A great start to a new new year: real estate market trends for Q1 in Haymarket and Gainesville, VA area …
The local real estate market for the first quarter of 2015 improved compared to the first quarter of 2014, even though we had another long, cold winter. In a Year to Date (YTD) Report of the first three months for all home types, Inventory (New Listings) increased by +20.7% in Haymarket and +26.1% in Gainesville compared to the same period last year. While Days on the Market (DOM) also increased (+26.9% in Haymarket and +28.3% in Gainesville), the number of Closed Sales started to pick up, especially in March. See the full reports below.
Download HAYMARKET Year to Date (YTD) Real Estate Report for all Home Types
Download GAINESVILLE Year to Date (YTD) Real Estate Report for all Home Types
Best of all, the Median Sold Price in both towns is still rising. Looking at detached, single-family homes only, the Median Sold Price in Haymarket increased by +21.4% in January , +40.3% in February and +8.9% in March compared to these same months last year. This is terrific news!
Gainesville fell back in February with a slight decrease compared to last year, but made a positive turn in March (see chart below).
When trying to understand real estate market trends as they relates to our area, it is important to look at the statistics for the local region. We see the news with data about the national real estate market and we hear about trends for the Washington D.C. and Metro area, but to fully understand our local market, we have to look at a hyper local report.
You will notice in the charts below that I am comparing stats for January, February and March, 2015 compared to 2014 in Haymarket and Gainesville, as well as Prince William County and Northern Virginia. For the purpose of this report, I am comparing only detached, single-family homes (upscale and luxury).
You will see a big difference in Haymarket compared to Northern Virginia for example. An even more hyper local report will include specific neighborhood statistics. These statistics will shift considerably. In neighborhoods, there are many factors that cause jolts, including a couple of very high priced sales, or too few sales to make an accurate read. Overall, I’d say things are looking pretty good in these parts so far this year.
The highlights for the first 3 months are shown in the chart below. To see the full reports for both towns for MARCH, download the following reports.
Download MARCH Real Estate Report for HAYMARKET for Detached Homes Only
Download MARCH Real Estate Report for GAINESVILLE for Detached Homes Only
See Spring Real Estate Market 2015: Advice to Buyers and Sellers
Neighborhood Spotlight: Piedmont, Haymarket, VA
Let’s take a look at the recent real estate trends in the Piedmont community of Haymarket for this issue. Here are some highlights for the first quarter, January through March 2015 compared to the same period in 2014, based on all home sales.
- Closed Sales during this period ranged from a low of $323,000 to a high of $872,000.
- There were 7 Homes Sold in the first quarter compared to 5 in 2014 (a 40% increase).
- The Median Sold Price during this period was $591,250 and in 2014 it was $470,000 (a +25.8% increase).
- The average Days on the Market (DOM) in the first quarter was 109 days compared to 35 days in 2014
(an increase of +211.4%).
So, overall the market in Piedmont for the First Quarter of 2015 showed favorable statistics although the Days on the Market increased substantially. Homes in Piedmont are selling, it’s just taking longer.
See the full print issue of Haymarket Homeowner March/April 2015 …