The Long & Foster Market Minute

Focus On: East Fairfax Housing Market April 2018

Zip Code(s): 22031
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 5%
Vs. Year Ago
No Change
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -59%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 43 sold this month in East Fairfax Real Estate versus 37 last month, an increase of 16%. This month's total units sold was higher than at this time last year, an increase of 5% versus April 2017.

Active Inventory
The total number of homes available this month is 93 units, which is similar compared to a year ago. This month's total of 93 is higher than the previous month's total supply of available inventory of 76, an increase of 22%.

Median Sale Price
Last April, the median sale price for East Fairfax Homes was $626,000. This April, the median sale price was $480,000, a decrease of 23% or $146,000 compared to last year. The current median sold price is 8% lower than in March.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -9%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Down -5%
Vs. Year Ago

Months of Supply
In April, there was 2.2 months of supply available in East Fairfax, compared to 2.3 in April 2017. That is a decrease 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 70 homes newly listed for sale in East Fairfax compared to 77 in April 2017, a decrease of 9%. There were 48 current contracts pending sale this April compared to 45 a year ago. The number of current contracts is 7% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in East Fairfax was 98.8% 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 11, lower than the average last year, which was 27, a decrease of 59%.

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.