The Long & Foster Market Minute

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

Units Sold
1,917
Active Inventory
3,605
Median Sale Price
$520,000
Days On Market
20
Up 3%
Vs. Year Ago
Down -20%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -23%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 1,917 sold this month in Fairfax County, Fairfax City, and Falls Church Real Estate versus 1,538 last month, an increase of 25%. This month's total units sold was higher than at this time last year, an increase of 3% versus April 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 910 units or 20%. The total number of active inventory this April was 3,605 compared to 4,515 in April 2017. This month's total of 3,605 is higher than the previous month's total supply of available inventory of 3,328, an increase of 8%.

Median Sale Price
Last April, the median sale price for Fairfax County, Fairfax City, and Falls Church Homes was $512,058. This April, the median sale price was $520,000, an increase of 2% or $7,942 compared to last year. The current median sold price is 3% higher than in March.

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


New Listings
3,157
Current Contracts
2,323
Sold Vs. List Price
99.5%
Months of Supply
1.9
Down -1%
Vs. Year Ago
Up 7%
Vs. Year Ago
No Change
Vs. Year Ago
Down -23%
Vs. Year Ago

Months of Supply
In April, there was 1.9 months of supply available in Fairfax County, Fairfax City, and Falls Church, compared to 2.4 in April 2017. That is a decrease of 23% 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 3,157 homes newly listed for sale in Fairfax County, Fairfax City, and Falls Church compared to 3,193 in April 2017, a decrease of 1%. There were 2,323 current contracts pending sale this April compared to 2,161 a year ago. The number of current contracts is 7% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in Fairfax County, Fairfax City, and Falls Church was 99.5% 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 20, lower than the average last year, which was 26, a decrease of 23%.

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.