STATPAK
NORTHERN VIRGINIA MARCH 2017
McEnearney.com
MARKET IN A MINUTE A SUMMARY OF MARKET CONDITIONS FOR FEBRUARY 2017
CONTRACTS Contract activity in February 2017 was up 4.0% from February 2016, and there were increases in four of the six price categories. The average number of days on the market for homes receiving contracts was 48 days in February 2017, down significantly from 67 days in February of last year.
URGENCY INDEX The Urgency Index, simply the percentage of homes going under contract that were on the market 30 days or less, was up in February compared to last February. During the past 12 years, the Index has been as high as 95% (April 2004) and as low as 25% (November 2007), and the average for February is 53.2%. In February 2017, the Urgency Index was 68.6%, up significantly from 54.4% in February 2016.
INVENTORY The number of homes on the market at the end of February was down 12.2% compared to the end of February 2016, but it was up in the three highest price categories. In fact, the inventory of homes priced less than $500,000 is down almost 30%. However, there was a 5.8% increase in the number of new listings coming on the market compared to February 2016. The increase in contract activity combined with the decrease in available inventory dropped overall supply to 1.7 months, down from 2.0 months at the end of February 2016.
INTEREST RATES The rate for a 30-year fixed mortgage ended February at 4.10%. That’s slightly lower than the 4.19% rate at the end of January, but is a half point higher than it was this time last year. Rates have edged a bit higher as we have moved into March, and the Federal Reserve raised its benchmark rate for the second time in three months. While that does not have a direct impact on mortgage rates, the Fed’s move is certainly a sign of its confidence in the economy – and we can expect mortgage rates to rise modestly through the year.
AFFORDABILITY The payment on a no-money-down, 30-year fixed mortgage for a median-priced home is 17.7% lower today than it was a decade ago in February 2007, but is 9.0% higher than February of last year, thanks to the increase in interest rates. The mortgage payment for a median priced home ($2,255) was higher in February than the median rented price ($2,150).
DIRECTION OF THE MARKET Virtually every key indicator is positive for the Northern Virginia real estate market, mirroring the metro DC region as a whole. The spike in interest rates has brought buyers into the market out of concern that rising rates may price them out of the market if they don’t act, and an extremely mild winter has helped as well. The number of contracts is up, homes are selling in less time, and inventory is very low. Absorption rates above 30% are indicative of a seller’s market, and rates are higher than that for every property type – condo, attached and detached homes – in almost every price range under $1,000,000. It’s a good time to be a seller and perhaps a frustrating time for buyers who are faced with fewer choices and more competition for that limited inventory.
Unless otherwise noted, data derived from Metropolitan Regional Information Systems, Inc. (MRIS®). “Northern Virginia” is defined as Arlington and Fairfax counties and the cities of Alexandria, Falls Church & Fairfax. Copyright © 2017 – McEnearney Associates
Northern Virginia StatPak - Page 1
MONTHLY SUMMARY FEBRUARY 2016 vs. FEBRUARY 2017
NORTHERN VIRGINIA Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
February 2016 1,117 3,400 2,186 1,720 67 $537,757 $3,631 54.4% 2.0
February 2017 1,220 2,986 2,312 1,789 48 $542,929 $2,993 68.6% 1.7
% Change 9.2% -12.2% 5.8% 4.0% -28.4% 1.0% -17.6% 26.1% -15.6%
LOUDOUN COUNTY Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
362 1,392 713 521 73 $448,685 $4,149 49.9% 2.7
361 1,073 721 544 39 $460,313 $3,427 71.7% 2.0
-0.3% -22.9% 1.1% 4.4% -46.6% 2.6% -17.4% 43.7% -26.2%
WASHINGTON, DC Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
475 1,078 807 710 46 $621,792 $2,963 61.5% 1.5
574 1,173 937 778 43 $685,108 $2,307 66.2% 1.5
20.8% 8.8% 16.1% 9.6% -6.5% 10.2% -22.1% 7.6% -0.7%
MONTGOMERY COUNTY Number of Sales Fully Available Inventory on 2/28 or 2/29 Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Urgency Index Months' Supply
664 2,088 1,154 1,035 78 $494,458 $3,705 46.4% 2.0
725 1,756 1,213 1,014 58 $516,247 $4,012 59.1% 1.7
9.2% -15.9% 5.1% -2.0% -25.6% 4.4% 8.3% 27.4% -14.2%
* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend
Copyright © 2017 – McEnearney Associates
Northern Virginia StatPak - Page 2
YEAR-TO-DATE SUMMARY 2016 vs. 2017
NORTHERN VIRGINIA Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
Year-to-Date Jan-Feb Jan-Feb 2016 2017 2,143 2,347 3,333 2,857 3,722 4,007 2,982 3,239 72 57 $535,906 $545,544 $3,587 $3,239 46.0% 59.4% 2.2 1.8
LOUDOUN COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
694 1,372 1,244 936 79 $465,412 $4,219 44.8% 2.9
719 1,025 1,233 984 50 $472,539 $3,869 64.6% 2.1
3.6% -25.3% -0.9% 5.1% -37.6% 1.5% -8.3% 44.4% -29.0%
WASHINGTON, DC Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
932 1,086 1,554 1,232 47 $610,300 $3,045 59.3% 1.8
1,128 1,137 1,761 1,419 44 $677,259 $2,491 62.2% 1.6
21.0% 4.7% 13.3% 15.2% -6.4% 11.0% -18.2% 4.9% -9.1%
MONTGOMERY COUNTY Number of Closed Sales Average Month-End Available Inventory Number of New Listings Number of New Contracts Days on Market - New Contracts Average Sales Price Average Seller Subsidy Average Urgency Index Average Months' Supply
1,326 2,101 2,027 1,791 78 $473,356 $3,695 42.2% 2.3
1,436 1,760 2,211 1,851 63 $498,759 $3,893 53.8% 1.9
8.3% -16.2% 9.1% 3.4% -18.8% 5.4% 5.3% 27.3% -18.9%
% Change 9.5% -14.3% 7.7% 8.6% -20.8% 1.8% -9.7% 29.1% -21.1%
* Note: Percentages depicted in red indicate a negative market trend; black indicates a positive market trend
Copyright © 2017 – McEnearney Associates
Northern Virginia StatPak - Page 3
NORTHERN VIRGINIA – Detail Pages
(Fairfax & Arlington Counties, Alexandria, Falls Church and Fairfax Cities)
30-YEAR FIXED AND 1-YEAR ADJUSTABLE RATES
MORTGAGE RATES
Month-End Mortgage Rates – 2010-Current
6.50 6.00
1-Year ARM 30-Year Fixed
5.50
Interest Rate
5.00 4.50 4.00
30-year fixed interest rates at the end of February averaged 4.10%, compared to 3.62% at the end of February 2016. One-year adjustable rate mortgages were 3.14% at the end of February 2017, which is up from 2.79% at the end of February 2016.
3.50 3.00 2.50 2.00
BUYING POWER Mortgage Amount with $1,000 Payment
BUYING POWER
AVERAGE SALES PRICE
A $1,000 principal and interest payment supported a loan of $206,954 at the end of February, which is $12,455 less than February 2016 but $44,507 more than February 2007. In February 2007, it would have taken a monthly PI payment of $2,741 to purchase a medianpriced home. Today’s lower rates have had a dramatic impact – now it takes a payment of $2,255 to buy a median-priced home. That’s a 17.7% decrease.
AVERAGE PRICES
Northern Virginia – 2009-Current
Copyright © 2017 – McEnearney Associates
The average sales price in February 2017 was $542,929, up 1.0% from the February 2016 average price of $537,757. The median sales price was $465,000 in February 2017, down 3.0% from the median price in February 2016. Remember that these indicators are arithmetic computations based on all properties sold and do not indicate the appreciation or depreciation of any individual property.
Northern Virginia StatPak - Page 4
URGENCY INDEX – 2013-Current
URGENCY INDEX % of Contracts on the Market for 30 Days or Less Northern Virginia – 2013-Current 100% % of Contracts
90%
# Contracts
70%
2,000
60% 50%
1,500
40% 1,000
30% 20%
Number of Contracts
2,500
80%
500
Jan 17
Nov 16
Jul 16
Sep 16
May 16
Jan 16
Mar 16
Nov 15
Jul 15
Sep 15
May 15
Jan 15
Mar 15
Nov 14
Jul 14
Sep 14
May 14
Jan 14
Mar 14
Nov 13
Jul 13
Sep 13
May 13
0%
Jan 13
10%
Mar 13
% of Contracts on the Market 30 Days or Less
3,000
URGENCY INDEX
0
This chart compares the number of contracts (green line) to the percent that were on the market 30 days or less (blue bars). At first glance, it might appear that the lower contract activity also means a lower percentage of homes that sell quickly – but that’s not always true. As an example, December is always the month with the lowest number of contracts. December 2011 (not on this chart) had a 35% index, but that jumped to 50% in 2012, an early indicator that the market was picking up heading into 2013.
URGENCY INDEX - February
Northern Virginia – February 2006-2017
URGENCY INDEX DC Metro Area by Jurisdiction Comparison - February 2017
URGENCY INDEX – DC Metro Area
Copyright © 2017 – McEnearney Associates
During the past 12 years, the Urgency Index has been as high as 71.7% and as low as 30.4%. The average February Urgency Index in Northern Virginia during the past 12 years is 53.2% – which is lower than where we are today. The number of new contracts was up 4.0% for February 2017 compared to 2016 – and the Urgency Index increased significantly from 68.6% to 54.4%.
The average February Urgency Index during the past 12 years for all four of the jurisdictions we track is 50.4%. Northern Virginia is in second place this month between Loudoun County in first and DC in third. As noted above, it is higher than its 12-year average.
Northern Virginia StatPak - Page 5
NEW CONTRACT ACTIVITY
NEW CONTRACT ACTIVITY Northern Virginia – February 2016 vs. February 2017 by Price Range
48
$1,500,000 and higher
46 108
$1,000,000 - $1,499,999
February 2017
81
February 2016
219
$750,000 - $999,999
190
525
$500,000 - $749,999
495 577
$300,000 - $499,999
The number of new contracts ratified in February 2017 was up 4.0% from the number of contracts ratified in February 2016, and was up for three price categories. As noted on page 3, contract activity year-to-date is up 8.6%. 19.3% of all homes going under contract in February 2017 had at least one price reduction before going under contract. Last February it was 27.1%.
590 312
$0 - $299,999
318 0
100
200
300
400
500
600
700
# of New Contracts
FULLY AVAILABLE LISTINGS
FULLY AVAILABLE LISTINGS
Northern Virginia – February 29, 2016 vs. February 28, 2017
MONTHS’ SUPPLY
As noted on page 2, the monthend inventory decreased 12.2% February 2017 compared to February 2016 – but the number of homes coming on the market increased 5.8%. Inventory is down for homes priced less than $750,000. 31.3% of all homes on the market have had at least one price reduction since coming on the market. In February 2016, 33.0% of all homes on the market had at least one price reduction.
MONTHS’ SUPPLY
Northern Virginia – End of February 2016 vs. End of February 2017
Copyright © 2017 – McEnearney Associates
The overall supply of homes on the market at the end of February was 1.7 months, which was a decrease of 15.6% compared to the end of February 2016, when supply stood at 2.0 months. Price category supply ranges from a low of 0.9 months for homes priced between $300,000 and $499,999 and a high of 9.5 months for homes priced $1,500,000 and higher.
Northern Virginia StatPak - Page 6
AVERAGE NUMBER OF DAYS ON THE MARKET – NEW CONTRACTS
AVERAGE NUMBER OF DAYS ON MARKET Northern Virginia – February 2016 vs. February 2017 – New Contracts 159.4
$1,500,000 and higher
160.2 106.2
$1,000,000 - $1,499,999
107.2
57.9
$750,000 - $999,999
82.2 37.3
$500,000 - $749,999
60.3 31.8
$300,000 - $499,999
February 2017
53.6
February 2016
52.1
$0 - $299,999
68.4 0
50
100
150
200
NUMBER OF NEW LISTINGS, CONTRACTS AND ACTIVE LISTINGS
NUMBER OF NEW LISTINGS AND CONTRACTS; ACTIVE LISTINGS Northern Virginia – January 2011-Current
RELATIONSHIP OF SALES PRICE TO ORIGINAL LIST PRICE vs. DAYS ON MARKET Resale Properties Sold in Northern Virginia – Feb. 2016 vs. Feb. 2017 Relationship of Sales Price to Original List Price
102% 100%
The average number of days on the market for homes receiving contracts in February was down for all price categories. Overall, the average number of days on the market for homes receiving contracts in February 2017 was 48, down 28.4% from 67 days in February 2016.
RELATIONSHIP OF SALES PRICE TO ORIGINAL PRICE vs. DAYS ON MARKET
100.0% 99.8%
February 2016 February 2017
98% 96% 94% 91.5% 91.3%
92%
There were 2,312 new listings that came on the market in February 2017, up 5.8% from the 2,186 in February 2016. The lines representing active listings (green), new listings (blue) and new contracts (red) are nowhere near as tightly grouped as they were almost all of 2013 and the first few months of 2014.
As we have noted in this space for years, initial pricing strategy is critical to sellers’ success. Homes settling in February 2017 that received contracts their first week on the market sold, on average, at original list price. Those that took 4 months or longer to sell sold for 8.7% below original list price.
90% 0-7
8-14
15-21
22-30
31-60
61-90
91-120
121+
Days on Market
SOME DEFINITIONS AND EXPLANATIONS TO AID YOUR UNDERSTANDING OF THE DATA
All data describing “Northern Virginia” include the counties of Arlington and Fairfax, the cities of Alexandria, Fairfax and Falls Church, and the towns of Vienna, Herndon & Clifton The data shown here are collected, in whole or in part, from the Metropolitan Regional Information System, Inc, and are believed to be reliable but are not guaranteed “Sales” are transactions that settled during the statistical period; “Under Contracts” are contracts negotiated during the statistical period, but not yet settled “Available Listings” reflects single-family homes, town homes, new homes and condos on the market at the end of the period in question. “Months’ Supply” is simply the number of “Fully Available Listings” on the market at the end of the month divided by the number of “Contracts” ratified that month.
Copyright © 2017 – McEnearney Associates
Northern Virginia StatPak - Page 7
Analysis by Property Type – Condo/Co-op LISTINGS
CONDO/CO-OP – LISTINGS
Condo/Co-op
New This Month
Total Active
Listings
2016
2017
% Change
2016
2017
% Change
$299,999 and under
341
306
-10.3%
549
407
-25.9%
$300,000 - $499,999
247
252
2.0%
374
287
-23.3%
$500,000 - $749,999
50
73
46.0%
96
105
9.4%
$750,000 - $999,999
11
19
72.7%
38
52
36.8%
$1,000,000 - $1,499,999
3
10
233.3%
23
24
4.3%
$1,500,000 & higher
4
4
0.0%
11
15
36.4%
656
664
1.2%
1091
890
-18.4%
Grand Total:
CONTRACTS
CONDO/CO-OP – CONTRACTS
Condo/Co-op
New This Month
Year-To-Date
Contracts
2016
2017
% Change
2016
2017
% Change
$299,999 and under
273
292
7.0%
509
571
12.2%
$300,000 - $499,999
177
190
7.3%
283
344
21.6%
$500,000 - $749,999
43
38
-11.6%
74
73
-1.4%
$750,000 - $999,999
4
9
125.0%
10
16
60.0%
$1,000,000 - $1,499,999
2
4
100.0%
5
8
60.0%
$1,500,000 & higher
0
0
-
1
4
300.0%
499
533
6.8%
882
1016
15.2%
Grand Total:
SETTLEMENTS
Condo/Co-op
New This Month
Year-To-Date
2016
2017
% Change
20160
2017
% Change
$299,999 and under
206
214
3.9%
369
412
11.7%
$300,000 - $499,999
81
144
77.8%
194
264
36.1%
$500,000 - $749,999
25
27
8.0%
49
58
18.4%
$750,000 - $999,999
7
6
-14.3%
11
13
18.2%
$1,000,000 - $1,499,999
5
3
-40.0%
8
6
-25.0%
$1,500,000 & higher
2
2
0.0%
3
4
33.3%
326
396
21.5%
634
757
19.4%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Condo/Co-op
$327,412 $325,234
Copyright © 2017 – McEnearney Associates
-0.7%
$326,428 $326,877
The number of condos and co-ops receiving ratified contracts increased 6.8% in February 2017 compared to February 2016. Year-to-date, contract activity is up 15.2% compared to 2016.
CONDO/CO-OP – SETTLEMENTS AND AVERAGE PRICE
Settlements
Grand Total:
The number of new listings for condos and co-ops coming on the market was up 1.2% compared to February 2016. The fully available inventory of condos as of February 28, 2017 is 18.4% less than the same time in 2016.
The number of condos and co-ops settling in February 2017 increased 21.5% compared to February 2016. Year-to-date, the number of settlements is up 19.4%. The average price was down just 0.7% compared to February 2016. Year-to-date, the average price is up just 0.1%.
0.1% Northern Virginia StatPak - Page 8
Analysis by Property Type – Fee Simple Attached LISTINGS
ATTACHED HOMES – LISTINGS
Fee Simple Attached Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
32
22
-31.3%
23
9
-60.9%
$300,000 - $499,999
287
281
-2.1%
261
134
-48.7%
$500,000 - $749,999
114
160
40.4%
127
123
-3.1%
$750,000 - $999,999
35
54
54.3%
47
55
17.0%
$1,000,000 - $1,499,999
18
16
-11.1%
25
30
20.0%
$1,500,000 & higher
5
9
80.0%
12
26
116.7%
491
542
10.4%
495
377
-23.8%
Grand Total:
CONTRACTS
ATTACHED HOMES – CONTRACTS
Fee Simple Attached Contracts
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
42
19
-54.8%
80
46
-42.5%
$300,000 - $499,999
252
264
4.8%
460
474
3.0%
$500,000 - $749,999
105
124
18.1%
190
222
16.8%
$750,000 - $999,999
31
43
38.7%
50
79
58.0%
$1,000,000 - $1,499,999
9
7
-22.2%
19
16
-15.8%
$1,500,000 & higher
3
1
-66.7%
5
1
-80.0%
442
458
3.6%
804
838
4.2%
Grand Total:
SETTLEMENTS
Fee Simple Attached Settlements
New This Month
Year-To-Date
2017
% Change
2016
2017
% Change
$299,999 and under
33
24
-27.3%
63
44
-30.2%
$300,000 - $499,999
197
194
-1.5%
354
365
3.1%
$500,000 - $749,999
74
86
16.2%
139
154
10.8%
$750,000 - $999,999
19
23
21.1%
32
40
25.0%
$1,000,000 - $1,499,999
7
12
71.4%
12
18
50.0%
$1,500,000 & higher
2
1
-50.0%
5
1
-80.0%
332
340
2.4%
605
622
2.8%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Fee Simple Attached
$479,471 $500,098
Copyright © 2017 – McEnearney Associates
4.3%
$477,728 $488,342
Contract activity for attached homes increased 3.6% in February 2017 compared to February 2016. Year-to-date, contract activity is up 4.2%.
ATTACHED HOMES – SETTLEMENTS AND AVERAGE PRICE
2016
Grand Total:
The number of new listings coming on the market in February 2017 for fee simple attached homes increased 10.4% from February 2016. Fully active inventory at the end of February is down 23.8% compared to the available inventory at the end of February 2016.
The number of settlements increased 2.4% in February 2017 compared to February 2016. Year-to-date, the number of settlements increased 2.8%. The average sales price increased 4.3% in February 2017 compared to February 2016. The average sales price year-todate is up 2.2%.
2.2% Northern Virginia StatPak - Page 9
Analysis by Property Type – Fee Simple Detached LISTINGS
DETACHED HOMES – LISTINGS
Fee Simple Detached Listings
New This Month
Total Active
2016
2017
% Change
2016
2017
% Change
$299,999 and under
1
0
-100.0%
0
3
-
$300,000 - $499,999
144
124
-13.9%
178
111
-37.6%
$500,000 - $749,999
407
428
5.2%
472
408
-13.6%
$750,000 - $999,999
203
263
29.6%
377
366
-2.9%
$1,000,000 - $1,499,999
179
175
-2.2%
394
417
5.8%
$1,500,000 & higher
105
116
10.5%
393
414
5.3%
Grand Total:
1039
1106
6.4%
1814
1719
-5.2%
DETACHED HOMES – CONTRACTS
CONTRACTS
Fee Simple Detached Contracts
New This Month
Year-To-Date
2016
2017
% Change
2016
2017
% Change
$299,999 and under
3
1
-66.7%
6
4
-33.3%
$300,000 - $499,999
161
123
-23.6%
293
244
-16.7%
$500,000 - $749,999
347
363
4.6%
575
611
6.3%
$750,000 - $999,999
155
167
7.7%
243
288
18.5%
$1,000,000 - $1,499,999
70
97
38.6%
118
154
30.5%
$1,500,000 & higher
43
47
9.3%
61
84
37.7%
Grand Total:
779
798
2.4%
1296
1385
6.9%
SETTLEMENTS
Fee Simple Detached Settlements
The number of new listings for fee simple detached homes was up 6.4% in February 2017 compared to February 2016. The number of detached homes on the market on February 28, 2017 was down 5.2% compared to February 29, 2016.
New This Month 2016
2017
% Change
2016
2017
% Change
$299,999 and under
3
1
-66.7%
6
4
-33.3%
$300,000 - $499,999
115
108
-6.1%
217
219
0.9%
$500,000 - $749,999
198
198
0.0%
402
397
-1.2%
$750,000 - $999,999
82
102
24.4%
156
186
19.2%
$1,000,000 - $1,499,999
42
47
11.9%
88
105
19.3%
$1,500,000 & higher
19
28
47.4%
35
57
62.9%
Grand Total:
459
484
5.4%
904
968
7.1%
Average Sales Price:
Feb 2016 Feb 2017 % Change YTD 2016 YTD 2017 % Change
Fee Simple Detached
$730,294 $748,037
Copyright © 2017 – McEnearney Associates
$721,174 $751,756
DETACHED HOMES – SETTLEMENTS AND AVERAGE PRICE
Year-To-Date
2.4%
There was an increase of 2.4% in the number of contracts on detached homes in February 2017 compared to February 2016. There is very little inventory for would-be purchasers looking to buy for less than $300,000. Year-to-date, contract activity is up 6.9%.
The number of settlements in February was up 5.4% compared to last February. Year-to-date, the number of settlements has increased 7.1%. The average sales price for detached homes increased 2.4% in February 2017 compared to February 2016. The average sales price year-todate is up 4.2%.
4.2% Northern Virginia StatPak - Page 10
Absorption Rate by Property Type The following tables track absorption rate by property type, comparing the rates in the just-completed month to the rates in the same month of the previous year. The absorption rate is a measure of the health of the market, and tracks the percentage of homes that were on the market during the given month and in the given price range that went under contract. [The formula is # Contracts/(# Contracts + # Available).] An example: The absorption rate for detached homes priced $500,000-$749,999 in February 2017 was 47.1%. That compares to a rate of 42.4% in February 2016, and the increase means the market was better in 2017 for that type of home. If the absorption rate was less in 2017 than in 2016, we have put the 2017 rate in red. This month there was improvement for 13 of 18 individual price categories, and one remained the same.
Condo/Co-op Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
549
273
33.2%
407
292
41.8%
$300,000 - $499,999
374
177
32.1%
287
190
39.8%
$500,000 - $749,999
96
43
30.9%
105
38
26.6%
$750,000 - $999,999
38
4
9.5%
52
9
14.8%
$1,000,000 - $1,499,999
23
2
8.0%
24
4
14.3%
$1,500,000 & higher
11
0
0.0%
15
0
0.0%
1091
499
31.4%
890
533
37.5%
Grand Total:
Fee Simple Attached Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
23
42
64.6%
9
19
67.9%
$300,000 - $499,999
261
252
49.1%
134
264
66.3%
$500,000 - $749,999
127
105
45.3%
123
124
50.2%
$750,000 - $999,999
47
31
39.7%
55
43
43.9%
$1,000,000 - $1,499,999
25
9
26.5%
30
7
18.9%
$1,500,000 & higher
12
3
20.0%
26
1
3.7%
Grand Total:
495
442
47.2%
377
458
54.9%
Fee Simple Detached Absorption Rates
February 2016 Listings Contracts
February 2017 Rate
Listings Contracts
Rate
$299,999 and under
0
3
100.0%
3
1
25.0%
$300,000 - $499,999
178
161
47.5%
111
123
52.6%
$500,000 - $749,999
472
347
42.4%
408
363
47.1%
$750,000 - $999,999
377
155
29.1%
366
167
31.3%
$1,000,000 - $1,499,999
394
70
15.1%
417
97
18.9%
$1,500,000 & higher
393
43
9.9%
414
47
10.2%
Grand Total:
1814
779
30.0%
1719
798
31.7%
Copyright © 2017 – McEnearney Associates
ABSORPTION RATES – CONDOS AND CO-OPS
The overall absorption rate for condos and co-ops for February 2017 was 37.5%, an increase from the 31.4% rate in February 2016.
ABSORPTION RATES – ATTACHED HOMES
The overall absorption rate for attached homes in February 2017 was 54.9%, a significant increase from the 47.2% rate in February 2016.
ABSORPTION RATES – DETACHED HOMES
February 2017’s absorption rate for detached homes was 31.7%, an increase from the 30.0% rate in February 2016. There were three homes priced less than $300K on the market at the end of the month.
Northern Virginia StatPak - Page 11