Burke, VA (PRWEB) December 03, 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 October compared to the same month last year. The number of homes sold increased throughout much of the region, and sale prices increased throughout the region. The Northern Virginia market includes the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties.
The entire Northern Virginia region experienced an increase in median sale price compared to the same month in 2012. Prince William County saw the biggest increase at 13 percent. Alexandria City, Arlington County and Fairfax County each saw a 6 percent increase in median sale prices, while Loudoun County experienced a 5 percent increase.
In the majority of the area, the number of units sold increased. Alexandria City saw a 34 percent increase in the number of homes sold in October 2013 compared to the same month in 2012. Arlington County experienced a 16 percent increase in units sold and Prince William County experienced a 12 percent increase. Fairfax County saw an increase of 6 percent in the number of homes sold, while Loudoun County experienced a 6 percent decrease.
Homes are selling rapidly throughout Northern Virginia, according to October data. In Arlington County the average days on market (DOM) was 25 days or less. Fairfax County followed closely behind at 29 days on market. Average days on market for Alexandria City, Prince William County and Loudoun County ranged from 32 days to 39 days.
Active inventory levels increased throughout the entire region in October. The smallest increases were seen in Loudoun County and Fairfax County with increases of 3 percent and 7 percent, respectively. Prince William County experienced a 16 percent increase in inventory, while Arlington County saw an increase of 17 percent and the City of Alexandria experienced a 19 percent increase in inventory.
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).