The Long & Foster Market Minute

Focus On: East Fairfax Housing Market June 2018

Zip Code(s): 22031
Units Sold
46
Active Inventory
93
Median Sale Price
$636,500
Days On Market
20
Down -18%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 19%
Vs. Year Ago
Down -26%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in June, with 46 sold this month in East Fairfax Real Estate versus 53 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 18% versus June 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 5 units or 6%. The total number of active inventory this June was 93 compared to 88 in June 2017. This month's total of 93 is lower than the previous month's total supply of available inventory of 104, a decrease of 11%.

Median Sale Price
Last June, the median sale price for East Fairfax Homes was $535,000. This June, the median sale price was $636,500, an increase of 19% or $101,500 compared to last year. The current median sold price is 22% higher than in May.

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


New Listings
51
Current Contracts
46
Sold Vs. List Price
99.3%
Months of Supply
2.0
Down -7%
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Up 100%
Vs. Year Ago

Months of Supply
In June, there was 2.0 months of supply available in East Fairfax, compared to 1.6 in June 2017. That is an increase of 29% 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 51 homes newly listed for sale in East Fairfax compared to 55 in June 2017, a decrease of 7%. There were 46 current contracts pending sale this June compared to 51 a year ago. The number of current contracts is 10% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in East Fairfax was 99.3% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 20, lower than the average last year, which was 27, a decrease of 26%.

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 MRIS 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 MRIS or Long & Foster Real Estate, Inc.