I’m back with my Northern Virginia market stat recap for December, which looks a lot like November. As I did last month, I’ve added 𝐌𝐎𝐍𝐓𝐇𝐒 𝐨𝐟 𝐒𝐔𝐏𝐏𝐋𝐘. The 𝘮𝘰𝘯𝘵𝘩𝘴 𝘰𝘧 𝘴𝘶𝘱𝘱𝘭𝘺 stat gives a projection of how long properties will sit on the market before being sold.
In Arlington County, closed sales were up again validating our assumption people were ready to move and change up their idea of home right up until the holidays. Single family homes are still the most popular of the bunch, and they still tend to sell fast. Condo supply is up so if you’re a condo buyer you have more leverage in the market right now. Not sure this will last forever, I do think condos will be back in high demand as people get vaccinated and people return to offices in 2021.
In Fairfax County, townhomes and single family homes supply continued to decrease while condo supply grew when comparing December 2019 to December 2020. As in the other areas in NOVA, the winter market was very active with December closed sales up significantly than this time a year ago – condo closings lead the group, up 41%.
Alexandria City showed similar trends as the other surrounding Northern Virginia counties. Months of supply show condos sticking on the market nearly twice as long as detached. The closing activity remains incredibly high given the season – in December condo closed sales were up 50%!
Falls Church City
Falls Church City December numbers were tinier compared to the other bigger areas in NOVA. Supply across all property types were sparse as a result the market activity was low. When something (anything) comes on the market in FCC it goes FAST! You’ll need skill and solid know-how on your side in this highly competitive area.