Wilson Realty Group continues 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 – Northern Virginia continues its market slowdown after the April/May timeframe with decreases almost across the board. However, Active Listings grew to an 11-month high which is good news for buyers as inventory increases.
2. Median Sold Price – While peaking in June, the Median Sold Price has held onto most of its 2013 gains across all segments. With rates inching upward, we will pay close attention to this statistic going forward.
3. Average Days on Market – After reaching a 5-year low of 27 ADOM across all segments in June and July, the ADOM has creeped up slightly to 32 days. This is still a very strong number and represents one of the strongest statistics reflecting a strong real estate market in Northern Virginia.
4. Average Sold to Original List Price – The ASOLP Ratio achieved a remarkable 5-year peak of 99.32% in June and has since moved slightly downward to 97.54% across all segments. For sellers, this still represents a very strong market and for buyers this shows that there may be more negotiating room as we head into the fall.
All in all, the August statistics for Northern Virginia still reflect a very strong real estate market across virtually all segments. As we enter the fall buying season, we will closely monitor the statistics to help our buyers and sellers best position their strategies to maximize. Regardless of market direction, the Wilson Realty Group hybrid model gives our clients more flexibility to move than any other model. Call us today, 202-642-5478, and let us help you with your next move!