Hard to believe that we are almost finished with April! Here at Wilson Realty Group, we continue our weekly review of the local real estate market statistics. This week we are focusing on Northern Virginia which includes Alexandria City, Arlington County, Fairfax City, Fairfax County, Falls Church City, Fauquier County, Loudon County, Manassas City, Manassas Park City and Prince William County.
1. Market Activity – March, 2014 saw a jump in numbers across all components of Market Activity but the news isn’t all robust. While Active Listings are up over the same period in 2013 by 33.8%, Closed Sales are down by over 10% in the same time. While these numbers are for March, 2014 where weather played a significant role these statistics still represent a recent trend where buyers have been reluctant to jump back into the market at the same velocity as they did last year.
2. Median Sold Price – Homes across the board experienced increases from the same period in 2012 with All staying flat at $400,000. This is due to the difference in the makeup of the sales for All shifting the sales volume away from Detached.
3. Average Days on Market – The ADOM for Northern Virginia dropped in March, 2014 after cresting in February. The ADOM is still well below the national averages and below the same period in 2013. Across All homes, the ADOM for Northern Virginia is 50 days which is 2% below March, 2013.
4. Average Sold to Original List Price Ratio – 2014 started off with a flat in terms of the ASOLP Ratio compared to the same time in 2013. However, over the first two months, the ASOLP Ratio has risen back above 97% across All segments.
The Northern Virginia Real Estate market remains strong through the first quarter of 2014. As we launch into Q2 2014, we anticipate more growth in the local real estate market – however, it will be slower growth than in 2013, but we will still have growth. Given that rates and inventory appear to be rising in 2014, it is more important than ever to save every dollar in your real estate transaction and the Wilson Realty Group Hybrid model is built on just that. In 2014, you can expect this from us – Real Simple. Real Savings. Real Results.