Burke, VA (PRWEB) December 23, 2013
The Northern Virginia real estate market posted a double-digit decline in total sales in November compared to a year before, but average and median sales prices rose slightly and it took less time for homes that did sell to make it from listing to contract.
A total of 2,128 residential properties across the region went to closing last month, according to figures reported Dec. 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service. That’s down 16.2 percent from 2,538 sales in November 2012.
Data represent sales in Arlington, Fairfax, Fauquier, Loudoun and Prince William counties and the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.
Average sales prices were in higher territory, with the average of $458,272 recorded in November up 1.7 percent from $450,583 a year before. Average prices were up in all three segments of the market:
- The average price of single-family homes rose 0.22 percent to $566,349.
- The average price of attached homes, such as townhouses and rowhouses, rose 4.6 percent to $356,506.
- The average price of condominiums rose 7.6 percent to $310,798..
The median price of all homes on that sold during the month stood at an $401,000, up 3.6 percent from $387,200 a year before. The median is the point at which half of homes sold for more, half for less.
Adding up the increasing sales and higher prices, total dollar volume during the month stood was $975 million, a decline of 14.7 percent from a year before.
There were 83 million-dollar transactions reported during the month.
Homes that sold in November spent an average of 43 days on the market between listing and ratified sales contract, an improvement from 49 days for homes that went to closing a year before, and garnered 97.3 percent of original listing price, up from 97.1 percent.
Conventional mortgages represented the means of transacting the deal in 1,221 cases, followed by FHA-backed mortgages (308), cash (276) and VA-backed loans (269).
While the first part of 2013 saw a dearth of properties available for prospective purchasers, November’s inventory of 6,066 active listings was up 15.3 percent from a year before.
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).