Burke, VA (PRWEB) August 29, 2013
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 July compared to the same month last year. In the Northern Virginia counties surrounding Washington, D.C., more homes are selling at higher prices than this time last year. Inventory also continued to decline in most of the region, with only Alexandria City seeing a jump in the number of available homes.
On average, the number of homes sold in the Northern Virginia region increased in July. Fairfax and Loudoun counties saw home sales increase by 15 percent and 14 percent, respectively. Prince William County saw an increase of 13 percent year-over-year, while Arlington County saw an increase of 11 percent. The number of homes sold in Alexandria City also increased by 7 percent compared to July of last year.
The median sale price, on average, also increased throughout the Northern Virginia region compared to the same month last year. Prince William County experienced an increase of 18 percent in median sale price, and Fairfax County saw a jump of 8 percent. Alexandria City experienced an increase of 4 percent. Loudoun and Arlington counties both saw smaller increases of 1 percent each.
Active inventory levels continued to decline throughout most of the Northern Virginia region, with the exception of Alexandria City where there was a modest increase of 10 percent, compared to the same month last year. The highest decreases were felt in Arlington and Prince William Counties, where inventory declined by 23 percent and 16 percent, respectively. Fairfax County saw a decrease of 14 percent in available inventory and Loudoun County experienced a 4 percent decline in active inventory.
Homes continue to sell at a rapid pace in Northern Virginia, according to July data. The average in all areas reporting days on market (DOM) was 28 days or less. Fairfax and Arlington counties experienced the shortest time on market with an average DOM of 21 days, while the rest of the region is averaging between 26 and 28 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).