Brad Chandler, owner of Express Homebuyers, offers your October 2011 Real Estate Statistics for Fairfax County, Virginia
October figures show the average sales price of a Fairfax county home was $455,863, virtually unchanged from a year earlier. Meanwhile, 14 percent fewer homes (815) were sold in Fairfax County from last October to this October. Those homes took on average 66 days to sell – still fairly fast, thought this is an increase of 10 percent from a year ago. As 963 homes were sold in September, there remains roughly a 3-month supply of homes in Fairfax County. If buyers continue to buy at the same pace as they did in September each month going forward, and no new homes were placed on the market for sale, our local supply of houses for sale would run out in 3 months. Currently, sellers are realizing over 95 percent of the listing price of their home. If, for example, the seller listed their home for $100,000, they would, on average, end up selling it for $95,000. In the past year, the number of homes for sale decreased 8 percent to 3,283, while the number of homes that came on the market 1,336 is down over 6 percent from a year ago. This is most likely a result of the foreclosure process coming to a halt in late 2010, though the word on the street is that the banks will resume processing foreclosures fairly soon. This October, the number of new contracts that buyers placed on homes for sale was virtually unchanged from 1,098 to 1,107, while the number of homes for sale has decreased. Overall, most of the above factors indicate a fairly healthy real estate market in Fairfax County. If you have any questions about this information or selling your Fairfax County house fast, please contact us at the number above.
|Fairfax County, VA||October 2011||October 2010||% Change|
|Avg Sold Price||$455,863||$455,722||0.03%|
|Median Sold Price||$383,000||$374,500||9.74%|
|Avg Days on Market||66||60||10.00%|
|Avg Sold Price to List Price||95.5%||95.2%||0.25%|