Northern Virginia Fairfax County Housing Market

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  • 1. Focus On: Fairfax County Housing Market December 2010 Units Sold Active Inventory Median Sale Price Days On Market 1,026 2,815 $390,000 50 2,000 7,000 500,000 80 6,000 70 400,000 1,500 5,000 60 300,000 50 4,000 1,000 40 3,000 200,000 30 2,000 20 500 100,000 1,000 10 0 0 0 0 D-08 A-09 A-09 D-09 A-10 A-10 D-10 D-08 A-09 A-09 D-09 A-10 A-10 D-10 D-08 A-09 A-09 D-09 A-10 A-10 D-10 D-08 A-09 A-09 D-09 A-10 A-10 D-10 Down -2% Down -16% Up 8% Up 32% Vs. Year Ago Vs. Year Ago Vs. Year Ago Vs. Year Ago Units Sold* Sold Detached Sold Attached Sold Condo/ Coop 1,000 900 Units Sold 800 There was an increase in total units sold in December, with 700 1,026 sold this month in Fairfax County versus 944 last 600 month, an increase of 9%. This months total units sold was 500 lower than at this time last year, a decrease of 2% versus 400 December 2009. The current months total is lower than the 300 twelve month average of 1,147. 200 100 0 Active Inventory* Active Detached Active Attached Active Condo/ Coop 7,000 6,000 5,000 Active Inventory 4,000 3,000 Versus last year, the total number of homes available this month is lower by 554 units or 16%. The total number of 2,000 active inventory this December was 2,815 compared to 3,369 1,000 in December 2009. This months total of 2,815 is lower than 0 the previous months total supply of available inventory of 3,464, a decrease of 19%. Median Sale Price 500,000 Median Sale Price Last December, the median sale price in Fairfax County was 400,000 $361,000. This December, the median sale price was Dec-10 $390,000, an increase of 8% or $29,000 compared to last year. 300,000 Dec-09 $390,000 The current median sold price is 4% higher than in November. $361,000 200,000 100,000 Median sale price is the middle sale price in a given month. The same number 0 of properties are above & below the median.*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster’sknowledgeable and experienced sales associates.Information included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does notreflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does notconstitute an opinion of MRIS or Long & Foster Real Estate, Inc.
  • 2. Focus On: Fairfax County Housing Market December 2010 New Listings Current Contracts Sold Vs. List Price Months of Supply 790 859 97.2% 2.7 3,500 2,000 100% 10 3,000 99% 1,500 2,500 98% 2,000 1,000 97% 5 1,500 96% 1,000 500 500 95% 0 0 94% 0 D-08 A-09 A-09 D-09 A-10 A-10 D-10 D-08 A-09 A-09 D-09 A-10 A-10 D-10 D-08 A-09 A-09 D-09 A-10 A-10 D-10 D-08 A-09 A-09 D-09 A-10 A-10 D-10 Down -18% Up 14% Down -0.4% Down -15% Vs. Year Ago Vs. Year Ago Vs. Year Ago Vs. Year Ago Months Of Supply Months of Supply 6.4 7 5.9 6 In December, there was 2.7 months of supply available in 5.0 4.7 4.4 4.3 Fairfax County, compared to 3.2 in December 2009. That is a 4.3 4.2 5 4.1 3.7 3.5 3.5 3.5 3.4 decrease of 15% versus a year ago. 3.3 3.2 4 3.1 3.1 3.1 3.0 3.0 2.9 2.7 2.7 2.7 3 2 Months of supply is calculated by dividing current inventory by current sales. It 1 indicates how many months would be needed to sell all of the inventory available at the current rate of demand. 0 New Listings & Current Contracts Number of New Listings Total Pending 3,500 3,000 New Listings & Current Contracts 2,500 This month there were 790 homes newly listed for sale in 2,000 Fairfax County compared to 960 in December 2009, a 1,500 decrease of 18%. There were 859 current contracts pending 1,000 sale this December compared to 756 a year ago. The number 500 of current contracts is 20% lower than last month. 0 Sale Price/ List Price & DOM Avg Sale / Avg List Average DOM 99% 80 98% 70 Sale Price to List Price Ratio 98% 60 In December, the average sale price in Fairfax County was 50 97% 97.2% percent of the average list price, which is 0.4% lower 40 97% than at this time last year. 30 96% 96% 20 10 Days On Market 95% 0 This month, the average number of days on market was 50, higher than the average last year, which was 38, an increase of 32%.*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster’sknowledgeable and experienced sales associates.Information included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does notreflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does notconstitute an opinion of MRIS or Long & Foster Real Estate, Inc.