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What had been a billion-dollar sales month for Fairfax homes in July 2021 didn’t quite reach that height in July 2022, according to new data, but prices kept on rising despite headwinds in the market.

A total of 1,285 properties went to closing across the county last month, down 30.6 percent from the 1,852 transactions recorded in July 2022, according to figures reported from MarketStats by ShowingTime based on listing activity from Bright MLS.

The decline was no surprise: The lack of inventory that had held back sales at the end of 2021 and start of 2022 has retreated, but now prospective buyers are confronted with higher interest rates, affordability challenges and general skittishness about a national economy that continues to give off mixed signals.

Those who did sign on the dotted line in July were not shy about paying up, as buyers received, on average, just about what they had listed the property for. Though down from a year before, it certainly doesn’t suggest a market on the verge of a precipice.

The average sales price of all properties that went to closing across Fairfax County in July was $771,198, up 8.1 percent from a year before. That bump upward was driven by the single-family-home segment, where the average price was up 11.5 percent to $1,043,666. (Townhouses and condominiums also posted increases, but not by such a large margin.)

A total of 235 properties changed hands for more than $1 million, including 21 for more than $2.5 million and five that scored more than $5 million.

Add up the sales and prices, and Fairfax’s dollar volume sold in July was $982.4 million, down 24 percent from $1.295 billion a year before.

Homes that went to closing in July took an average of 13 days between listing and ratified sales contract, unchanged from a year before. More than 60 percent of homes spent 10 days or less before finding a suitor.

Conventional mortgages represented the method of transacting sales in 909 cases, followed by cash (169) and VA-backed loans (143).

Inventory, which had been extremely low for much of 2021 and early 2022, has expanded, with the 1,712 properties on the market at the end of July, slightly higher than a year before. But the number of homes coming onto the market during the month was down 19 percent from the same period in 2021.

Don’t expect the sales slump to turn around as summer wraps up; July’s pending sales, which usually translate into August’s and September’s completed transactions, were down more than 25 percent from a year before.

[https://sungazette.news provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]

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