Burke, VA (PRWEB) April 23, 2014
According to the latest market reports compiled from data from residential real estate transactions throughout the region, the Northern Virginia real estate market experienced some positive trends in February compared to the same month last year. Median sale prices stayed fairly steady throughout the region and days on market remain low. The Northern Virginia market includes the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties.
The Northern Virginia region experienced relatively little change in median sale prices compared to the same month in 2013. Arlington County saw the biggest increase at 3 percent, while Loudoun County saw a 2 percent increase. Both Alexandria City and Prince William County saw no change, while Fairfax County experienced a 1 percent decrease.
Homes continue to sell rapidly throughout Northern Virginia, according to February data. In Arlington County, the average days on market (DOM) was 39 days, while Prince William County saw a DOM of 42 days. Fairfax County experienced a DOM of 46 days, while Alexandria City and Loudoun County saw DOMs of 52 days and 54 days, respectively.
The number of units sold decreased by 1 percent to 29 percent throughout much of the area, although Fairfax County saw no change in the number of units sold compared to February 2013. Inventory increased substantially in some areas, including by 35 percent in Alexandria City and 27 percent in Arlington County. Other areas of the county experienced inventory increases of 7 percent to 12 percent.
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).