Real Estate Market Update for Northern Virginia in 2014

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Market Watch for Northern Virginia in 2014

We're going to take a look at what's happening in the Northern Virginia housing market, which will include these areas: Alexandria, Fairfax, Falls Church City, Loudoun County, Manassas Park County, Arlington, Fauquier County, Manasass City, and Prince William County.
  • As of March, the US has recovered all of the jobs that were lost in the recession. Over the past 12 months, the U.S. has gained 2.2 million jobs lead by growth in professional services, hospitality, and health and education services.
    • At 6.7%, the unemployment rate has been unchanged since February.
  • Activity in the national housing market remains sluggish. Existing home sales, new home sales, and housing starts were below their levels from one year ago. Winter weather certainly played a role, but rising prices and interest rates may improve sales in the next few months.
  • In Northern Virginia buyer activity remained low in March, and there were 11% less closed sales in this month than compared to last year.
    • New pending contracts also decreased by 6% from last March.
    • However, the number of homes for sale continues to rise. There are 34% more listings this March, and we sit at 6,046 total listings in total. Even with this increase, inventory still remains tight and well below its peak in 2007.
    • New Listings continue to increase the current inventory, and we experienced a gain of 8% in new listings from last year.
    • Median home price has remained steady at $400,000 dollars.
    • The average days on market is at 17 days, which is 4 more than last year, but we are still below the 5 year average of 25 days on market.
In March both closed sales and pending contracts decreased. Seller activity continues to increase but inventory remains tight. The median sale price is unchanged but remains strong partly due to the limited inventory. We expect a lot of increased activity as the weather warms, and this will be affecting the Northern Virginia markets this spring and summer. 

As always, if you need any help buying or selling in Ashburn, please feel free to contact me and I would be very glad to provide assistance to you.