As home-sellers continue trying to gauge how much buyers will pay, fewer across the region are seeing contracts come in higher than listing price.
None of the six major jurisdictions in the Northern Virginia suburbs saw an average sales price of 100 percent or more of listing price in August, and five of them saw declines in the percentage received compared to a year ago.
That’s according to data reported Sept. 12 by MarketStats by ShowingTime, based on listing data from Bright MLS, as analyzed by the Sun Gazette.
Prince William County saw the highest ratio of sales price to listing price – 99.09 percent – in August, but also saw one of the biggest year-over-year declines, dipping 2.1 percent.
Only Loudoun County saw a bigger year-over-year drop, with its ratio of 97.88 percent down 3.2 percent.
Falls Church, by contrast, saw its ratio rise 0.9 percent to 98.91 percent, the only gainer among the crowd.
Also on the list, buyers of Fairfax County homes paid an average 98.44 percent of listing price, down 1.6 percent; purchasers in Alexandria plunked down 98.71 percent, down 0.3 percent; and those buying homes in Arlington paid 97.69 percent, down 1.3 percent.
What does it mean? That’s open to interpretation.
Certainly the feeding frenzy that ran from the summer of 2020 to early spring 2022 is over for now. And while the percentage of listing price is now under 100 percent, those homes in general are going to contract for more than they did a year before. So it’s likely that the normalcy of pre-COVID times is returning, and with it sellers who are no longer throwing cash at any pretty thing that catches their fancy, but holding out for what they perceive to be a fair deal.
Of all of the portion of Virginia covered by Bright MLS, only one locality – Culpeper County – saw contract prices averaging more than 100 percent in August, and only by the slimmest of margins (100.09%).
Across the Mid-Atlantic, the nearly 25,000 home sales in August averaged 99.55 percent of listing price, down from 100.8 percent a year before. Somerset County, N.J., topped the list, with August average sales prices running at 103.79 percent of average listing prices.
Figures represent most, but not all, homes on the market. All August 2022 figures are preliminary and are subject to revision.