“This may have been the winter of discontent, but the region’s 2015 housing market has survived it just fine. Low interest rates and strong employment growth point to a sound local market,” said the Northern Virginia Association of Realtors in a statement issued yesterday.
“Considering our record-breaking cold and snowy conditions, the fact that 1,075 homes successfully closed in February is a victory,” said Mary Bayat, the 2015 NVAR chair of the board and owner of Bayat Realty in Alexandria. “With average sales prices up four percent and median prices up 6 percent compared with 2014, our 2015 market is off to a strong start,” she said.
“The increased inventory and relatively stable prices, as well as low interest rates compared to those just last year, create a good opportunity to buy or sell properties in Northern Virginia,” she explained. “Another local indicator is that active listings have risen more than 25 percent,” Bayat said. “That is a sure sign of seller confidence.”