The Long & Foster Market Minute
Focus On: Fairfax County Housing Market July 2016
Units Sold
1,625
Active Inventory
4,096
Median Sale Price
$492,500
Days On Market
31
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -6%
Vs. Year Ago
Down -19%
Vs. Year Ago
Up 1%
Vs. Year Ago
No Change
Vs. Year Ago
Units Sold
There was a decrease in total units sold in July, with 1,625 sold this month in Fairfax County Real Estate versus 1,904 last month, a decrease of 15%. This month's total units sold was lower than at this time last year, a decrease of 6% versus July 2015.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 949 units or 19%. The total number of active inventory this July was 4,096 compared to 5,045 in July 2015. This month's total of 4,096 is lower than the previous month's total supply of available inventory of 4,455, a decrease of 8%.

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Median Sale Price
Last July, the median sale price for Fairfax County Homes was $490,000. This July, the median sale price was $492,500, an increase of 1% or $2,500 compared to last year. The current median sold price is 4% lower than in June.

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
1,942
Current Contracts
1,489
Sold Vs. List Price
98.5%
Months of Supply
2.5
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -14%
Vs. Year Ago
Up 13%
Vs. Year Ago
No Change
Vs. Year Ago
Down -13%
Vs. Year Ago
Months of Supply
In July, there was 2.5 months of supply available in Fairfax County, compared to 2.9 in July 2015. That is a decrease of 13% 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 1,942 homes newly listed for sale in Fairfax County compared to 2,258 in July 2015, a decrease of 14%. There were 1,489 current contracts pending sale this July compared to 1,319 a year ago. The number of current contracts is 13% higher than last July.

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Sale Price to List Price Ratio
In July, the average sale price in Fairfax County was 98.5% 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 31, which is similar compared to a year ago.

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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.