Washington Biz Journal- VA home sales up 6%!

Monday, May 11, 2009, 2:18pm EDT

N. Virginia home sales up 6%
Washington Business Journal - by Tierney Plumb Staff Reporter

The number of homes sold in Northern Virginia rose 6 percent in April, as buyers continued to take advantage of falling prices.

During the month, 1,544 homes were sold in the area, which includes the cities of Alexandria, Fairfax and Falls Church as well as the counties of Fairfax and Arlington, according to Rockville-based market research firm Metropolitan Regional Information Systems Inc. In the same month in 2008, the number of homes sold was 1,455.

The median sale price of a home in the area fell 14 percent in April to $356,750, according to MRIS.

D.C. home sales fared even better. There were 417 units sold, up 13 percent from 368 homes sold in the same month last year. The median sale price dropped 11 percent, from $438,000 in April 2008 to $389,900 last month. Units spent an average of 92 days, or 15 more days, on the market last month over April 2008.

Units on the Northern Virginia market, however, are being snapped up faster than last year. Homes are spending an average of 85 days on the market, or 15 less days than the same period a year ago.

In Fairfax County, 1,168 homes were sold in April. That is up 9 percent compared with a year ago. The median sale price dipped 15 percent to $340,000 last month.

In Arlington County, the median sale price dropped just 5 percent to $450,000 and 191 homes were sold — down 2 percent from the same month a year ago.

Prince William County experienced a 16 percent boost in sales of 741 homes, compared with 639 homes sold in April 2008. The median sale price was down 33 percent to $175,000. Units spent an average of 87 days, or 45 less days on the market, than in April 2008.

Prince George’s County home sales were up 14 percent, with 424 units sold last month. The median sale price was down 21 percent to $230,000, but homes spent, on average, nine more days on the market than they did in April 2008.

Montgomery County home sales last month were consistent with April 2008, with 708 units sold during both months. The median sale price was down 19 percent to $337,975, and homes spent, on average, six less days on the market than they did in April 2008.