The Long & Foster Market Minute

Focus On: Fairfax County Housing Market December 2017

Units Sold
1,031
Active Inventory
2,036
Median Sale Price
$494,000
Days On Market
42
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -8%
Vs. Year Ago
Down -24%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -11%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in December, with 1,031 sold this month in Fairfax County Real Estate versus 1,137 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 8% versus December 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 628 units or 24%. The total number of active inventory this December was 2,036 compared to 2,664 in December 2016. This month's total of 2,036 is lower than the previous month's total supply of available inventory of 2,744, a decrease of 26%.

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Median Sale Price
Last December, the median sale price for Fairfax County Homes was $470,000. This December, the median sale price was $494,000, an increase of 5% or $24,000 compared to last year. The current median sold price is 2% higher than in November.

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

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New Listings
622
Current Contracts
773
Sold Vs. List Price
98.2%
Months of Supply
2.0
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -19%
Vs. Year Ago
Down -6%
Vs. Year Ago
No Change
Vs. Year Ago
Down -17%
Vs. Year Ago

Months of Supply
In December, there was 2.0 months of supply available in Fairfax County, compared to 2.4 in December 2016. That is a decrease of 17% 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.

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New Listings & Current Contracts
This month there were 622 homes newly listed for sale in Fairfax County compared to 770 in December 2016, a decrease of 19%. There were 773 current contracts pending sale this December compared to 819 a year ago. The number of current contracts is 6% lower than last December.

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Sale Price to List Price Ratio
In December, the average sale price in Fairfax County was 98.2% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 42, lower than the average last year, which was 47, a decrease of 11%.

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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.