Burke, VA (PRWEB) December 27, 2012
According to the latest market reports compiled from data from residential real estate transactions throughout the region, The Northern Virginia real estate market continued to experience many positive trends in November compared to the same month 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 continued to increase, the median sale price continued to rise in most areas, and inventories continued to decrease to low levels due to homes selling at a rapid pace.
According to November data, the entire Northern Virginia region experienced an increase in sales. In Arlington County, sales rose by 38 percent. Loudoun and Fairfax counties saw home sales increase by 31 percent and 27 percent, respectively. Prince William County and Alexandria City experienced an increase of 19 percent and 17 percent respectively, compared to November 2011. Sellers in the Northern Virginia region continued to receive close to 98 percent or more of their asking price, on average.
Median sale price also increased throughout the Northern Virginia region compared to the same month last year. Arlington County experienced a 12 percent increase and Fairfax County saw a 10 percent increase in sale price year-over-year. Both Loudoun and Prince William counties experienced an increase of 8 percent in median sale price, according to data.
In November, active inventory levels continued to decline throughout the entire Northern Virginia region compared to the same month last year. Arlington County saw a decline of 45 percent year-over-year. Compared to the same month a year ago, Prince William County saw a decrease of 42 percent in available inventory and Fairfax County experienced a 39 percent decrease in active inventory. According to data, Alexandria City and Loudoun County saw a decrease of 28 percent and 27 percent, respectively, compared to the same month last year.
Homes continued to sell in a little over a month throughout Northern Virginia, according to November data, on average. Alexandria City experienced the shortest marketing time with an average days on market (DOM) of 31 days, while the rest of the region saw DOMs ranging from 32 days to 44 days.
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).