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ArlingtonReal EstateHome sales decline in N.Va. as market frenzy 'calms'

Home sales decline in N.Va. as market frenzy ‘calms’

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Home-sales declines across Northern Virginia’s five largest jurisdictions may be seen as a case of the haves and have-nots, as homes in tip-top condition are drawing buyer interest away from those that are not.

“Well-maintained, updated properties that are priced correctly are still in very high demand,” said Heather Embrey, president-elect of the Northern Virginia Association of Realtors, parsing July sales data.

Embrey, with Better Homes & Gardens Real Estate Premier, prefers the term “calming” to describe the transition that has occurred in recent months, as inventory has risen and prospective purchasers either have moved to the sidelines for now, or become noticeably more choosy.

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The current market environment is giving those buyers the chance to catch their breath and assess what opportunities are out there.

“More options are available,” Embrey acknowledged.

For July, home sales were down 31 percent compared to a year before, measuring transactions in Arlington, Fairfax, Loudoun and Prince William counties and the city of Alexandria.

Figures come from MarketStats by ShowingTime based on listing activity from Bright MLS, as analyzed by the Sun Gazette.

The downturn was relatively uniform, although Alexandria saw less of a drop-off than the other jurisdictions. (But Alexandria, paradoxically, also is seeing the lowest sales-price-to-list-price ratio among the five.)

Among the jurisdictions, sales for July totaled 2,909, down from 4,210 a year before.

On a locality-by-locality basis:

• Sales dropped 30.6 percent to 1,285 in Fairfax County.
• Sales were off 31.8 percent to 608 in Prince William County.
• Sales dropped 35.4 percent to 543 in Loudoun County.
• Sales fell 28.4 percent to 245 in Arlington County.
• Sales dipped 19.7 percent to 228 in Alexandria.

Figures represent most, but not all, home sales in the market. All July 2022 figures are preliminary and are subject to revision.

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