2012 Sales in the Northern VA region were up by 10% from 2011 and prices rose as well. The average sale price for a home in NOVA was just over $500,000 in 2012. Not only that but homes also sold faster with an average- days- on market of 51 instead of 60 in 2011.
We are currently experiencing low inventory especially in the Alexandria, Arlington and Falls Church areas. That means we're in a sellers' market. Active listings are declining and inventory levels are at an eight-year low.
In Arlington and Fairfax counties there is less than one month supply of townhouses available. The scarcity of homes available is having an impact on prices. Sales prices for townhomes in Arlington and Fairfax counties were up 7 and 8.5 percent respectively in the last quarter of 2012 compared to the same time in 2011.
Condos are also in short supply.
For those sellers who are still on the fence, it is a great time to sell. There are many buyers out there looking for a home.
As usual, contact me whenever you're ready to make that move. If it's selling your home or buying a new one I can help you along the process from the first phone call or email to the day of settlement.
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