Real Estate Statistics for Fairfax County, Virginia November 2011

The average sales price of a home sold in November was $465,527, an increase of almost 2% from a year earlier. 841 homes were sold in Fairfax County in November, that’s 13% less than last November. Those homes took on average 61 days to sell. This is the same number of days from a year ago and 61 days is still fairly healthy. Based on 815 homes being sold in October there is roughly 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 October 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.  Any monthly supply number under 5 usually indicates a Sellers Market. Additionally, sellers are getting over 95% of what they list their home for. So if the seller listed their home for $100,000 they would, on average, end up selling it for $95,000. The number of homes for sale decreased 11% to 2,747. The number of homes that came on the market 1,017 is down over 3.5% from a year ago.  The number of new contracts that buyers placed on homes for sale decreased for the second straight month -this month by nearly 5% from a year ago. This is concerning and puzzling. As interest rates remain near an all time low, one would think there would be more buyer activity to take advantage of these low rates. While buyer activity has slowed, overall most 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 Fairfax County house fast please call us at the number above.