Northern Virginia Real Estate Market Statistics for April 2013
The following is the Northern Virginia Market Watch video update for April 2013:
Here are the highlights for the April 2013 real estate market:
- 165,000 jobs were added to the economy between March and April
- Government employment continued to decline on federal, state, and local levels
- Unemployment rate fell to 7.6%
- Housing activity continues to be a bright spot for the recovery, sales volume and prices continued to increase, however there is some concern that investors are ‘propping up’ some local markets
- Economic growth in Northern Virginia is slower than last year.15,000 jobs were added in the last 12 months. Unemployment dropped from 4.3% to 3.9%
- April sales were 12% higher than this time last year, the highest April level seen in three years.
- New contracts were up 12% over last year, after five consecutive months of decline.
- Active listngs were 25% lower than this time last year,the lowest April level in 8 years.
- New listings were up 17% from April 2012. Sellers are starting to be drawn into the market with higher sales prices and faster sales times.
- The median sales price is up 8% from April 2012, the highest the region has seen since fall 2007.
- Median days on market is now 9 days, the lowest since 2005.
- While active listings remain low, the rise in new listings may be the sign of a changing pattern.
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