An increase in average sales prices offset by fewer year-over-year sales ended the Fairfax County real estate market’s 2017 with a relatively flat December.
A total of 1,024 properties went to closing countywide during the month, down 5.8 percent from a year before, according to data reported Jan. 10 by RealEstate Business Intelligence, based on data from Bright MLS.
But the decline in sales was offset by higher prices, with the average sales price of $583,935 up 5.1 percent and increases posted in all three sectors of the market:
• The average sales price of single-family homes rose 5.6 percent to $768,833.
• The average sales price of attached homes, such as townhouses, was up 2.5 percent to $383,222.
• The average sales price of condominiums was up 5.5 percent to $290,681.
A total of 91 properties sold for more than $1 million during the month.
Add up the sales and prices, and total sales volume for December of $598 million was down just under 1 percent from a year before.
Homes that sold in December spent an average of 60 days between listing and ratified sales contract, an improvement from the 65 days required a year before, and garnered 97 percent of listing price, up from 96.6 percent.
Conventional mortgages represented the method of transacting sales in 692 cases, followed by cash (109) and VA-backed loans.
At the end of the month, there were 1,642 properties on the market countywide, down a whopping 21.4 percent from 2,090 a year before.
Where is the market headed? As with much of the rest of the region, the short-term prognosis looks soft, as homes coming under contract and pending sales were down from a year before. But the lack of available inventory may help hold prices higher until the stronger spring buying season arrives.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.