Market Statistics were published this morning by MRIS and my summary spreadsheet is below. All areas of the Northern Virginia Real Estate market showed strength in February, both when compared to recent months and to past February data.
The market for the Northern Virginia area (including Arlington, Alexandria, Falls Church City, Fairfax County, and Farifax City) is down to a 4.3 month supply of inventory. Prince William County continues to be the strongest market in the area. 32% of homes for sale in Prince William sold last month which equates to just over a 3 month supply of homes on the market.
Prices continue to go lower in most areas. The notable exception is Fairfax County where the average home sold for $374K, up from $361K in January. On a year to year basis home prices are down significantly for all jurisdictions.
Please note that Fairfax County statistics have been added this month. Also, make sure you click on the different jurisdictions at the bottom of the spreadsheet to see the statistics for each of them seperately.
Written by Jeff Royce of Frankly Real Estate, Inc. Fairfax, VA, 703-585-5663