The Long & Foster Market Minute

Focus On: East Fairfax Housing Market August 2018

Zip Code(s): 22031
Units Sold
39
Active Inventory
96
Median Sale Price
$560,000
Days On Market
24
Down -3%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -8%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 39 sold this month in East Fairfax Real Estate versus 45 last month, a decrease of 13%. This month's total units sold was lower than at this time last year, a decrease of 3% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 2 units or 2%. The total number of active inventory this August was 96 compared to 94 in August 2017. This month's total of 96 is higher than the previous month's total supply of available inventory of 86, an increase of 12%.

Median Sale Price
Last August, the median sale price for East Fairfax Homes was $567,500. This August, the median sale price was $560,000, a decrease of 1% or $7,500 compared to last year. The current median sold price is 6% higher than in July.

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


New Listings
47
Current Contracts
23
Sold Vs. List Price
98.9%
Months of Supply
2.5
Down -22%
Vs. Year Ago
Down -53%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Up 5%
Vs. Year Ago

Months of Supply
In August, there was 2.5 months of supply available in East Fairfax, compared to 2.4 in August 2017. That is an increase of 5% 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 47 homes newly listed for sale in East Fairfax compared to 60 in August 2017, a decrease of 22%. There were 23 current contracts pending sale this August compared to 49 a year ago. The number of current contracts is 53% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in East Fairfax was 98.9% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 24, lower than the average last year, which was 26, a decrease of 8%.

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.