NVAR Publishes March 2013 Regional Home Sales: Northern Virginia

The Northern Virginia Association of Realtors® reports on March 2013 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 1,499 homes sold in March 2013, a 4.02 percent increase above March 2012 home sales of 1,441.

Active listings decreased by about 38 percent from last year, with 2,159 active listings in March, compared with 3,505 homes available in March 2012. The average days on market (DOM) for homes in March 2013 decreased by one-third to 48 days, compared with 72 days in March 2012. Prices rose in March, with the average sales price up by almost 11percent from March 2012, to $531,950, compared with last March’s average of $481,103. The median price of homes sold in Northern Virginia rose by almost 8 percent in March to $442,500, compared with March 2012’s median price of $410,000.

Reflecting a continuing shortage of inventory, the number of new pending home sales in Northern Virginia in March decreased by almost 4 percent to 2,273 compared with 2,359 new contracts pending in March 2012.

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