Happy 2014, everyone! Wilson Realty Group continues our weekly review of the local real estate market statistics. We are still waiting on the December statistics so for 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 – November, 2013 saw a continued decline in numbers across all components of Market Activity. While Active Listings are up over the same period in 2012 by 15.3%, Closed Sales are down by over 16% in the same time. We will want to keep an eye on this decline as most areas had a robust winter season in 2013.
2. Median Sold Price – Homes across the board experienced increases from the same period in 2012 with All homes topping $400,000, an increase of 3.6%.
3. Average Days on Market – The ADOM for Northern Virginia is slowly creeping back up but still well below the national averages and significantly below the same period in 2012. Across All homes, the ADOM for Northern Virginia is 43 days which is 12.2% below November, 2012.
4. Average Sold to Original List Price Ratio – 2013 started off with a bang in terms of the ASOLP Ratio growing as high as 99% in some segments. However, over the last several months it has come back down to slightly above where it was last year at this same time settling just above 97% for November.
The Northern Virginia Real Estate market had a very exciting 2013 and the real estate statistics are proving that out. As we launch into 2014, we anticipate growth in the local real estate market – 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 Wilson Realty Group is built on just that. In 2014, you can expect this from us – Real Simple. Real Savings. Real Results.