Brad Chandler is the owner of Express Homebuyers. Each month he tracks real estate statistics for Fairfax County, Virginia. These are some highlights from August, 2011. The average sales price of a Fairfax County home sold in August was $497,392. This is an increase of more than 2 percent from August a year ago. 1,245 homes were sold in Fairfax County in August. That is a slight downturn from a year ago of approximately 2 percent. The good news is that those homes took on average 52 days to sell. That’s extremely fast and in my opinion signifies a healthy market.
Another indicator of a healthy market is the supply factor. Based on 1,399 homes being sold in July there is a 2.75-month supply of homes in Fairfax County. What exactly does this mean for people trying to sell their house? Well, if buyers continued to buy at the same pace as in July 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 just shy of three months. In addition to that, sellers are getting over 96 percent of what they list their home for. Getting close to your listing price is a great indicator of market strength as well. For example, if a seller listed their home for $100,000 they would, on average, end up selling it for $96,000.
The number of Fairfax County homes for sale in August decreased almost 6 percent. The exact number is actually 3,456. The number of homes that came on the market was 1,552 and is down almost 4 percent from a year ago. Good news, right? This indicates buyer activity increased from a year ago. To put this into perspective, interest rates are at an all-time low, making it a good time to buy a house. Buyers likely believe we are at the bottom of the pricing cycle and may want to buy now rather than wait, and pay higher prices later. I think the statistics I’ve highlighted for homeowners in Fairfax County point toward a healthy real estate market in their county. Call Express Homebuyers if you want some advice about selling your Fairfax County home.
All of the above factors indicate a very healthy real estate market in Fairfax, VA If you have any questions about this information or selling your house fast please give us a call.
|Fairfax, VA||August-2011||August-2010||% Change|
|Avg Sold Price||$497,392||$486,745||2.19%|
|Median Sold Price||$420,000||$415,000||1.20%|
|Avg Days on Market||52||51||1.96%|
|Avg Sold Price to List Price||96.2%||96.2%||0.01%|