The Northern Virginia real estate market did not slow down during April. New listings rose by 76% last month and still could not keep pace with buyer demand. Buyers are competing intensely for new listings and the increase in the number of new listings has not closed the gap on buyer demand.

Sales contracts have gotten very competitive.  We are seeing new listings attract a handful of offers within the first few days, many with waived contingencies and other perks such a free post-closing rent back for the seller. And all cash buyers are not uncommon – representing more than double the number of transactions in April 2021 compared with the same time last year. Cash buyers have more freedom to waive financing and home inspection contingencies and they can close quickly.  All appealing components for eager sellers.

The number of homes sold year to date is 7,481 a 29% increase that of April, 2020. The days on market inched up from 13 days to 14 days and the average sales price jumped to $720,555, an almost 8% increase over April 2020.

What can we expect next month?  At the end of April there were 3,079 contracts pending, representing an increase of 48% above last April, so we can expect strong sales numbers again in May.