Housing Market Condition Update – November 2012

According to the latest update (November 2012) of Real Estate Business Intelligence (RBIntel.com), Northern Virginia housing market is on the upswing with positive indicators:

– Median Sold Price in Northern Virginia housing market area increased 8.1% compared to November last year (2011) from $402,500 to $435,000.  This is the explanation for many successful refinancing cases of current homeowners to take advantage of the huge saving of much lower interest rates.

– The number of closed sales increased 28.1% compared to last year bringing the number to 17,763 houses sold over the course of 11 months.  That still calculates for almost 2,000 houses sold per month.

– The average Days on Market of the area went down from 62 to 46 days. This is the time from the house gets on the market till the day it goes under contract.

– Inventory is still low at 2,690 houses unsold versus last year at 3,859.  When we take a buyer to see houses everyday, we experience the same phenomenon that if the house is priced right and looks good, then it will receive multiple offers and most of the time, got bid higher than list price.

From RBI report of November 2012

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