November Proves a Strong Month for Local Real Estate Market
The November real estate market posted significant growth from the prior year with double digit increases in sold dollar volume and units sold, and a double digit decrease in days on market.
November 2016 closed out the month with $121,406,898 in total sold dollar volume representing, a 50.15 percent increase from November of 2015. In addition, there were 416 units sold in November of 2016, compared to 289 in the month last year, representing a 43.94 percent increase.
Finally, there was a 21.59 percent decrease in days on market, the time it takes from when a listing enters the market until it has a ratified contract. Average days on market was 88 for November of 2015, but fell to just 69 days in November of 2016.
Median sold price saw a nice appreciation as well compared to last year, going from $253,000 last November to $274,950 in November 2016, representing an 8.68 percent increase.
While overall active listings remain down, falling 13.10 percent from November of last year, there was a nearly 11 percent increase in new listings coming onto the market in November of 2016, compared to last year.
“November was a good solid month, but there remains a lack of good new inventory,” said FAAR Board of Director Kevin McGrath. “Buyers should start coming off the fence after the new year, due to potential interest rate increases,” he said. Those increases will potentially push buyers originally considering northern Virginia down towards the Fredericksburg region, as they become priced out of the northern market.”
Local Year-End Home Sales Are Strong