In a “normal” market the “seasonality” of Fall/Winter usually means the housing market slows down. Just as COVID has changed our normal routines and plans the “new normal“ of a fast real estate market continues as we head into the Holidays and winter. Sales of single family homes and prices are way up compared to the same period last year and this after we saw sales increase in October over September for the first time in over 15 years. There is some degree of seasonality in terms of even lower inventory; however, with historically low interest rates sustaining, buyer needs and demand is not waning and for sellers that means it remains the best time to sell in decades, regardless of the season.
Northern Virginia November 2020 home sales:
• 3,266 homes went under contract in the region. This is up 29% from the same time period in 2019.
• 63% of the homes that went to settlement in November 2020, sold in 10 days or less from when they hit the market.
• Average sold price was $611,195 (up 10% from the same time period in 2019).
• 3,196 homes came on the market. That’s up 33% from November 2019.
• Homes that sold (closed) averaged 16 days on market, 12 days faster than in November of 2019.
• There is currently a 0.9 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Northern Virginia – and 3,176 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remains in a Seller’s Market. Market activity and prices in the region continued to be up year-over-year. We did see some slowing in the market compared to October (understandable given the holiday season) and inventory decreased.
If you need to sell your home, contact us NOW at 703-242-3975 or Info@TheBeltTeam.com or Click Here to help get your home ready and to make sure you DON’T MISS OUT on this market! If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and has experience in this competitive market. So give us a call!
To see what the conditions are like in your community, click on the link to your desired city below!
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).