NVAR Market Watch and February Housing Data
Outlook for Steady Growth Continues
According to national trends tracked by the National Association of REALTORS®, consumers are beginning to respond to more favorable housing market conditions. NAR Chief Economist David Lereah is looking for a steady rise in existing-home sales.
“After reaching what appears to be the bottom in the fourth quarter of 2006, we expect resale activity to gradually rise this year and well into 2008,” he said in a statement on the NAR Web site.
Locally, prospective buyers in Northern Virginia can negotiate a value-added home purchase employing the right bargaining tools. The 2007 rebound will be gradual, but economic indicators for this region continue to be steady and favorable.
Mortgage Rates: Good News Possible
On the mortgage front, CNNMoney.com recently estimated a 62 percent chance that the Federal Reserve may cut interest rates this year. That could mean an improvement – and better value – in mortgage tools available to buyers.
February 2007 Home Sales Data
Northern Virginia February 2007
The Northern Virginia Association of REALTORS® reports on February 2007 home sales activity for Fairfax and Arlington Counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,462 homes sold in February, about 7 percent more than in February 2006, when 1,368 homes sold. This increase keeps 2007 in the “gain” column once again for homes sold compared to this time one year ago.
Active listings were greater by about 3 percent, standing at 6,775 active listings this past February, compared to 6,588 homes available in February 2006. Homes continue to take longer to sell, with the average Northern Virginia home in February 2007 staying on the market for 108 days. In February 2006, homes averaged 63 days on the market (DOM). The February DOM tracks similarly to last month’s DOM.
The average sales price in February 2007 in Northern Virginia was $504,943, reflecting a 1.78 percent decrease from the average sales price of $514,116 in February 2006.
The median price of a home sold in Northern Virginia in February was $449,000, just about 4 percent below February 2006’s median price, which was $469,950. (The median price reflects the price at which an equal number of homes in the region are sold at higher and lower prices.)
Greater Northern Virginia February 2007
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for February 2007 reflects a different sales margin than that of Northern Virginia.
The average sales price of $477,879 in February 2007 is 1.24 percent less than the February 2006 average sales price of $483,872.
The number of units sold in the Greater Northern Virginia region was 2,354 for this past February, a 5.73 percent decline from the 2,497 houses that sold in February 2006.
Across Greater Northern Virginia, 16,032 listings are active on the market, about 9 percent more than this time last year, when 14,662 homes were available. The average number of days on the market for a home sold in February 2007 was 117, which is about 76 percent higher than the DOM of 66 days one year ago.