February activity signals busy spring for NoVa home sales

Pace and price of sales up in Northern Virginia

Published March 14, 2021 by Rich Griset

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.