Realty Insider Blog

From http://www.nvar.com/market/marketdetail.lasso?articleno=nvarn100433

The Northern Virginia Association of REALTORS reports on March 2007 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 1,752 homes sold in March, about 6 percent less than in March 2006, when 1,867 homes sold. This slight decrease is not completely surprising taking into account the deep freeze that may have discouraged activity among buyers and sellers in February.

Active listings increased from February as sellers prepared for the spring market, but total inventory remained below last year’s level by about 6 percent, standing at 8,077 active listings at the end of March, compared to 8,577 homes available at the end of March 2006. Homes continue to take longer to sell, with the average Northern Virginia home in March 2007 staying on the market for 101 days. In March 2006, homes averaged 53 days on the market (DOM).

The average sales price in March 2007 in Northern Virginia was $532,517, reflecting a 0.58 percent (six-tenths of 1 percent) decrease from the average sales price of $535,633 in March 2006.

The median price of a home sold in Northern Virginia in March was $460,500, about 3.46 percent below March 2006’s median price of $477,000. (The median price reflects the price at which an equal number of homes in the region are sold at higher and lower prices.)

See the numbers here: http://www.nvar.com/market/pressrelease/prnvmar07.html