The Long & Foster Market Minute

Focus On: East Fairfax Housing Market February 2019

Zip Code(s): 22031
Units Sold
22
Active Inventory
27
Median Sale Price
$512,500
Days On Market
44
Down -4%
Vs. Year Ago
Down -47%
Vs. Year Ago
Up 14%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 22 sold this month in East Fairfax Real Estate versus 28 last month, a decrease of 21%. This month's total units sold was lower than at this time last year, a decrease of 4% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 24 units or 47%. The total number of active inventory this February was 27 compared to 51 in February 2018. This month's total of 27 is lower than the previous month's total supply of available inventory of 32, a decrease of 16%.

Median Sale Price
Last February, the median sale price for East Fairfax Homes was $449,000. This February, the median sale price was $512,500, an increase of 14% or $63,500 compared to last year. The current median sold price is 23% higher than in January.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
27
Current Contracts
21
Sold Vs. List Price
98.4%
Months of Supply
1.2
Down -52%
Vs. Year Ago
Down -45%
Vs. Year Ago
Down -1.3%
Vs. Year Ago
Down -45%
Vs. Year Ago

Months of Supply
In February, there was 1.2 months of supply available in East Fairfax, compared to 2.2 in February 2018. That is a decrease of 45% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 27 homes newly listed for sale in East Fairfax compared to 56 in February 2018, a decrease of 52%. There were 21 current contracts pending sale this February compared to 38 a year ago. The number of current contracts is 45% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in East Fairfax was 98.4% of the average list price, which is 1.3% lower than at this time last year.

Days on Market
This month, the average number of days on market was 44, higher than the average last year, which was 25. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute East Fairfax are defined as properties listed in zip code/s 22031.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.