2020-12 -- Real Estate of Northern Virginia Market Report - December 2020 Real Estate Trends - Michele Hudnall

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|| NORTHERN VIRGINIA OVERVIEW NOVEMBER 2020 MARKET VALUE – PRICE APPRECIATION Avg Median Sales Price 2019/12 2020/01 2020/11 2020/12 MoM CHGYTD CHG YoY CHG Alexandria City, VA $ 553,000 $ 453,000 $ 540,000 $ 537,500 -0.46% 18.65% -2.80% Arlington, VA $ 579,000 $ 530,000 $ 602,500 $ 615,000 2.07% 16.04% 6.22% Fairfax City, VA $ 548,750 $ 480,994 $ 562,500 $ 570,000 1.33% 18.50% 3.87% Fairfax, VA $ 540,000 $ 515,000 $ 560,000 $ 552,685 -1.31% 7.32% 2.35% Falls Church City, VA $ 889,500 $ 475,000 $ 771,500 $ 525,000 -31.95% 10.53% -40.98% Fauquier, VA $ 450,000 $ 375,000 $ 469,900 $ 449,950 -4.25% 19.99% -0.01% Loudoun, VA $ 525,000 $ 497,284 $ 560,000 $ 540,000 -3.57% 8.59% 2.86% Manassas City, VA $ 369,500 $ 317,500 $ 312,000 $ 345,000 10.58% 8.66% -6.63% Manassas Park City, VA $ 315,000 $ 317,500 $ 359,900 $ 345,000 -4.14% 8.66% 9.52% Prince William, VA $ 380,000 $ 365,000 $ 411,000 $ 420,000 2.19% 15.07% 10.53% AVERAGE MEDIAN SALES PRICE: As Inventory declines, Median Sales Prices continue to rise with a little softening during the December Holiday season. Falls Church appears to be the most erradic but it represents lower volume, however, it is clear there is a slow and steady rise without significant change. This trend will continue until the inventory situation improves. The only balance to this rise will be when Supply improves to meet Demand. Prices softened during the December holiday season with declining New Listings throttling New Pending Listings and Sold Listings erroding Active Inventory. - 14 -
NOVEMBER 2020 NORTHERN VIRGINIA OVERVIEW || MARKETABILITY DRIVERS – CONDITION AND PRICE Avg DOM 2019/12 2020/01 2020/11 2020/12 MoM CHGYTD CHG YoY CHG Alexandria City, VA 20 31 19 22 15.79% -29.03% 10.00% Arlington, VA 25 30 19 28 47.37% -6.67% 12.00% Fairfax City, VA 38 18 17 18 5.88% 0.00% -52.63% Fairfax, VA 29 33 17 18 5.88% -45.45% -37.93% Falls Church City, VA 44 25 13 31 138.46% 24.00% -29.55% Fauquier, VA 58 66 22 44 100.00% -33.33% -24.14% Loudoun, VA 30 35 13 17 30.77% -51.43% -43.33% Manassas City, VA 24 34 12 18 50.00% -47.06% -25.00% Manassas Park City, VA 42 28 8 11 37.50% -60.71% -73.81% Prince William, VA 29 39 11 13 18.18% -66.67% -55.17% AVERAGE DAYS ON MARKET: The time to market a property has also been on a steady decline for greater than 5 years. Properties that do not sell within the first 20 days or less are either not in a condition that presents well and / or the price is not set to match the market. Just because it is a Sellers Market does not mean that Buyers are being wreckless with their offers also indicating we are not setting up for a crash like that of 2008-2009. The decline of Days On Market also indicates strong Coming Soon campaigns with offers coming as soon as a property goes Active on the market. These are savvy buyers with professional representation to drive a strategy to win. Chasing the market by waiting for properties to hit the market and syndicate across advertising platorms is chasing strategy. Buyers often wonder how a property sells in 4 or less days. It is because it was presented as a Coming Soon for up to a month garnering interest and preparation from those buyers well represented, committed to buying and being ready to write the offer at the time the property goes active and / or prior to it going active sight unseen. Days on Market is also rising with the softening Prices with Sold Listings eroding aging Active Listings with the decline in New Listings. - 15 -
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THE COUNTIES OF THE NORTHERN VIRGIN
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2020-12 -- Real Estate of Northern Virginia Market Report - December 2020 Real Estate Trends - Michele Hudnall

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