The Long & Foster Market Minute
Focus On: Fairfax County Housing Market February 2017
Units Sold
862
Active Inventory
2,522
Median Sale Price
$455,500
Days On Market
49
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -1%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -17%
Vs. Year Ago
Units Sold
There was an increase in total units sold in February, with 862 sold this month in Fairfax County Real Estate versus 817 last month, an increase of 6%. This month's total units sold was lower than at this time last year, a decrease of 1% versus February 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 551 units or 18%. The total number of active inventory this February was 2,522 compared to 3,073 in February 2016. This month's total of 2,522 is higher than the previous month's total supply of available inventory of 2,430, an increase of 4%.

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Median Sale Price
Last February, the median sale price for Fairfax County Homes was $445,500. This February, the median sale price was $455,500, an increase of 2% or $10,000 compared to last year. The current median sold price is 1% lower than in January.

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
1,650
Current Contracts
1,256
Sold Vs. List Price
97.9%
Months of Supply
2.9
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
No Change
Vs. Year Ago
Up 8%
Vs. Year Ago
No Change
Vs. Year Ago
Down -17%
Vs. Year Ago
Months of Supply
In February, there was 2.9 months of supply available in Fairfax County, compared to 3.5 in February 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 1,650 homes newly listed for sale in Fairfax County, which is similar to the amount in February 2016. There were 1,256 current contracts pending sale this February compared to 1,158 a year ago. The number of current contracts is 8% higher than last February.

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Sale Price to List Price Ratio
In February, the average sale price in Fairfax County was 97.9% 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 49, lower than the average last year, which was 59, a decrease of 17%.

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*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.