February activity signals busy spring for NoVa home sales
Pace and price of sales up in Northern Virginia
The pace and price of home sales in Northern Virginia likely signal a busy spring for the real estate sector, according to the Northern Virginia Association of Realtors (NVAR).
In a news release, the association states the average February sale price was 100.2% of the listing price. The total dollar volume of the region in February was $985,594,433, which was 27% higher than February 2020 and 10% higher than January 2021. This reflects earlier than usual spring market conditions, according to NVAR, with 25% more closed sales this February than the previous February. There were 2,222 contracts pending at the end of February 2021, up 6.5% from the previous year.
A total of 1,497 homes sold in February 2021, a 25.5% increase above February 2020, which saw home sales of 1,193. The number of active listings decreased last month compared with 2020. Listings were 6.8% below last year, with 1,579 active listings in February, compared with 1,695 homes available in February 2020.
The average days on market for homes in February 2021 rose by 3.9% to 27 days — compared to 26 days on market for homes in February 2020. New listings fell by 8.7% in February compared with last year, to 2,029. There were 2,222 new listings in February 2020.
The average home sale price rose by 2% compared with last February, to $661,391. The February 2020 average sale price was $647,681. The median sold price of homes this February, which was $570,000, rose by 1.8% compared to the median price of $560,000 in February 2020.