Several days ago, I wrote Everyone and Their Cousin is a REALTOR -- Is That Really True? It Might Be in Some States! detailing the reality about the number of REALTORS per capita around the country. In Virginia, we have one REALTOR per 213 people.
One of the most frequent questions asked on that blog post was how much business does each agent transact per year and many commenters suggested that a large number of REALTORS do very little business each year, leaving real estate sales up to the 80/20 rule. 20 percent of agents conducting 80% of the sales.
I decided to look a little closer at how the pie is split up in Northern Virginia.
The membership of the Northern Virginia Association of REALTORS (NVAR) stands at approximately 11,574 REALTORS.
For 2007, there were 19,363 home sales totalling $10,463,391,838 of volume in the area covered by NVAR (Arlington County, Fairfax County, Alexandria City, Falls Church City, Fairfax City).
Here's a breakdown:
Consider that each home sale has two sides of the transaction and most frequently involves a REALTOR on each side of the transaction. Thus, there were a total of 38,726 transaction sides to be divided amongst the REALTOR population.
38,726 divided by 11,574 = 3.34 transaction sides/Northern Virginia REALTOR
The average Northern Virginia home sales price in 2007 was $540,380, equating to about $1.8 million in sales per REALTOR.
A few things to consider:
- The membership of NVAR was likely larger in 2007 than the current membership.
- Many homes that sold in Northern Virginia could have had the buyers and/or sellers represented by REALTORS who are not members of NVAR. They could be members of the Dulles Area Association of REALTORS, the Greater Capital Area Association of REALTORS, the Prince William Association of REALTORS, or other associations.
- Many REALTORS completed many more than 3.34 transaction sides.
Thus, it is likely that the average amount of transaction sides/Northern Virginia REALTOR was much lower than the above numbers.
Interesting things to consider when choosing a REALTOR. It's not necessarily crucial to choose a REALTOR who sells dozens and dozens of homes each year and operates with an enormous team of backup support. However, I'd suggest finding a REALTOR who does some business -- something more than the small average seen above.
An agent who sells one home every 4 months is just not properly equipped for advising you in today's market. At RE/MAX Allegiance, our average agent sells 12 homes a year.
Ready to buy or sell in Northern Virginia? Make sure you make the right choice.
Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C. (703) 626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, Springfield, Washington D.C., contact Brian today.