We Buy Houses!

Hi! I’m Brad Chandler and I own Express Homebuyers. I invite you to read the July 2011 real estate statistics for Fairfax County in Virginia.

The average sales price of a home sold in July was $485,349. This is a decrease of about 3 percent from a year earlier. 1,244 homes were sold in Fairfax County in July, that’s over 3 percent less than last July. But the good news is that those homes took on average 45 days to sell. 45 days is extremely fast, signifying a healthy market. Speaking of healthy, based on 1,399 homes being sold in June there is a 2.5-month supply of homes in Fairfax County. This means that if buyers continued to buy at the same pace as they did in June each month going forward and there were no new homes placed on the market for sale the supply of houses for sale would run out in 2.5 months.

Sale Prices Holding Steady

Sellers are getting almost 97 percent of what they list their home for. So if the seller listed the home for $100,000 they would, on average, end up selling it for $96,700. The number of homes for sale decreased a little over 6 percent to 3,516. The number of homes that came on the market, 1,678, is down about 8 percent from a year ago.

New Contracts Rose 17 Percent

The number of new contracts that buyers placed on homes for sale increased almost 17 percent to 1,355 from a year earlier. There are a couple of possible explanations for this trend. It could be a combination of lower interest rates coupled with buyers perception that we are at the bottom of the pricing cycle and prices will likely increase.

In all, these numbers tell me there is a healthy real estate market in Fairfax County. Feel free to give me a call if you have questions about real estate trends in Fairfax County, or if you need help selling your house quickly.

The average sales price of a home sold in July was $592,071, an increase of almost 10 percent from a year earlier. 586 homes were sold in the District in July, a 4 percent decrease from last July. Those homes took on average 69 days to sell. Based on 663 homes being sold in June there is a 3.5-month supply of homes. This means that if buyers continued to buy at the same pace as they did in June each month going forward, and there were no new homes placed on the market for sale, the supply of houses for sale would run out in 3.5 months.

Fewer D.C. Homes Hitting the Real Estate Market

Sellers are getting on average 95 percent of what they list their home for. So if the seller listed the home for $100,000 they would, on average, end up selling it for $95,000. D.C. currently has 2,244 homes for sale. This number has decreased about 16 percent from a year ago, while the number of homes that came on the market in July, 803, decreased by over 9 percent.

New Contracts Up in D.C.

The most dramatic percentage change in the numbers I track was the number of new contracts that buyers placed on homes for sale – they increased from 531 to 633 – that’s over 19 percent from a year ago. This is an indication that buyer activity has increased significantly from a year ago. This could be a combination of lower interest rates coupled with buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase.

All of the above factors indicate a very healthy real estate market in Washington, D.C. If you have any questions about this information or selling your house fast please give us a call.