At JC Advantage and across the Northern Virginia market, we have been seeing properties for sale for shorter periods of time, and selling at higher prices. Spring normally brings a significant increase to the real estate front, and it seems to be continuing to heat up in the summer months. In the greater Northern Virginia/Metro DC area, the average home is on the market for 38 days. This is a big decrease from last year’s average of 48 days. What makes this even more significant is the fact that more homes are on the market since last year. The number of homes for sale in our area is up over 20 percent from last year. Sellers are happy to hear that the median sold price of homes has risen as well: more than 8 percent from June 2012.
Local statistics for Fairfax County are showing big real estate news. In June 2013, there were 1,838 closed sales, an 18 percent increase from 2012. The median sold price was $490,000; nearly 9 percent higher than a year ago. Average days on the market were lower in Fairfax County than the greater region. Local homes were on the market an average of just 23 days. This is nearly 43% lower than the average number of days on the market last year!
The Northern Virginia/Metro DC real estate increases are parallel with nationwide real estate market trends. The sale of homes rose dramatically nationwide as well, nearly 13 percent over the past year. Numbers are now higher than they’ve been since November 2009.
While this information is fantastic news for our real estate market, statistics show that there is still a bit of an inventory shortage. The growth in listings isn’t enough to meet demand at this point. What does this mean for sellers and buyers? Sellers may face multiple offers, which can be good for their sale prices. For buyers, inventory shortage can mean price battles and making a hasty purchase for fear of losing the home to another buyer. The good news is that Fairfax County is slowly increasing in inventory. Homes for sale in our area are up over 5 percent from last year, with 1,914 new listings last month.
JC Advantage is available to assist you with all of your real estate needs in the Northern Virginia area. Utilize our local knowledge and top real estate information to sell your property, or to get you into your dream home! Contact me directly at conor@jcadvantage.com, or call 703-442-0007. Feel free to stop by our office as well! We’re located at 8245 Boone Blvd, Suite 410, in Vienna.
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