Burke, VA (PRWEB) September 26, 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 August compared to the same month last year. In the majority of the Northern Virginia counties surrounding Washington, D.C., more homes were sold than in the same month last year. Median sale price also increased in some areas.
On average, the number of homes sold in the region increased in August. Arlington County and Alexandria City both saw a 13 percent increase, while Loudoun County saw an 11 percent increase. Sales increased by 6 percent in Fairfax County, and Prince William County saw no change compared to August of last year.
Some areas of Northern Virginia also experienced an increase in median sale price compared to the same month last year. Prince William County saw the median sale price increase by 13 percent, while Loudoun County saw a 12 percent increase. Fairfax County experienced a 6 percent increase and Alexandria City saw no change. Arlington County had a slight decrease of 2 percent.
Active inventory levels decreased in some areas, while beginning to increase in others. Active inventory decreased by 14 percent in Arlington County, 6 percent in Fairfax County and 2 percent in Loudoun County. Alexandria City saw a 5 percent increase in active inventory, while Prince William County saw a 2 percent increase.
Homes are continuing to sell rapidly in Northern Virginia, according to August data. In Fairfax County the average days on market (DOM) was 23 days or less. In Alexandria City and Prince William County, homes are selling in about 25 days or less, while average DOM for Arlington County was 26 days. In Loudoun County homes are selling in just over a month, with an average DOM of 38 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).
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