Burke, VA (PRWEB) November 28, 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 October compared to the same month last year. In the Northern Virginia counties surrounding Washington, D.C., including the city of Arlington and Alexandria, Loudoun, Fairfax and Prince William counties, sales activity continued to increase, the median sale price continued to rise in all areas and inventories continued to decrease to low levels due to homes selling at a rapid pace.
According to October data, the entire Northern Virginia region experienced an increase in sales. In Arlington County, sales rose by 42 percent. Loudoun and Fairfax counties saw home sales increase by 19 percent and 17 percent, respectively. Prince William County and Alexandria City experienced an increase of 7 percent and 1 percent respectively, compared to October 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 entire Northern Virginia region compared to the same month last year. Alexandria City experienced a 12 percent increase and Fairfax County saw an 8 percent increase in sale price year-over-year. Prince William, Loudoun, and Arlington counties saw an increase of 4 percent, 3 percent, and 2 percent, respectively in median sale price, according to data.
In October, active inventory levels continued to decline throughout the entire Northern Virginia region compared to the same month last year. Prince William County saw a decline of 46 percent year-over-year. Compared to the same month a year ago, Arlington 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 30 percent and 25 percent, respectively, compared to the same month last year.
Homes continued to sell in a little over a month throughout Northern Virginia, according to October 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 35 days to 49 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).