June 2011 Real Estate Statistics for Fairfax County, Virginia

The average sales price of a home sold in June was $511,000 , an increase of over 6% from a year earlier. 1,399 homes were sold in Fairfax County in June, that’s almost 17% less than last June. Those homes took on average 44 days to sell. While it’s a 7% increase –it’s only three more days is still extremely fast, signifying a healthy market. Speaking of healthy, based on 1,212 homes being sold in May there is a 3 month supply of homes in Fairfax County. This means that if buyers continued to buy at the same pace as they did in May 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 months. Sellers are getting almost 97% of what they list their home for. So if the seller listed the home for $100,000 they would, on average, ending up selling it for $96,700. The number of homes for sale- 3,555 – has remained virtually the same from a year ago as well as the number of homes that came on the market -1,948. The number of new contracts that buyers placed on homes for sale has increased by over 16% to 1,460 from a year earlier. This 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. All of the above factors indicate a very healthy real estate market in Fairfax County. If you have any questions about this information or selling your house fast please contact us at the number above.

If you are having trouble selling your house, call us today at 1-877-907-3232 or contact us to get an offer in hours from Express Homebuyers.