The Long & Foster Market Minute

Focus On: East Fairfax Housing Market November 2017

Zip Code(s): 22031
Units Sold
23
Active Inventory
81
Median Sale Price
$550,000
Days On Market
30
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down
Vs. Year Ago
Down -6%
Vs. Year Ago
Up 21%
Vs. Year Ago
Up 15%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in November, with 23 sold this month in East Fairfax Real Estate. This month's total units sold was lower than at this time last year, a decrease from November 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 5 units or 6%. The total number of active inventory this November was 81 compared to 86 in November 2016. This month's total of 81 is lower than the previous month's total supply of available inventory of 105, a decrease of 23%.

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Median Sale Price
Last November, the median sale price for East Fairfax Homes was $455,000. This November, the median sale price was $550,000, an increase of 21% or $95,000 compared to last year. The current median sold price is 5% higher than in October.

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

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New Listings
27
Current Contracts
25
Sold Vs. List Price
99.3%
Months of Supply
3.5
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -7%
Vs. Year Ago
Up 32%
Vs. Year Ago
No Change
Vs. Year Ago
Up 19%
Vs. Year Ago

Months of Supply
In November, there was 3.5 months of supply available in East Fairfax, compared to 3.0 in November 2016. That is an increase of 19% 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.

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New Listings & Current Contracts
This month there were 27 homes newly listed for sale in East Fairfax compared to 29 in November 2016, a decrease of 7%. There were 25 current contracts pending sale this November compared to 19 a year ago. The number of current contracts is 32% higher than last November.

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Sale Price to List Price Ratio
In November, the average sale price in East Fairfax was 99.3% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 30, higher than the average last year, which was 26, an increase of 15%.

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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.