Northern Virginia Real Estate Market Stats for August 2012
The numbers are in and the following video highlights the sales and trends that we saw in the Northern Virginia real estate market for the month of August 2012. Take a look at the video below:
Here are the highlights:
- The economy is still adding jobs but not at the expected rate
- Unemployment rate is down nationwide to 8.1%.
- The Fed confirmed the interest rates will remain low through mid 2013.
- Regional unemployment for Northern Virginia is 4.3% (one of the lowest in the nation).
- Buyer activity continues to grow, there were 3,050 sales in August, that number is up 9.7% from this time last year (the highest August total in 3 years)
- The number of new pending contracts up 7% from this time last year at 3,081.
- There was a 25% lower number of active listings (6,310) in comparison to this time last year (August 2011 of 8,487), the lowest August level seen in 8 years.
- Declining trend in new listings continues; 3,456 in August, down less than 1% from last year's level.
- Tightening supply is driving up the median sold price continued, up 4.6% from August 2011 (year over year gains in every month in 2012).
- Homes are selling faster, median days on market is 22 days.(down 9 days from this time last year)
Now we've all heard that buyers are usually the ones who sit on the fence, but if you are thinking about selling your home, the recipe is right to sell quickly and for a good price.