Burke, VA (PRWEB) September 26, 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 August compared to the same month last year. Sales activity continued to increase, the median sale price rose in most areas and inventories continued to decrease to low levels due to homes selling at a rapid pace.
According to August data, Northern Virginia experienced increased sales in most of the region. In Prince William County, sales rose 11 percent in August, while Fairfax County and Alexandria City experienced increases of 7 percent and 6 percent, respectively. Sellers in much of the Northern Virginia region continued to receive close to 98 percent or more of their asking price, on average.
Median sale price increased or remained the same in most of Northern Virginia compared to the same month last year. Alexandria City experienced a significant increase of 23 percent in sale price year-over-year. Fairfax County saw an increase of 6 percent in sale price, and Arlington County experienced a 2 percent increase in sale price in August.
In August, active inventory levels continued to decline throughout the Northern Virginia region compared to the same month last year. Prince William County saw a decline of 42 percent year-over-year. Compared to the same month a year ago, Fairfax County saw a decrease of 36 percent in available inventory and Arlington County and Alexandria City both experienced a decrease of 31 percent in active inventory. Active inventory in Loudoun County fell 23 percent compared to the same month last year, according to data.
Homes continued to sell in a little over a month throughout Northern Virginia, according to August data, on average. Fairfax County experienced the shortest marketing time with an average days on market (DOM) of 35 days. Arlington County and Alexandria City had the highest DOM in the region—still relatively low at only 41 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).