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.
|Prince Georges County, MD||July-2011||July-2010||% Change|
|Avg Sold Price||$181,825||$204,315||-11.01%|
|Median Sold Price||$160,000||$195,000||-17.95%|
|Avg Days on Market||104||77||35.06%|
|Avg Sold Price to List Price||89.0%||93.4%||-4.65%|