Long & Foster’s Market Minute Reports Show Home Prices Increasing
CHANTILLY, Va., Mar. 18, 2013—The Northern Virginia real estate market continued to experience many positive trends in February compared to the same month last year, according to The Long & Foster Market Minute® reports. In the Northern Virginia counties surrounding Washington, D.C., including the city of Alexandria, and Arlington, Fairfax, Loudoun and Prince William counties, the 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.
The Long & Foster Market Minute® reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
In February, the median sale price increased throughout the entire Northern Virginia region compared to the same month last year. Fairfax County experienced an increase of 15 percent in median sale price, according to data. Prince William County experienced a 14 percent, while Loudoun County saw an increase of 10 percent. Alexandria City and Arlington County experienced jumps of 8 percent and 4 percent, respectively.
Active inventory levels continued with significant declines in February throughout the entire Northern Virginia region, compared to the same month last year. Prince William County saw a decline of 42 percent year-over-year. Compared to the same month a year ago, Arlington County saw a decrease of 41 percent in available inventory and Fairfax County experienced a 40 percent decrease in active inventory. According to data, Alexandria City and Loudoun County saw decreases of 32 percent and 27 percent, respectively, compared to the same month last year.
The number of homes sold in the Northern Virginia region varied in February. Alexandria City and Fairfax County saw home sales increase by 13 percent and 1 percent, respectively. The remainder of the area saw declines in sales, partially as a result in the low levels of inventory in the area. Sellers in the Northern Virginia region continued to receive 97 percent or more of their asking price, on average.
Homes continued to sell in less than two months throughout Northern Virginia, according to February data, on average. Prince William County experienced the shortest marketing time with an average days on market (DOM) of 40 days, while the rest of the region saw DOMs ranging from 42 days to 56 days.
“As we gear up for the 2013 spring buying season, the local real estate market in the Northern Virginia region continues to benefit from positive economic conditions, job growth, and consumer optimism,” said Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster® Companies.
“In February 2013, home prices continued to appreciate, inventory remained low, and houses were snapped up at a rapid pace – all great signs for a Northern Virginia-area residential real estate market that is in full recovery mode.”
The Long & Foster Market Minute® is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute® reports are available at www.LongandFoster.com, and users can subscribe to free updates for the reports in which they’re interested.