Burke, VA (PRWEB) May 30, 2013
Pasquali Realty Group announces that the Northern Virginia real estate market tiptoed over the $1 billion mark in April, with both total sales and average sales prices moving up from a year before.
The result was a 21-percent increase in overall sales volume, with data suggesting that more homeowners are heeding calls to cash in by putting their properties on the market.
Sales for April across the region totaled 1,874, up 11.7 percent from the 1,678 transactions reported a year before, according to figures reported May 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service. (Data represent sales in Arlington, Fairfax, Fauquier, Loudoun and Prince William counties and the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.)
The average sales price of homes that went to closing during the month was $537,999, an increase of 8.2 percent from the $497,083 recorded a year before. Average prices were up in all three segments of the market:
- The average price of single-family homes rose 11.9 percent to $708,991.
- The average price of attached homes, such as townhouses, was up 6.2 percent to $388,736.
- The average price of condominiums was up 5.8 percent to $324,767.
The median sales price of all homes that sold during the month was $460,000, an increase of 4.6 percent from $440,000 a year before. The median is the point where half of homes sell for more, half for less.
Of homes that went to closing in April, sellers received an average 98.7 percent of original list price, up from 97.5 percent a year before. Homes spent an average of 34 days on the market between listing and ratified sales contract, an improvement from 52 days in April 2012, with more than 57 percent of properties that sold taking no more than 10 days to garner a ratified contract.
Conventional mortgages were the method of financing transactions in 1,200 cases, followed by cash (236), VA-backed loans (225) and FHA-backed mortgages (189).
Spurred in part by stories of quick sales near or at asking price, more local homeowners were enticed to put their properties on the market in April, which saw a nearly 16-percent increase in new listings. But the boost was only making a dent in the long-term dearth of available properties; overall inventory at the end of the month stood at 2,576 properties, down 30.6 percent (or more than 1,100 homes) from the inventory on the market a year before.
The growth in both sales and sale prices added up to a total sales volume of $1.008 billion for the month, up 20.9 percent from the $834.1 million recorded a year ago.
Figures represent most, but not all, properties on the market. All sales figures are preliminary, and are subject to revision.
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).