Northern Virginia Real Estate Market Report-Most Active June Market in 6 Years(June 2011)

• June’s Pending Sales Total Hit 5,124 – Highest Since 2005;
• Median Sales Price Increased 7.3% Year‐over‐Year, Highest Level in Nearly 3 Years

Overview:
Pending home sales continued their return to more consistent historical patterns, while reaching their highest June total in 6 years. The 6.9% month‐over‐month decline in contract signings was consistent with the 5.2% monthly decline averaged over the prior decade. The 29.5% year‐over‐year June increase in pending sales activity was due to the comparison with last year’s post‐tax credit drop in activity, not a current surge in demand. With the expansion of new contract activity in 2011, median sales price continued to rise in June reaching $379,990, its highest level since July 2008 and was 7.3% above June 2010 and 7.5% above May 2011.

• Most contract signings within the month of June since 2005.
• Median sales price reached its highest level in nearly 3 years.
• Active inventory growth leveled off as new inventory slipped.
• New contract signings outpaced active inventory as the absorption rate fell.
• Days on market fell to a10 month low of 63 days, as buyer/seller negotiability stabilized.

The market area includes: Washington, D.C.,Montgomery County, Prince George’s County, Alexandria City, Arlington County, Fairfax County, Fairfax City,and Falls Church City.