Burke, VA (PRWEB) April 30, 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 March 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 March, the median sale price increased throughout the entire Northern Virginia region compared to the same month last year. Alexandria City experienced an increase of 25 percent in median sale price, according to data. Loudoun County experienced a 14 percent increase, while Prince William County saw an increase of 10 percent. Fairfax County and Arlington County experienced jumps of 8 percent and 2 percent, respectively.
Active inventory levels continued to decline significantly in March throughout the entire Northern Virginia region, compared to the same month last year. Arlington County saw a decline of 49 percent year-over-year. Compared to the same month a year ago, Fairfax County saw a decrease of 45 percent in available inventory and Prince William County experienced a 41 percent decrease in active inventory. According to data, Alexandria City and Loudoun County saw decreases of 30 percent and 29 percent, respectively, compared to the same month last year.
The number of homes sold in the Northern Virginia region varied in March. Alexandria City and Arlington County saw home sales increase by 13 percent and 12 percent, respectively. Prince William County saw an increase of 10 percent year-over-year, while Loudon County saw an increase of 9 percent.
Homes continued to sell in less than two months on average throughout Northern Virginia, according to March data. Prince William County experienced the shortest marketing time with an average days on market (DOM) of 33 days, while the rest of the region saw DOMs ranging from 35 days to 43 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).