Regional Home Sales Pointing Upward
by SCOTT McCAFFREY, Staff Writer
(Created: Tuesday, August 14, 2007 8:12 AM EDT)
Home sales across the inner suburbs of Northern Virginia showed improvement in July, with transactions topping the billion-dollar mark across the region.
A total of 1,859 properties changed hands in the inner suburbs during the month, according to figures reported by the Metropolitan Regional Information Systems Inc. That's up 0.2 percent from the 1,856 sales recorded during July 2006.
(Sales figures include properties located in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.)
The average price of all homes sold during the month was $554,274, up 3.1 percent from a year ago, bringing the total dollar volume sold during the month to $1.03 billion, up from $998 million a year before.
Among all properties sold during the month, it took an average 66 days to go from listing to ratified contract. That is up from 58 days a year ago, but remains below the long-term, historic norm of 90 days.
Among all homes sold, sellers received an average of 94.8 percent of original listing price, down slightly from the 95.1 percent received last year.
At the end of the month, there were 10,368 properties available for prospective purchasers throughout the inner suburbs, including nearly 3,300 that came onto the market in July.
Sales figures represent most, but not all, sales during the period. All figures are subject to revision.
Copyright © 2007 Suburban Washington Newspapers Inc.
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