Burke, VA (PRWEB) March 26, 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 February 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 throughout the area and inventories continued to decrease to low levels due to homes selling at a rapid pace across the entire region.
In February, the median sale price increased throughout the entire Northern Virginia region compared to the same month last year. Fairfax County experienced an increase of 15 percent in median sale price, according to data. Prince William County experienced a 14 percent, while Loudoun County saw an increase of 10 percent. Alexandria City and Arlington County experienced jumps of 8 percent and 4 percent, respectively.
Active inventory levels continued with significant declines in February throughout the entire 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, Arlington County saw a decrease of 41 percent in available inventory and Fairfax County experienced a 40 percent decrease in active inventory. According to data, Alexandria City and Loudoun County saw decreases of 32 percent and 27 percent, respectively, compared to the same month last year.
The number of homes sold in the Northern Virginia region varied in February. Alexandria City and Fairfax County saw home sales increase by 13 percent and 1 percent, respectively. The remainder of the area saw declines in sales, partially as a result in the low levels of inventory in the area. Sellers in the Northern Virginia region continued to receive 97 percent or more of their asking price, on average.
Homes continued to sell in less than two months throughout Northern Virginia according to February data, on average. Prince William County experienced the shortest marketing time with an average days on market (DOM) of 40 days, while the rest of the region saw DOMs ranging from 42 days to 56 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).