The Long & Foster Market Minute
Focus On: Fairfax County Housing Market April 2017
Units Sold
1,460
Active Inventory
3,406
Median Sale Price
$507,000
Days On Market
26
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -2%
Vs. Year Ago
Down -24%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -28%
Vs. Year Ago
Units Sold
There was an increase in total units sold in April, with 1,460 sold this month in Fairfax County Real Estate versus 1,280 last month, an increase of 14%. This month's total units sold was lower than at this time last year, a decrease of 2% versus April 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 1,088 units or 24%. The total number of active inventory this April was 3,406 compared to 4,494 in April 2016. This month's total of 3,406 is higher than the previous month's total supply of available inventory of 3,187, an increase of 7%.

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Median Sale Price
Last April, the median sale price for Fairfax County Homes was $480,000. This April, the median sale price was $507,000, an increase of 6% or $27,000 compared to last year. The current median sold price is 2% higher than in March.

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
2,536
Current Contracts
1,822
Sold Vs. List Price
99.0%
Months of Supply
2.3
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -16%
Vs. Year Ago
Down -2%
Vs. Year Ago
No Change
Vs. Year Ago
Down -23%
Vs. Year Ago
Months of Supply
In April, there was 2.3 months of supply available in Fairfax County, compared to 3.0 in April 2016. That is a decrease of 23% 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 2,536 homes newly listed for sale in Fairfax County compared to 3,033 in April 2016, a decrease of 16%. There were 1,822 current contracts pending sale this April compared to 1,867 a year ago. The number of current contracts is 2% lower than last April.

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Sale Price to List Price Ratio
In April, the average sale price in Fairfax County was 99.0% 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 26, lower than the average last year, which was 36, a decrease of 28%.

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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.