Tim Trainum Properties
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REALTOR®, VA License #0225235004
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April
14
14
Here's What Q1 2021 Activity Says About Your Home in Northern Virginia
Surge in Number of Buyers Have Dramatically Moved the Market
In the last six months, buyers have been unwinding pent-up demand built during last year's Stay-at-Home orders. Combined with action by the Federal Reserve lowering mortgage rates by some 40%, the result is an excess number of buyers prospecting for housing product. This demand produced impressive price appreciation and speed to contracts during Q1 2021.
Top 5 Things Market Activity is Telling Us
- Appreciating Prices: Overall, the average price of a home in Northern Virginia has appreciated 8% compared to Q1 2020. Many sub-markets in Fairfax, Loudoun and Prince William appreciated over 10%. While appreciation in recent years has been brisk for sure (4% in 2019, 9% in 2020, so far on pace for the forecasted 8% in 2021), it may be helpful to provide some context. From 1975 to 2018, Northern Virginia home prices increased by 5% year-over-year (yoy). During the 1997 to 2006 run-up in home prices just before the collapse, the market appreciated 11% yoy for 9 years.
- Sold-to-List Price Ratios: Sellers are receiving intense numbers of multiple offers. Competition is forcing buyers to bid over list price. On average, sellers in Northern Virginia are receiving 2% over list price. However, many sub-markets and individual home sellers are receiving 5 to 7% or more. This can represent $10,000 to $100,000 above ask depending on the price point. Buyers don't despair - these examples can be specific to the sub-market, price point and certain conditioned homes. The right agent can navigate you to your home of choice and stay within your budget. I've done it multiple times.
- Speed to a Contract: 70% of homes across Northern Virginia went under contract in less than 10 days. Most sub-markets are even faster. Speed to a contract is 30% faster during Q1 2021 compared to Q1 2020.
- Detached vs Attached Homes: There has been a clear surge in buyer preference for single-family detached homes over townhouses. Detached homes appreciated 13% compared to 6% for townhouses and only 5% for condos. Buyer sentiment favors larger homes with outdoor space and lower density. Condos have struggled the most. Buyers with an optimistic view of the future will find great value in the condo market.
- Surprisingly, Listings are Up: Despite being in a multi-year environment of low, and even, declining listings year-over-year, Q1 2021 saw a dramatic 20% increase in home sales over the same period in 2020. More product is coming to market for buyers. Sellers too have experienced pent-up supply now being released in addition to being attracted to higher selling prices. We've even seen an increase in tenant-occupied, investment properties listed for sale which was not common in past markets.
"My overarching objective is to be an advisor and value provider. I work to become the conduit of information to help consumers make the most informed decisions possible. I just happen to also have a real estate license." - Tim Trainum
Tim Trainum Properties
Office: (571) 386-1075 Cell: (703) 568-6750 Email Me
- 43777 Central Station Drive
- Suite 390
- Ashburn, VA 20147
Office: (571) 386-1075 Cell: (703) 568-6750 Email Me
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