Northern Virginia Market Stats for July 2012
The following is the latest update for real estate market statistics in the Northern Virginia area for the month of July 2012.
Here are the highlights:
- The national economy continued slow recovery, however, almost all analysts agree that we are in the middle of a housing turnaround.
- There is positive news on th housing front. For example, Fannie Mae and Freddie Mac reported strong earnings in the second quarter for 2012. Also, Northern Virginia's unemployment rate is 4.4% (one of the lowest regional unemployment rates in the nation). The region has added 31,000 jobs.
- Total sales in July were 3,040 sales which is the highest July total in three years.
- New pending contracts on the rise.
- Inventory of homes for sale continues to decline, currently 24.7% below this time last year.
- New listings are Lowest July total in 15 years.
- Median sales price increased to $400,500 for Northern Virgnia.
- 97.3% average list to sold price, median days on market is 20 days, which results in upward pressure on prices and lower median days on market