Sales are HOT in Northern Virginia!

It’s been a pretty busy time here in Northern Virginia. ¬†I apologize for not personally writing this article but I just knew I had to get it out–besides I am extremely busy ūüôā ¬†Inventory is low and we have so many buyers out now. ¬†We are seeing some Open Houses with 100 guests. Then w/our listings, we are seeing multiple offers! ¬†If you’re sitting on the fence waiting to buy, you should get off of it as soon as you can…call me!

March Surge Contributes to Significant Growth in First Quarter Residential Market

The first quarter of 2017 illustrates another year of significant market strength. With particularly strong sales in March, the first quarter of 2017 outperformed the prior year first quarter by 7.8 percent (rising from 21,213 transactions to 22,859). Likewise, first quarter volume grew year-over-year, from $6.492 billion in 2016 to $7.287 billion in 2017. The 12.2 percent increase in volume resulted from both significant gains in pace and steadily rising median prices. Median price for the first quarter rose 4 percent from 2016 to 2017, from $249,900 to $260,000.

Each month of the first quarter outperformed its prior year benchmark in sales. Annualized pace, the sum of all transactions for the preceding twelve months, rose for the tenth consecutive quarter. Relative to the prior quarter, the annualized measure was up 1.4 percent.

Year-over-year, first quarter home sales increased in all price bands except the lowest, where limited inventory typically restricts market activity. Sales pace and median price increased in every region of the state.

Though 30-year and 15-year fixed mortgage interest rates remain relatively low, they each continued to rise in the first quarter. The Federal Reserve Bank announced a raise in the key rate in March, acting on strong national jobs reports. The average rates for 30-year and 15-year fixed mortgage interest rates in the first quarter were 4.17 percent and 3.39 percent respectively. The prospect of rising rates may continue to spur greater activity in 2017.

According to 2017 Virginia REALTORS¬ģ President Claire Forcier-Rowe, ‚ÄúThe start of 2017 has underscored the sustained strength of Virginia‚Äôs housing market and also illustrated the effects of evolving economic factors. Prices have inclined steadily as eager buyers enter the market and, with greater inventory in March, sales surged with their pent up demand.‚ÄĚ

N Rhodes Hill Square

I just saw a great unit at N Rhodes Hill Square. ¬†It’s an interior unit, very nice. ¬†I feel that the HOA fees are a little bit high for what you get, since there is no gym or pool as with theGaslight Condos a few blocks away, BUT the fees there are over $1100 a month for a pool and gym, I don’t know if that worth it in the end. ¬†At $1100 a month that gives any potential buyer $200K more in buying power power for a traditional single family home or dare I say a multi-family home a little further in Arlington.

I consider myself somewhat of an expert in N Rhodes Hill Square because I have a friend who live’s there! ¬†She has an end unit, with tons of natural light. ¬†A large yard, she’d like to have all hardwood throughout as in the unit I originally referred to, but at a cost of about $18K, she will have to wait for a while before even considering to make the conversion. ¬†I think her unit would be in the mid $900K should it ever be put on the market. ¬†The problem is, if it’s put on the market and eventually put under contract, she’d still have to find something comparable, preferably a single family home with a HUGE back yard!

Inventory is LOW in Clarendon and Courthouse

So after a robust finish in our market at the end of 2016, inventory is LOW in Clarendon and Courthouse. ¬†It’s definitely a sellers market right now, there are so many buyers out there and I have no inventory seemingly to show them. ¬†As an example I “farm’ expired listings, in Arlington, VA there are hardly any expired listings. ¬†Clarendon and Courthouse continue to be a very desirable area to move to. ¬†It’s proximity to Washington, DC and quality of life has left it a highly sought after place to live. ¬†You are far enough yet close enough.

If you’re willing to go out to Fairfax County, there are some real deals out there, I think there’s a better quality if life also, but it’s definitely not as convenient as Clarendon and Courthouse.