Some prospective home-sellers across Northern Virginia appear to be taking a now-or-never approach, cutting listing prices in an effort to entice purchasers before the midsummer doldrums arrive.
All five major Northern Virginia jurisdictions saw year-over-year increases in homes with price cuts for the week ending June 30, according to figures reported by Bright MLS, the region’s multiple-listing service.
Two of those five saw more than one in 10 homes receive a reduced listing price:
• In Loudoun County, 12.4 percent of homes saw listing prices drop for the week, up from 7.8 percent for the same week a year earlier.
• In Arlington, 10.2 percent of homes saw listing-price cuts, up from 6.7 percent a year earlier.
Elsewhere, listing cuts were in the single digits, but still higher year-over-year:
• In Fairfax County, 8.6 percent of homes saw listing cuts, up from 5.9 percent.
• In Prince William County, 8.3 percent saw cuts, up from 5.7 percent.
• In Alexandria, 7.7 percent saw cuts, up from 6.2 percent.
Across the Washington region as a whole, 8.3 percent of properties saw cuts for the week ending June 30. Though down slightly from 8.7 percent a week before, that figure was up from 7.1 percent a year ago.
Across the local region, year-over-year increases in the percentage of homes with price cuts were reported in all Northern Virginia locales; the District of Columbia; and Frederick County, Md. In Montgomery and Prince George’s counties, the percentage of homes with price cuts was lower year-over-year.
During the busy spring season, many local sellers tested the market with higher listing prices, only to cut them quickly if finding no takers. While sellers could always come in with lower offers, typically in the local market over the past six months, sales have hovered right around what homes had been listed for.
In addition to those cutting prices, there were 149 sellers across the Washington region that canceled their listings. That figure is up nearly 30 percent year-over year, representing the highest percentage for the last week of June in at least five years and the highest overall rate in more than 10 months.
But at the same time, the figures involved are relatively small – there were only four cancellations for the week in Loudoun County, four in Arlington and just 29 in Fairfax County. The District of Columbia led the pack with 60 cancellations.
Figures represent most, but not all, homes on the market. Most recent figures are preliminary and subject to revision.
