For homeowners in Fairfax County, Virginia, who are looking to sell their house, things still look good. The area still has a fairly health market, though it appears buyers have slowed their activity from February.
The median sold price is up slightly as is the average sold price, from the previous year. It’s still not easy to sell a house fast, though. There has been a significant drop in units sold and a significant increase in days on market. It’s taking nearly 50% longer to sell a house, though, relatively speaking, Fairfax County’s average is still fast.
In terms of supply, in February 2011 there were 721 homes sold. When divided into the number of active listings, it signifies a 4-month supply of houses. This is a slight increase from the prior month, yet still indicates a healthy market (defined by a 5-6 month supply).
Active listings were down in Fairfax, and new listings were significantly down. This is most likely a result of the legal battles between the US government and the banks that are stalling the release of foreclosed properties. REOs, or Real Estate Owned, are what a bank calls the properties they take back through the foreclosure process.
|Fairfax County, VA||Mar-2011||Mar-2010||% Change|
|Avg Sold Price||$432,691||$420,181||2.98%|
|Median Sold Price||$370,000||$355,000||4.23%|
|Avg Days on Market||68||47||44.68%|
|Avg Sold Price to List Price||96.1%||96.8%||-0.82%|
|Active Listings||2,766||2, 918||-5.21%|
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.