Chris Colgan is a seasoned real estate agent whose familiarity with the Northern Virginia area spans his entire life. If you're a prospective buyer who wants to survey all the listed properties in Northern Virginia, Click Here for a Full Home Search, or if you're considering selling you property, get a Free Home Value Report Right Here. Feel free to contact Chris at (703) 485-1435 for any questions you have about your own property, or the current state of the Northern Virginia real estate market.
Welcome to My New Real Estate Video Blog!
Today I wanted to give a detailed recap of the current market conditions in Northern Virginia, and what both buyers and sellers can expect in the near-term.
Today I wanted to give a detailed recap of the current market conditions in Northern Virginia, and what both buyers and sellers can expect in the near-term.
As you will see from the graph displayed in my new video, inventory is relatively low, which I believe can be attributed to lower interest rates, leading many homeowners to refinance and remain in their current homes.
Let's Run the Numbers.
Let's Run the Numbers.
An additional table that I also show in my new video gives a statistical overview of the year-over-year changes we’ve seen in the market from 2013 to 2014 for the month of February:
- 4% decrease in closed sales:
- February 2013 – 1,901
- February 2014 – 1,812
- 2% increase in median sold price:
- February 2013 – $382,000
- February 2014 – $390,000
- 4% increase in average sold price:
- February 2013 – $436,433
- February 2014 – $455,060
What This Means to You.
With a decrease in inventory, complimented by a subsequent increase in both median and average sold price, the current activity of the market is favoring sellers, as they have less competition from a diminished inventory, which in turn leads to higher offers from more buyers.
Let's Work Together!
With a decrease in inventory, complimented by a subsequent increase in both median and average sold price, the current activity of the market is favoring sellers, as they have less competition from a diminished inventory, which in turn leads to higher offers from more buyers.
Let's Work Together!
To stay up-to-date on current trends in the Northern Virginia real estate market, follow my new video blog as we provide updates every two weeks on market conditions.
For any other questions, feel free to visit my site or contact me directly, as I will be more than willing to assist you whether you’re looking to buy, or sell.
