Anyone remember the David Frost show from the 1960's? Alright the fact that a significant percentage of bloggers most likely weren't even born then should give me the answer to that question.
Real estate in Northern Virginia over the past week for me has been a whirlwind. What makes real estate now more interesting than in the past few months is the number of buyers who have come out of the winter doldrums and started to take a serious look at whether it might be time to buy a new home.
This week a total of 605 homes went from "for sale" to either "under contract" with or without "kick outs" in the Northern Virginia MLS. For those in our area homes under contract often have either inspections or documents to be reviewed before the home is considered fully under contract so our MLS has homes that are CONT/KO or CONT/NOKO. There are an additional 415 homes where the status changed to fully under contract (CONT). This equates to 1020 homes in the area that may be inching there way towards closing in the next few months.
| County | Under Contract | Low Price | High Price |
| Alexandria City | 39 | $157,900 | $1,109,900 |
| Arlington County | 56 | $130,000 | $5,875,000 |
| Fairfax County | 276 | $139,000 | $2,550,000 |
| Loudoun County | 113 | $139,900 | $1,195,000 |
| Prince William County | 121 | $85,500 | $999,990 |
Are there still a lot of homes in inventory? Absolutely! The juggernaut of inventory is still high. However it is apparent that across price ranges and across localities buyers are making a decision to join the ranks of homeowners. Is this a trend that will continue for more than a few weeks? We will have to wait and see. It is encouraging to see the numbers of homes coming under contract starting to move higher this spring.
Watching housing numbers could be a full time job. Fortunately for me I already have a full time job! Helping buyers who are searching for a new home find the right one and get the best deal possible for our current market.
So I'll keep an eye on how the inventory continues to move over the next few weeks and see if buyers can keep the momentum going.
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As an Associate Broker with RE/MAX Allegiance in Northern Virginia and native of the area I can assist you whether you are buying, selling or renting a home anywhere in Northern Virginia. For more information about the area or my services you can check VaRealEstateTalk or my Northern Virginia website.
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Helping buyers & sellers throughout Northern Virginia. Specializing in support for military relocations including Fort Belvoir, Quantico, Pentagon and Military District of Washington.
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I hope that trickles down to Virginia Beach! It's very good to hear! We have some deals down here for your NVA second home buyers...send them on down!
I haven't been to VA Beach in years. How sad is that? So close yet so far away. Hope your market takes a positive turn as the weather warms up.
Cindy - Our market here in Mesquite is picking up, too. I am hearing positive feedback on markets all over the country - maybe it is the start of a buzz heard 'round the world!
Thanks for the info. When NVA picks up, the Northern Neck market picks up as well....takes it a while to get here but I'll be ready! Good selling to you.
I have certainly been experiencing this first hand over the past couple of months. Either that or every one of my buyers has a knack for selecting homes at the same moment someone else does! I have seen multiple contracts in several instances and this past week, on more than one occasion, a buyer has contacted me about a home, which has been on the market a few weeks, only to find multiple offers have been made about the same time I called about it.
If a home is well priced for its condition, it is selling in this market.
Unless I missed something in a quick read, it looks like this is good news! Thanks for the encourging news.