After relying heavily on virtual home tours throughout the pandemic, more potential buyers are venturing out to see houses and condos in person, according to the Northern Virginia Association of Realtors.
For the week ending May 9, home showing levels in the Bright MLS footprint in Virginia tracked at 124.8% of the same week from May 2019, and 149.7% compared to 2020, based on confirmed showings.
Potential buyers in Northern Virginia aren’t just looking, they are buying.
“With 3,079 contracts pending at the end of April, representing an increase of 48% above last April, we can expect strong sales numbers again in May,” said NVAR CEO Ryan McLaughlin.
While the total number of listings — both new and existing — in April was 33% higher than in March, NVAR says the increase in new listings has not closed the gap on buyer demand in Northern Virginia.
“There is a misperception surrounding the lack of inventory, that fewer people are putting their homes on the market this spring,” said Derrick Swaak, NVAR president. “In reality, the number of new listings in April was up 76% compared to the same month last year. Instead, the lack of inventory is due to the brisk pace of sales.”
NVAR’s members cover sales in Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
Sellers In those areas got an average of 102% of list price in April. All-cash buyers accounted for more than double the number of sales in April compared to a year ago. All cash transactions accounted for 11% of all sales.
The average sale price in NVAR’s footprint was $720,555, up 7.9% from April 2020.
Single-family home sales that are moderately priced are seeing the most buyer interest in Northern Virginia.
“It is not unusual for new listings to attract a handful of offers within the first few days, many with waived contingencies and other perks such as free post-closing rent back from the seller,” Swaak said.
Below are prices and sales in select Northern Virginia markets in April, courtesy of the Northern Virginia Association of Realtors: