The Long & Foster Market Minute

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

Units Sold
1,816
Active Inventory
4,213
Median Sale Price
$515,000
Days On Market
26
Down -5%
Vs. Year Ago
Down -8%
Vs. Year Ago
No Change
Vs. Year Ago
Down -21%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 1,816 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate versus 1,972 last month, a decrease of 8%. This month's total units sold was lower than at this time last year, a decrease of 5% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 388 units or 8%. The total number of active inventory this August was 4213 compared to 4,601 in August 2017. This month's supply remained stable as compared to last month.

Median Sale Price
Last August, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $513,000. This August, the median sale price was $515,000, which is similar compared to a year ago. The current median sold price is 4% higher than in July.

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


New Listings
2,213
Current Contracts
1,487
Sold Vs. List Price
99.0%
Months of Supply
2.3
Up 2%
Vs. Year Ago
Down -6%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In August, there was 2.3 months of supply available in Fairfax County, Fairfax City, and Falls Church. The amount of supply is similar compared to 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 2,213 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 2,170 in August 2017, an increase of 2%. There were 1,487 current contracts pending sale this August compared to 1,586 a year ago. The number of current contracts is 6% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Fairfax County, Fairfax City, and Falls Church was 99.0% 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 26, lower than the average last year, which was 33, 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.