Burke, VA (PRWEB) May 24, 2012
According to the latest reports, compiled from data from residential real estate transactions within the region, Northern Virginia real estate market continued to experience positive trends in April compared to the same month last year. In the Northern Virginia counties surrounding Washington, D.C., median sale price has increased in most areas, inventories have decreased, and homes are selling in less than two months, on average.
The latest market report indicates homes continue to sell quickly throughout the area, with houses selling in less than two months, on average. Fairfax County homes for sale experienced the shortest marketing time with an average days on market (DOM) of 34 days. Alexandria City had the highest DOM in the region at 51 days, which is still low compared to recent averages.
April data indicates that median sale price increased in many areas of the Northern Virginia region compared to April of last year, including Arlington County, which experienced a 19 percent increase in median sale price year-over-year. Alexandria City, Fairfax and Prince William counties also experienced increases in median sale price ranging from 4 percent to 11 percent.
According to April data, sales increased in some areas of the Northern Virginia region. Fairfax and Arlington counties saw the largest increase in units sold versus April 2011. Sellers throughout Northern Virginia received roughly 98 percent to 99 percent of their asking price, on average.
In April, active inventory levels continued to fall throughout the Northern Virginia region compared to the April last year, with double digit decreases throughout. The region saw decreases in inventory of more than 20 percent on average, with some areas experiencing more significant drops. Alexandria City experienced the largest decrease, with inventory down 36 percent. Prince William County inventory decreased 35 percent.
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).