Burke, VA (PRWEB) July 26, 2012
According to the latest reports, compiled from data from residential real estate transactions within the region, Northern Virginia real estate market continued to experience positive trends in June compared to the same time last year. In the Northern Virginia counties surrounding Washington, D.C., including the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties, sales activity and median sale price have increased, and inventories have continued to decrease.
According to June data, year-over-year sales increased in most of the Northern Virginia region, with some areas seeing significant upticks in sales. Arlington County saw the largest increase in units sold versus June 2011, up 30 percent year-over-year, and Fairfax County and Alexandria City were each up 6 percent and 8 percent, respectively, compared to year-ago levels. Sellers throughout Northern Virginia received roughly 97 percent to 99 percent of their asking price, on average.
June data indicates that median sale price increased in most Northern Virginia compared to June of last year. Arlington and Prince William counties each experienced a 6 percent increase in median sale price versus year-ago levels.
Homes continue to sell quickly throughout Northern Virginia, according to June data, with houses selling in a little over one month, on average. Fairfax County experienced the shortest marketing time with an average days on market (DOM) of 31 days. Loudoun County had the highest DOM in the region at only 46 days.
In June, active inventory levels continued to fall throughout the Northern Virginia region compared to the same month last year. The region saw decreases of around 30 percent, on average. Prince William County experienced the largest year-over-year decrease with inventory down 34 percent. Alexandria City inventory decreased 32 percent year-over-year. Arlington and Fairfax counties each experienced decreases of 29 percent and Loudoun County saw a 23 percent decrease, according to data.
Pasquali Realty Group is an incorporated business that is a subsidiary under NBI Realty, and is currently licensed in both Virginia, and Washington, DC. They are a member of the National Board of Realtors(NAR), Virginia Board of Realtors(VAR), and Northern Virginia Board of Realtors(NVAR).