, based on data extracted from MarketStats by ShowingTime. Reasons for the drop included a tight inventory during the very start of the year, followed by cooling market conditions as the market moved from spring to summer.

Despite average sales prices continuing to rise – up 6.9 percent to $746,791 in the first six months of 2022 – the decline in sales resulted in a 6.1-percent drop in total sales volume. For the January-to-June time frame, the real-estate market produced just over $8.6 billion in sales. For those with a penchant for specificity, the total was $8,609,511,408.

Factoring in an average commission rate of 5.5 percent, total commission revenue (split between agents and the firms they represent) would have stood at about $473.4 million, down from $504.4 million a year before.
Though just guesstimates, the figures give an indication on the impact of lower sales volume on those who work in the Northern Virginia real-estate market.

Figures represent transactions in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church. All 2022 figures are preliminary and are subject to revision.

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