The Long & Foster Market Minute
Focus On: Fairfax County Housing Market October 2016
Units Sold
1,121
Active Inventory
3,655
Median Sale Price
$454,000
Days On Market
40
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -1%
Vs. Year Ago
Down -23%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -11%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in October, with 1,121 sold this month in Fairfax County Real Estate versus 1,247 last month, a decrease of 10%. This month's total units sold was lower than at this time last year, a decrease of 1% versus October 2015.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 1,072 units or 23%. The total number of active inventory this October was 3,655 compared to 4,727 in October 2015. This month's total of 3,655 is lower than the previous month's total supply of available inventory of 4,119, a decrease of 11%.

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Median Sale Price
Last October, the median sale price for Fairfax County Homes was $450,000. This October, the median sale price was $454,000, an increase of 1% or $4,000 compared to last year. The current median sold price is 1% lower than in September.

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
1,401
Current Contracts
1,193
Sold Vs. List Price
97.5%
Months of Supply
3.3
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -20%
Vs. Year Ago
Up 7%
Vs. Year Ago
No Change
Vs. Year Ago
Down -22%
Vs. Year Ago
Months of Supply
In October, there was 3.3 months of supply available in Fairfax County, compared to 4.2 in October 2015. That is a decrease of 22% 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 1,401 homes newly listed for sale in Fairfax County compared to 1,755 in October 2015, a decrease of 20%. There were 1,193 current contracts pending sale this October compared to 1,113 a year ago. The number of current contracts is 7% higher than last October.

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Sale Price to List Price Ratio
In October, the average sale price in Fairfax County was 97.5% 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 40, lower than the average last year, which was 45, a decrease of 11%.

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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.