Brad Chandler here from Express Homebuyers. I’ve highlighted September 2011 Real Estate Statistics for Fairfax County, Virginia.
Up 9% from a year earlier, the average sales price of a home sold in September was $498,526. While prices rose, the number sold dropped by nearly the same percentage; the 963 homes sold in Fairfax County in September represent 8.5 percent less than last September. Those homes were also on the market 18% longer, though the average 60 days they went unsold is considered fairly quick. Sellers on the average are getting 95 percent of what they listed the house for – about a $5,000 drop on a $100,000 house.
Will We Run Out of Houses?
In August, after 1,245 homes were sold, about a 3-month supply of homes remain available in Fairfax County. If buyers keep buying at this rate and no new ones were put up for sale, the supply of houses for sale would run out in 3 months. Additionally, sellers are getting over 95 percent 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 8 percent to 3,515, while only 1,549 home came on the market – 10 percent fewer homes than a year ago.
Fewer Buyers This Year
For the first time in recent years, we have seen a decrease in buyer activity on a monthly basis year over year. Given that interest rates remain near an all time low, this is surprising. Though 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 contact us at the number above.
|Fairfax County, VA||September 2011||September 2010||% Change|
|Avg Sold Price||$498,526||$457,287||9.02%|
|Median Sold Price||$417,000||$380,000||9.74%|
|Avg Days on Market||60||51||17.65%|
|Avg Sold Price to List Price||95.3%||96.3%||-0.98%|