Comparing home sales from February 2012 with those of February of 2013 tells us the market has heated up.
The Northern Virginia Association of Realtors® has released its reports on February 2013 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton compared to February last year. Following is the exact text from NVAR, and I have summarized the findings in the table provided.
A total of 1,103 homes sold in February 2013, a 5.25 percent increase above February 2012 home sales of 1,048. Active listings decreased by about 33 percent from last year, with 2,029 active listings in February, compared with 3,033 homes available in February 2012. The average days on market (DOM) for homes in February 2013 decreased by about 27 percent to 55 days, compared with 75 days in February 2012. Price growth held for the second month in a row, with year-over-year increases almost identical to the January 2013 numbers. The average sales price in February increased by about 9 percent from February 2012, to $496,226, compared with last February’s average of $455,453. The median price of homes sold in Northern Virginia rose by almost 12 percent in February to $430,000, compared with February 2012’s median price of $384,500. Reflecting a continuing shortage of inventory, the number of new pending home sales in Northern Virginia in February decreased by almost 2 percent to 1,688 compared with 1,721 new contracts pending in February 2012.
The long and short of it is that inventory is down, prices are up, and properties aren’t staying on the market long. So if you are looking to buy or sell you will need to be working with an agent/broker that knows how to read the market and negotiate contracts, we can do that and so much more, give us a call.
Williams Realty can be reached at 703-980-4045 or SpikeandJulie@williamsrealty.us or www.WilliamsRealty.us we look forward to discussing your situation, we will help you assess your options and plan for your future.