The Long & Foster Market Minute

Focus On: Fairfax County Housing Market September 2017

Units Sold
1,169
Active Inventory
3,711
Median Sale Price
$460,000
Days On Market
34
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -7%
Vs. Year Ago
Down -12%
Vs. Year Ago
No Change
Vs. Year Ago
Down -8%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in September, with 1,169 sold this month in Fairfax County Real Estate versus 1,490 last month, a decrease of 22%. This month's total units sold was lower than at this time last year, a decrease of 7% versus September 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 500 units or 12%. The total number of active inventory this September was 3,711 compared to 4,211 in September 2016. This month's total of 3,711 is higher than the previous month's total supply of available inventory of 3,663, an increase of 1%.

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Median Sale Price
Last September, the median sale price for Fairfax County Homes was $460,000. This September, the median sale price was $460,000, which is similar compared to a year ago. The current median sold price is 9% higher than in August.

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
1,878
Current Contracts
1,182
Sold Vs. List Price
98.7%
Months of Supply
3.2
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -5%
Vs. Year Ago
Up 7%
Vs. Year Ago
No Change
Vs. Year Ago
Down -5%
Vs. Year Ago

Months of Supply
In September, there was 3.2 months of supply available in Fairfax County, compared to 3.3 in September 2016. That is a decrease of 5% 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 1,878 homes newly listed for sale in Fairfax County compared to 1,978 in September 2016, a decrease of 5%. There were 1,182 current contracts pending sale this September compared to 1,100 a year ago. The number of current contracts is 7% higher than last September.

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Sale Price to List Price Ratio
In September, the average sale price in Fairfax County was 98.7% 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 34, lower than the average last year, which was 37, a decrease of 8%.

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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.