Market Absorption Rates for the Northern Virginia & DC for March 2012

Wow! What a month we had in March! It was as if the faucet was turned on once again for real estate in our area. Inventories in most markets continue to decline which has pushed many price points to around a month or less of inventory. With that we've seen an increase in multiple offers on properties. Unit sales remained steady year over year but average sales prices rose 8.09% in the Northern Virginia marketplace and 9.88% in Fairfax County. Information about other local markets are included in this month's slides.