Our average sale price increased and our average days on market decreased during the first quarter, but what does that mean for buyers and sellers?
As you know, I’m a real estate geek. I love to study statistics, and I have some important numbers to show you to give you a snapshot of how our northern Virginia market did during the first quarter.
First, our average sale price increased 3%, which was pretty predictable and we don’t expect that number to climb much higher throughout the rest of the year. Our average days on market decreased 21%, which signals a more competitive spring market. We’re expecting that number to go down, meaning homes should sell faster than they did at this time last year.
“If you’re thinking about selling your home, now is the perfect time to do so.”
The number of townhome sales increased 13%, which indicates a very hyperactive market. If you’re looking for an entry-level property anywhere in our area, it’s going to be very competitive. You’ll likely face multiple offer situations, but there are strategies we can employ that will prevent you from overpaying.
The number of single-family home sales increased 6%, which means we’re starting to see a subset of people move up from townhomes into single-family homes, but they’re not necessarily staying in the northern Virginia area. Some are relocating down south or out west. Many baby boomers are retiring and moving to parts of the country that are less expensive.
There aren’t any shifts happening that you should be worried about, but being mindful of these trends can put you in position to win in our market. If you have any questions, please feel free to give me a call. I’d be happy to speak with you.