Really…says who? Actually it was the National Association of Realtors® (NAR) pending home sales rose in October 2011. Yes this is over 6 weeks ago but we are always off by about 30 days with reporting statistics in the MLS and across the nation.
According to NAR “The Pending Home Sales Index, a forward-looking indicator based on contract signings, surged 10.4 percent to 93.3 in October from 84.5 in September and is 9.2 percent above October 2010 when it stood at 85.5. The data reflects contracts but not closings.”
As any of my readers know my response to national news is always tempered but what’s happening in the Northern Virginia Real Estate Market? So off we go to see what’s in the MRIS for our area.
You can say that there were more new ratified contracts in October over September. However this should be tempered with the knowledge that during the summer of 2011 our pending contracts were significantly higher than our October numbers.
Let’s take a look at Northern Virginia over the last year.
In addition if you look back over the past three years you can see the wave motion of the surge and then retreat of the market. Looks good for surfers.
As winter settles into Northern Virginia we likely will follow the cyclical trend we have seen over the last few years. Lower pendings in the winter and the steady increase in the spring and summer.
One good thing to remember if you are thinking of buying a home in 2012 is there is less competition in the winter and you are less likely to end up in a competitive bid situation than you will be in the spring.