Pasquali Realty Group Reports Northern Virginia Real Estate Continues to Sell Very Quickly
Burke, VA (PRWEB) July 31, 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 June compared to the same month last year. In the Northern Virginia counties surrounding Washington, D.C., including the city of Alexandria, Arlington, Fairfax, Loudoun and Prince William counties, the number of homes sold and 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.
On average, the number of homes sold in the Northern Virginia region increased in June. Fairfax and Loudoun counties saw home sales increase by 15 percent and 13 percent, respectively. Alexandria City saw an increase of 10 percent year-over-year, while Prince William County saw an increase of 7 percent. The number of homes sold in Arlington County, however, decreased by 11 percent when compared to June of last year.
In June, the median sale price, on average, increased throughout the Northern Virginia region compared to the same month last year. Prince William County experienced an increase of 14 percent in median sale price, and Fairfax County saw a jump of 11 percent. Loudoun County and Alexandria City also experienced an increase of 10 percent and 8 percent, respectively. Arlington County again saw a decline with the median sale price down 3 percent.
Active inventory levels continued to decline significantly in June throughout the entire Northern Virginia region, compared to the same month last year. Prince William County saw a decline of 28 percent year-over-year. Compared to the same month a year ago, Fairfax County saw a decrease of 25 percent in available inventory and Arlington County experienced a 22 percent decrease in active inventory. According to data, Loudoun County and Alexandria City saw decreases of 10 percent and 9 percent, respectively, compared to the same month last year.
Homes continue to sell at a rapid pace in Northern Virginia, according to June data. The average in all areas reporting days on market (DOM) was 25 days or less. Fairfax County experienced the shortest time on market with an average DOM of 20 days, while Prince William County is averaging 25 days. The rest of the region ranged from 23 to 34 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).
Dino Pasquali, Pasquali Realty Group, (703)989-4238, [email protected]
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