Burke,VA (PRWEB) January 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 December compared to the same month last year. In the Northern Virginia counties surrounding Washington, D.C., including the city of Alexandria and Arlington, Fairfax, Loudoun and Prince William counties, the median sale price continued to rise in most areas and inventories continued to decrease to low levels due to homes selling at a rapid pace.
In December the median sale price increased throughout the entire Northern Virginia region compared to the same month last year. Prince William County experienced a significant 21 percent increase and Fairfax County saw an 8 percent increase in sale price year-over-year. Both Alexandria City and Loudoun County experienced an increase of 6 percent in median sale price, according to data.
According to December data, most of the Northern Virginia region experienced an increase in sales. In Alexandria City, sales rose by 18 percent. Loudoun and Fairfax counties saw home sales increase by 9 percent and 6 percent, respectively. Some areas are starting to see the effect on the number of homes sold due to the extremely low levels of inventory. Sellers in the Northern Virginia region continued to receive 97 percent or more of their asking price, on average.
Active inventory levels had significant declines in December throughout the entire Northern Virginia region compared to the same month last year. Arlington County saw a decline of 46 percent year-over-year. Compared to the same month a year ago, Prince William County saw a decrease of 43 percent in available inventory and Fairfax County experienced a 42 percent decrease in active inventory. According to data, Alexandria City and Loudoun County saw a decrease of 30 percent and 29 percent, respectively, compared to the same month last year.
Homes continued to sell in under two months throughout Northern Virginia according to December data, on average. Prince William County experienced the shortest marketing time with an average days on market (DOM) of 36 days, while the rest of the region saw DOMs ranging from 46 days to 53 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).