The Long & Foster Market Minute

Focus On: Fairfax County, Fairfax City, and Falls Church Housing Market June 2018

Units Sold
2,308
Active Inventory
4,086
Median Sale Price
$550,000
Days On Market
19
Down -8%
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -21%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 2,308 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate versus 2,227 last month, an increase of 4%. This month's total units sold was lower than at this time last year, a decrease of 8% versus June 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 809 units or 17%. The total number of active inventory this June was 4,086 compared to 4,895 in June 2017. This month's total of 4,086 is lower than the previous month's total supply of available inventory of 4,122, a decrease of 1%.

Median Sale Price
Last June, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $527,250. This June, the median sale price was $550,000, an increase of 4% or $22,750 compared to last year. The current median sold price is 2% 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
2,688
Current Contracts
1,963
Sold Vs. List Price
99.5%
Months of Supply
1.8
Down -10%
Vs. Year Ago
Down -6%
Vs. Year Ago
Up 0.6%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In June, there was 1.8 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 2.0 in June 2017. That is a decrease of 9% 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 2,688 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 2,974 in June 2017, a decrease of 10%. There were 1,963 current contracts pending sale this June compared to 2,095 a year ago. The number of current contracts is 6% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Fairfax County, Fairfax City, and Falls Church was 99.5% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 24, a decrease of 21%.

The Long & Foster Market Minute
*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.