Home buyers are out in force in Northern Virginia. So far this month, there’s been a 17.4% increase in the number of contracts written compared to the same period January 2012. Nearly 1,000 buyers have put homes under contract in the counties of Fairfax and Arlington, and cities of Alexandria, Fairfax and Falls Church (the close-in burbs of Washington, D.C., for out-of-town readers).

The D.C. market has continued it’s bullish temperament, since Congress came up with its agreement to avoid the fiscal cliff (at least for now).

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Pending sales are tracking ahead of January 2012 by 16% for Northern Virginia (Fairfax and Arlington Counties, cities of Alexandria, Fairfax, Falls Church.

Nevertheless, the absorption rate is at spring-like levels, tracking at a 1.64 months supply (meaning that if no more listings were to become active, the current supply of homes would all go under contract in about 7 weeks.)

Job growth in the region, increasing rental rates and low mortgage interest rates are all three creating a perfect storm for the region.

Need help navigating it all? Give us a call at (703) 821-8300 at Weichert Realtors in the McLean/Old Dominion office.