NoVa Home Prices Up, Houses Selling Rapidly

photoThe Northern Virginia real estate market continued to experience many positive trends in May 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, sales and median sale price have increased, inventories have decreased, and homes are selling in about one month, on average.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

According to May data, year-over-year sales increased throughout the Northern Virginia region, with some areas seeing significant upticks in sales. Arlington County saw the largest increase in units sold versus May 2011, up 40 percent year-over-year, and Fairfax and Loudoun counties were each up 16 percent compared to year-ago levels. Sellers throughout Northern Virginia received roughly 98 percent to 99 percent of their asking price, on average.

May data indicates that median sale price increased in Northern Virginia compared to May of last year, including Prince William County, which experienced a 10 percent increase in median sale price year-over-year. The remainder of the region also experienced increases in median sale price ranging from 1 percent to 7 percent.

Homes continue to sell quickly throughout Northern Virginia, according to May data, with houses selling in about one month, on average. Fairfax County experienced the shortest marketing time with an average days on market (DOM) of 30 days. Alexandria City had the highest DOM in the region at only 37 days—a relatively low number compared to recent averages. Long & Foster agents indicate that many homes priced competitively in the region sell in just a few weeks, sometimes with multiple offers—a reflection of continued demand and the relative lack of supply in many local areas.

In May, active inventory levels continued to fall substantially throughout the Northern Virginia region compared to the same month last year, with double digit decreases throughout. The region saw decreases in inventory of more than 30 percent on average, with some areas experiencing more significant tightening. Alexandria City experienced the largest year-over-year decrease, with inventory down 39 percent. Prince William County inventory decreased 38 percent year-over-year.         

 

“There is no doubt that, in a few short years, many of us will look back at today’s housing market and recognize the incredible homeownership opportunities available to many consumers right now,” says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies.                     

“Northern Virginia is experiencing conditions that reflect the once-in-a-generation affordability boosted by low interest rates, and many buyers are taking advantage of this situation,” Detwiler adds. “And for sellers who have been waiting on the sidelines, data is showing conditions that may be worth evaluating, including median sale price increases, tightening inventory, and homes that are selling quickly. For many, the time might be right to look at move-up opportunities.”

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.

 

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Truman Lewis
A former reporter and bureau chief, Truman Lewis has covered presidential campaigns, state politics and stories ranging from organized crime to environmental and consumer protection.