The average sales price of a home sold in May was nearly $480,000, an increase of over 7% from a year earlier. 1,212 homes were sold in Fairfax County in May, that’s over 18% less than last May. Those homes took on average 51 days to sell. While it’s a big percentage increase ¾ 34 percent ¾ it’s only two more weeks. 51 days is still very healthy.
Speaking of healthy, based on 1,047 homes sold in April, there is a 3-month supply of homes in Fairfax County. Meaning, if buyers continue to buy at April’s pace each month moving 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 on average more than95 percent of what they list their home for. For example, if a seller listeda home for $100,000 they would, on average, sell it for $95,000.
The number of homes for sale is roughly the same as a year ago while the number of homes that came on the market jumped up almost 18 percent.
The number of new contracts that buyers placed on homes for sale increased nearly 35% from a year ago. That’s huge! This indicates buyer activity surged. 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.
Real estate is NOT bad everywhere. Remember, real estate is local. While national prices fell 7 percent since mid-2010, the opposite is true in Fairfax County. All factors indicate a 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.
|Fairfax County, VA||May-2011||May-2010||% Change|
|Avg Sold Price||$478,729||$446,500||7.20%|
|Median Sold Price||$409,950||$388,500||5.52%|
|Avg Days on Market||51||38||34.21%|
|Avg Sold Price to List Price||95.6%||96.1%||-0.46%|
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.