The Dulles Area Association of Realtors® monthly market indicators report for April 2022 is now available, providing both a snapshot and further in depth detail in to our local real estate market.
Active listings are up significantly year over year (YoY) at 370 listings, or 33.6% more YoY, nevertheless new listings are 8% lower than the same time last year. The median list price continues to increase, 16.6% for the year to a new level of $682,496, however the median sold price is now at $720,000 compared to $610,000 in April 2021, based on 27.6% fewer sales YoY.
The latest Home Demand Index for the Washington DC region, researched and prepared by Bright MLS, can also be reviewed here.
The local, and in fact national real estate market has seen record upward movement in sales prices and volume since the start of the COVID-19 pandemic.
Our market here in Loudoun County and Northern Virginia is no exception as recently released quarter 4 2021 versus the same period in 2020 reveal.
As we have all seen, inflation is at a 40 year high at 7.5% which is expected to decrease later in the year, but it's certainly a concern.
Interest rates are on the rise and indicators are that mortgage rates could be 1% higher than they are today by summer. That's relatively significant but would still be in the 4's, well well below what we were used to not so many years ago.
For the full report, click or press HERE and as always, don't hesitate to give me a call, text or email for more information.
n.b. thanks to the Dulles Area Association of Realtors, of which I am a board member, for these well researched figures
The market is showing signs of returning to something like a more balanced one. While September sales in Loudoun County were down 10.5% YOY, when compared to 2019, it is stronger. What does this all suggest? Perhaps that buyers who were shut out will now return to the market, while sellers will still experience strong returns in short timeframes. Win-win.
Key is still price, condition and location. There’s no getting around that maxim. Yet prices have been moving up continually, and the report demonstrates that, showing overall median prices up almost 10% as compared to September 2020.
Mortgage rates have been inching up, primarily thanks to inflation concerns, but are still at extremely low levels. To paraphrase my friend and loan officer, Tan Tunador with ACM (Atlantic Coast Mortgage), "They [rates] are still near historic lows (remember the 6,7,8 or even over 10% rates?). Once the consumer gets the sub-3% rates our of their minds the low 3s will be the new normal again."
Check out the the full report by clicking/pressing on the image above, and have a great day!
Peter writes for his local magazine, Country Zest & Style, as its Wine Editor. He also enjoys writing blogs on interesting and pertinent real estate matters, so please follow!