The Long & Foster Market Minute

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

Units Sold
1,415
Active Inventory
3,437
Median Sale Price
$485,000
Days On Market
58
Down -3%
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 4%
Vs. Year Ago
Down -3%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 1,415 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate versus 1,280 last month, an increase of 11%. This month's total units sold was lower than at this time last year, a decrease of 3% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 398 units or 10%. The total number of active inventory this October was 3,437 compared to 3,835 in October 2017. This month's total of 3,437 is lower than the previous month's total supply of available inventory of 3,908, a decrease of 12%.

Median Sale Price
Last October, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $466,990. This October, the median sale price was $485,000, an increase of 4% or $18,010 compared to last year. The current median sold price is 1% lower than in September.

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


New Listings
1,951
Current Contracts
1,532
Sold Vs. List Price
98.8%
Months of Supply
2.4
Up 8%
Vs. Year Ago
Up 7%
Vs. Year Ago
No Change
Vs. Year Ago
Down -8%
Vs. Year Ago

Months of Supply
In October, there was 2.4 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 2.6 in October 2017. That is a decrease of 8% 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 1,951 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 1,812 in October 2017, an increase of 8%. There were 1,532 current contracts pending sale this October compared to 1,431 a year ago. The number of current contracts is 7% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Fairfax County, Fairfax City, and Falls Church was 98.8% 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 58, lower than the average last year, which was 60, a decrease of 3%.

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.