Long & Foster Market Minute Reports Positive Regional Trends
The Northern Virginia real estate market has continued to experience a number of positive trends compared to April of last year, according The Long & Foster Market Minute reports.
CHANTILLY, VA, May 28, 2010 /24-7PressRelease/ -- The Northern Virginia real estate market, particularly in areas closer-in to Washington D.C., has continued to experience a number of positive trends compared to April of last year, according The Long & Foster Market Minute reports. Many areas in Northern Virginia experienced a significant increase in existing home sales as well as quickly-moving properties, resulting in lower inventory on the market in April.
In April, many counties in Northern Virginia experienced a strengthening of median sale prices compared to the same month last year, particularly in some suburban counties such as Fairfax, which at $379,000 was up 12 percent over 2009, and Prince William County, up 36 percent since this time last year to $240,000. Loudoun County, Alexandria City and Arlington County also experienced increases in median sale price in April of 7 percent, 4 percent and 3 percent, respectively.
Total active inventory across the market has decreased, in some areas considerably, with Prince William down 43 percent since last year to 1,473 units. Fairfax has also seen a year-over-year decrease of total active inventory of 28 percent to 3,764 units. Arlington County and Alexandria City each had total active inventory decreases of 7 percent versus last year, and Loudoun County's inventory shrunk 18 percent year-over-year.
Fairfax County experienced a 5 percent increase in total units sold in April compared to last year, logging 1,339 units in the month. Prince William's total number of units sold landed at 632, a decrease of 24 percent compared to last year, likely a result of a shortage in available units rather than weakening demand. Loudoun County increased 3 percent year-over-year to 443 total units sold. Arlington County and Alexandria City also saw an uptick in demand in April, posting jumps in total units sold of 22 percent and 17 percent, respectively, compared to April 2009.
An indicator of a more robust housing market, many areas in Northern Virginia saw in April a significant tightening of the average number of days a house remained on the market before going under contract, compared to the same month last year. In Prince William County, days on market (DOM) fell 41 percent compared to April last year to just 30 days, and Fairfax County's DOM was 31 days, down 46 percent year-over-year. Loudoun County's DOM in April was slightly higher at 34 days, still down 37 percent from April 2009. Arlington County's DOM was 40 days and Alexandria City was 46 days, down 38 percent and 34 percent, respectively, compared to the same month last year.
Some areas of Northern Virginia have seen a significant reduction in available inventory when compared to recent months and year-ago levels. Prince William County had in April 2.3 months of supply and Fairfax County had 2.8 months of supply, down 26 percent and 32 percent, respectively, compared to last year. Arlington County had 3.1 months of supply in April, and Alexandria City and Loudoun County each reported 3.7 months of supply.
"With limited inventory available, historically-low mortgage rates, and homes that are selling in just a month on average in many areas, this might be an ideal time to list a home for sale in many areas of Northern Virginia," says Jeffrey S. Detwiler, president and chief operating officer of The Long & Foster Companies. "Local market statistics change frequently, so it makes sense for sellers to consult with their Long & Foster sales associate to take advantage of current market conditions."
The Long & Foster Market Minute is an overview of market statistics presented at the county level. The easy-to-read and easy-to-share reports include information about each county's units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. In addition to the 100 counties in seven states it currently covers, The Long & Foster Market Minute will include more counties in future releases.
"We have received widespread positive feedback about The Long & Foster Market Minute," said Barry Redler, chief marketing officer of The Long & Foster Companies. "Our customers and Long & Foster Agents throughout the Mid-Atlantic region are enjoying such easy access to the information and actively sharing The Long & Foster Market Minute reports via many social media sites, helping educate more and more people on the housing market."
The Long & Foster Market Minute reports, available at no charge at www.LongandFoster.com, is one tool of many that the firm provides its sales associates so that they can help homebuyers and sellers make informed decisions.
About Long & Foster Real Estate, Inc.
Long & Foster Real Estate, Inc. is the largest independently-held residential real estate company in the United States. The company is part of The Long & Foster Companies, which also includes Prosperity Mortgage Company; Walker Jackson Mortgage Corporation; Long & Foster Insurance Agency, Inc.; and Long & Foster Settlement Services. Long & Foster Real Estate, Inc. represents more than 12,000 agents in seven Mid-Atlantic states, plus the District of Columbia. The company sold more than $25.3 billion worth of homes and helped people buy and sell homes 78,281times in 2009. The Long & Foster Companies 2009 combined sales for the year were in excess of $51.5 billion. Visit us at longandfoster.com.
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