Burke, VA (PRWEB) October 17, 2013
Higher sales and a boost in average sales prices helped propel the Northern Virginia real estate market in September.
A total of 1,533 properties went to closing during the month, up 8.7 percent from the 1,411 homes a year before, according to figures reported Oct. 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service.
Data represent sales in Arlington, Fairfax, Fauquier, Loudoun and Prince William counties and the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.
The average sales price, which had stood at just under $500,000 in September 2012, rose 9 percent to $543,848 last month, as sales in all three segments of the market posted increases:
- The average sales price of single-family homes rose 9.7 percent to $732,867.
- The average sales price of attached homes, such as townhouses and rowhouses, rose 5.4 percent to $394,355.
- The average sales price of condominiums rose 14.5 percent to $343,931.
The median sales price of all homes that sold during the month rose 8.6 percent to $467,000. The median is the point at which half of homes sell for more, half for less.
Homes that went to closing in September spent 35 days between listing and ratified sales contract, an improvement from the 45 days required a year ago. They garnered 97.7 percent of listing price, up from 97 percent.
Conventional financing represented the method of transacting sales in 999 cases, followed by cash (211), VA-backed loans (164) and FHA-backed mortgages (127).
Total sales volume for the month was $833.7 million, an increase of 18.5 percent from $703.6 million a year before.
The available inventory of homes on the market stood at 3,736 at the end of the month, an increase of 4.7 percent from a year before – suggesting the market has stabilized as property owners hoping to cash in, trade up or downsize list their properties for sale. During the month, the number of homes being placed on the market increased nearly 16 percent from a year before.
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).