The Long & Foster Market Minute

Focus On: Fairfax County, Fairfax City, and Falls Church Housing Market February 2019

Units Sold
996
Active Inventory
1,985
Median Sale Price
$489,775
Days On Market
49
Up 2%
Vs. Year Ago
Down -17%
Vs. Year Ago
No Change
Vs. Year Ago
Up 4%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 996 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate versus 1,068 last month, a decrease of 7%. This month's total units sold was higher than at this time last year, an increase of 2% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 408 units or 17%. The total number of active inventory this February was 1,985 compared to 2,393 in February 2018. This month's total of 1,985 is lower than the previous month's total supply of available inventory of 2,025, a decrease of 2%.

Median Sale Price
Last February, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $490,000. This February, the median sale price was $489,775, which is similar compared to a year ago. The current median sold price is 1% lower than in January.

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


New Listings
1,780
Current Contracts
1,379
Sold Vs. List Price
99.1%
Months of Supply
2.0
Down -13%
Vs. Year Ago
Down -7%
Vs. Year Ago
No Change
Vs. Year Ago
Down -18%
Vs. Year Ago

Months of Supply
In February, there was 2.0 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 2.4 in February 2018. That is a decrease of 18% 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 1,780 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 2,037 in February 2018, a decrease of 13%. There were 1,379 current contracts pending sale this February compared to 1,486 a year ago. The number of current contracts is 7% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in Fairfax County, Fairfax City, and Falls Church was 99.1% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 49, higher than the average last year, which was 47, an increase of 4%.

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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.