Northern Virginia Home Sales Up 11% in March
The number of homes sold in Northern Virginia rose 11 percent in March, as buyers continued to take advantage of falling prices.
During the month, 1,384 homes were sold in the area, which includes the cities of Alexandria, Fairfax and Falls Church as well as the counties of Fairfax and Arlington, according to Rockville-based market research firm Metropolitan Regional Information Systems Inc. In the same month in 2008, the number of homes sold was 1,250.
The median sale price of a home in the area fell 17 percent in March to $335,000, according to MRIS.
D.C. home sales were also faring better. There were 399 units sold, slightly up from 393 homes sold in the same month last year. The median sale price dropped 6 percent, from $399,500 in March 2008 to $375,000 last month. Units spent an average of 97 days, or 17 more days, on the market last month over March 2008.
Units on the Northern Virginia market, however, are being snapped up faster than last year. Homes are spending an average of 89 days on the market, or 20 less days than the same period a year ago.
In Fairfax County alone, 1,040 homes were sold in March. That’s up 12 percent compared with a year ago. The median sale price dipped 19 percent to $320,000 last month.
In Arlington County, the median sale price dropped 20 percent to $387,500 and 168 homes were sold — down 6 percent from the same month a year ago.
Prince William County experienced a 49-percent surge in sales of 750 homes, compared with 502 homes sold in March 2008. The median sale price was down 37 percent to $171,000. Units spent an average of 102 days, or 32 less days on the market, than in March 2008.
Prince George’s County home sales were up 10 percent, with 380 units sold last month. The median sale price was down 18 percent to $234,900, but homes spent, on average, 44 more days on the market than they did in March 2008.
Montgomery County home sales were up even more. There were 649 units sold last month, or a boost of 15 percent over March 2008. The median sale price was down 16 percent to $339,000, and homes spent, on average, 10 more days on the market than they did in March 2008.
source: Washington Business Journal
To search the MLS for free please visit http://www.kimdarwaza.com.
Kim Darwaza, REALTOR ~ RE/MAX Allegiance ~ http://www.kimdarwaza.com