Fewer sales but slightly higher average and median prices were the top stories of the October real estate market across Northern Virginia, which continued its transition from the busy spring/summer months to the mellower autumn/winter time frame.

A total of 1,466 properties went to closing across the region last month, down 5.9 percent from the 1,558 transactions in October 2013, according to figures reported Nov. 10 by RealEstate Business Intelligence, an arm of the multiple-listing service.
Data represent sales in Arlington, Fairfax, Fauquier, Loudoun and Prince William counties and the cities of Alexandria, Fairfax, Falls Church, Manassas and Manassas Park.

Sales prices moved slightly upward, with the average sale price of all transactions working out to $535,845, an increase of 1.1 percent from $530,216 a year before.

The average price of single-family homes declined a fraction of a percent to $705,501, while the average price of detached homes, such as townhouses, was up 1.8 percent to $407,281, and the average price of condominiums was up 2.9 percent to $336,700.

There were 84 million-dollar-or-more sales across the region in October.

Total sales volume for the month stood at $785.5 million, a decline of 4.9 percent from the $826.1 million reported a year before.

Of homes that went to closing in October, the average time spent between listing and ratified sales contract was 53 days, an increase from the 35 days a year before, and the average sales price represented 96.4 percent of average listing price, down from 97.6 percent a year ago.

Conventional mortgages represented the method of financing transactions in 964 cases, followed by cash (213), VA-backed loans (163) and FHA-backed mortgages (108).

Inventory remained significantly higher than a year ago, with 5,125 properties on the market compared to 3,656. The number of listings coming onto the market in October was up 11.2 percent from a year before.

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