The Long & Foster Market Minute

Focus On: Fairfax County Housing Market May 2018

Units Sold
1,791
Active Inventory
3,221
Median Sale Price
$530,000
Days On Market
21
Down -4%
Vs. Year Ago
Down -16%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -13%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 1,791 sold this month in Fairfax County Real Estate versus 1,566 last month, an increase of 14%. This month's total units sold was lower than at this time last year, a decrease of 4% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 632 units or 16%. The total number of active inventory this May was 3,221 compared to 3,853 in May 2017. This month's total of 3,221 is higher than the previous month's total supply of available inventory of 2,988, an increase of 8%.

Median Sale Price
Last May, the median sale price for Fairfax County Homes was $522,250. This May, the median sale price was $530,000, an increase of 1% or $7,750 compared to last year. The current median sold price is 2% higher than in April.

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


New Listings
2,674
Current Contracts
1,896
Sold Vs. List Price
99.2%
Months of Supply
1.8
Up 1%
Vs. Year Ago
Down -1%
Vs. Year Ago
No Change
Vs. Year Ago
Down -13%
Vs. Year Ago

Months of Supply
In May, there was 1.8 months of supply available in Fairfax County, compared to 2.1 in May 2017. That is a decrease of 13% 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 2,674 homes newly listed for sale in Fairfax County compared to 2,656 in May 2017, an increase of 1%. There were 1,896 current contracts pending sale this May compared to 1,915 a year ago. The number of current contracts is 1% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Fairfax County was 99.2% 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 21, lower than the average last year, which was 24, a decrease of 13%.

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.