As we finished the final month of 2017, we can begin to reflect on the year that was in the Reston mortgage and real estate market.
We can also begin to take a look at what we can expect in the first months of 2018 and how you can use this information to get the best deal for you and your family.
Overall, home prices and inventory are down, but so is the average number of days that homes spend on the market. What does this mean moving forward? Let’s dig a little deeper into the stats.
Comparing November 2017 to November 2016, the number of units sold in Reston, VA was down by a single percent to 87 units. The number of units in November was also a drop compared to October, going from 100 units sold to 87, a 13% drop. However, this shouldn’t be any reason to be concerned, as the market usually slows as we enter the latter months of the year.
Inventory was also down when looking at the statistics year-over-year. November 2016 had 233 units available on the market while November 2017 had 212, a decrease of 9%. Month-over-month there was a 21% drop in active housing inventory.
Also experiencing a slight decreased when comparing year-over-year numbers was the median sale price of homes in Reston. Last month, the median price for a home was $415,000, a drop of $15,000 compared to 2016. However, there was a 9% increase when comparing November to this past October.
When looking at the sale-to-price listing ratios, November 2016 had a 98.7% ratio. This was very similar to what it was one year ago, which is on par with the numbers above.
Lastly, the average number of days that a home spent on the market in Reston, VA was just 39 days. This was a considerable drop compared to the same time period last year when the average number was 46.
People are snatching up homes at a quicker pace, which could be why there were also fewer homes available on the market last month.
What do these numbers mean as we begin the New Year? Homebuyers seem to be finding what they want rather quickly and are not hesitating when it comes to finalizing a purchase. With inventory down, a slight decrease in sale price, and the number of days on the market dropping, we could eventually see a minimal increase in home prices as more people bid for homes.
However, this all remains to be seen and will need to be monitored closely in the initial months of 2018.
Now, more than ever, if you’re interested in buying a home in Reston and Northern Virginia, you need a mortgage pre-approval to compete in this fast-paced market. With Colonial Mortgage Capital’s Borrow Smart Plans, you can close quickly with our low-cost mortgages! We are your Reston mortgage professionals who are here to help you with whatever your situation may be.