Median Sales Price Gains in the Real Estate Market

Welcome back to our video blog! We are going to be talking about July’s numbers and what has happened in last 30 days versus the past year and how it affects you!

So, there has been continued increases in sales and double digit growth in new listings for the fourth straight month. How exciting is that? That mean our market has bounced back!

The demand in our market is still strong, especially in the summer months. Inventory has continued to climb but the pace has slowed due to new listings. High demand and low supply has contributed to the median sales price increases. The year to date median price is nearly 10% higher than it was during the same period in 2012.

While the number of new contracts and sales have decreased since June, this is typical summer patterns and the decline was smaller than it was in past year. Increasing prices may encourage people to sell their home, with us!

This is exciting information!

Falls Church City is number 1.  From July 2012 to July 2013, the year over year increase is 23.5%; that’s huge!

Fairfax City’s median sale price in 2012 was $425,000; in 2013 it was $487,500. That’s a 14.7% increase.

Prince George experienced a 19.5% year over year increase!

In any event, when you are thinking about buying or selling and want a free consultation, we’d be happy to do that for you! We can find out how much your home is worth!