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Thursday, August 11, 2022
FairfaxReal EstateN.Va. homes market doing a high-wire act

N.Va. homes market doing a high-wire act

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You take the good, you take the bad, you take them both and then you have?

No, not the delightful 1980s sitcom “Facts of Life,” but rather the 2022 Northern Virginia real-estate market.

New sales figures from the Northern Virginia Association of Realtors (NVAR) give succor both to those who fear the market is on the precipice of a mild correction, and those who believe it will hold firm despite increasing headwinds.

A total of 2,245 properties changed hands in the NVAR coverage area in June, down 25 percent from the 2,991 transactions recorded a year before, according to figures reported by the Northern Virginia Association of Realtors.

That’s significantly higher than the year-over-year dropoff recorded at the national level, and may be a combination both of fewer houses available for perusal and skittishness among some prospective buyers, who fear hopping into the market during such a rocky period of economic uncertainty.

All three segments of the home-sales market – single-family, attached and condominiums – saw sales declines in June from a year before. And with the exception of Alexandria, where sales were down a modest 1 percent, there were double-digit declines everywhere else in the NVAR region.

But the June sales data – which represent home deals signed in April or May – show there may be plenty of life still left in the local market.

The total months’ worth of supply in the market at the end of June stood at 1.03, up just a hair from a year ago and well below the 3-month supply of homes on the national market. That national figure is about the point at which a housing market tips from pro-seller to pro-buyer, and Northern Virginia has a long way to go to reach that point.

Sales prices also continue their rise, with the average sales price ($789,266) up 6.4 percent from a year before and the median price ($684,500) up 3.7 percent, and average prices rising – by varying degrees – in all six jurisdictions comprising the NVAR catchment area. And in most jurisdictions, sellers in deals that closed in June received, on average, more than 100 percent of listing price.

And homes actually were selling more briskly than a year ago, with the average number of days on the market in June standing at 12, down from 13 a year before.

The brisk pace and higher prices can be attributed to an inventory that remains 23-percent lower than a year before, although the number of listings coming onto the market during the month (2,938) was higher than the number of homes that were sold and came off the market (2,245).

Figures represent transactions in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church, and are based on data extracted from MarketStats by ShowingTime. All 2022 figures are preliminary and are subject to revision.

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