Burke, VA (PRWEB) February 28, 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 January compared to the same month last year. In the Northern Virginia counties surrounding Washington, D.C., including the city of Arlington and Alexandria, Fairfax, Prince William and Loudoun counties, the number of homes sold increased, the median sale price continued to rise in most areas, and inventories continued to decrease due to homes selling at a rapid pace across the entire region.
According to January data, most of the Northern Virginia region experienced an increase in sales. Fairfax and Loudoun counties saw home sales increase by 6 percent and 5 percent, respectively. Both Arlington and Prince William counties saw increases of 3 percent in the number of homes sold. Sellers in the Northern Virginia region continued to receive 97 percent or more of their asking price, on average.
In January the median sale price increased throughout some of the Northern Virginia region compared to the same month last year. Both Alexandria City and Fairfax County experienced an increase of 14 percent in median sale price, according to data. Prince William County experienced an 8 percent.
Active inventory levels had significant declines in January throughout the entire Northern Virginia region compared to the same month last year. Fairfax County saw a decline of 43 percent year-over-year. Compared to the same month a year ago, Arlington County saw a decrease of 42 percent in available inventory and prince William County experienced a 39 percent decrease in active inventory. According to data, Alexandria City and Loudoun County saw a decrease of 28 percent and 29 percent, respectively, compared to the same month last year.
Homes continued to sell in less than two months throughout Northern Virginia, according to January data, on average. Prince William County experienced the shortest marketing time with an average days on market (DOM) of 43 days, while the rest of the region saw DOMs ranging from 46 days to 52 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).