Burke, VA (PRWEB) August 30, 2012
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 July compared to the same month last year. In the Northern Virginia counties surrounding Washington, D.C., including Arlington, Fairfax, Loudoun , Prince William, and the City of Alexandria, sales activity and median sale price continue to increase, and inventories have continued to decrease due to homes selling at a rapid pace.
Northern Virginia saw increased sales in most of the region, according to July data. Alexandria City and Loudoun County both experienced increases of 10 percent. Arlington and Fairfax counties saw an increase of 1 percent and 7 percent, respectively. Sellers in much of the Northern Virginia area received 98 percent or more of their asking price, on average.
July data indicates that median sale price increased in most Northern Virginia compared to the same month last year. Loudoun County saw the largest increase in sale price of 6 percent, with Prince William County seeing a 5 percent increase year-over-year. Arlington and Fairfax counties each experienced 3 percent increases in median sale price.
Homes continue to sell quickly throughout Northern Virginia, according to July data, with houses selling in a little more than one month, on average. Fairfax County experienced the shortest marketing time with an average days on market (DOM) of 34 days. Loudoun County had the highest DOM in the region—still relatively low at only 42 days.
In July, active inventory levels continued to fall throughout the Northern Virginia region compared to the same month last year. Alexandria City experienced the largest year-over-year decrease with inventory down 39 percent, with the number of active units at just 390 for the city. Prince William County inventory decreased 36 percent year-over-year. Arlington and Fairfax counties experienced decreases of 30 percent and 33 percent, respectively, and Loudoun County saw a 24 percent decrease, according to data.
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).