Continuing year-over-year growth in sales coupled with ever-spiraling prices pushed the total dollar volume of Fairfax County’s real-estate market up 41 percent in October, according to new data.
Though somewhat down from the 56-percent year-over-year increase recorded in September, the new figure suggests that the post-COVID real-estate boomlet in Fairfax still has some life – a reality confirmed by forward-looking reports of pending home sales.
A total of 1,603 residential properties went to closing last month, up 28.2 percent from the 1,250 transactions in October 2019, according to figures reported Nov. 11 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.
October’s sales figure was up from the 1,574 transactions recorded the previous month, a rare occurrence this time of year, as the market usually has begun its transition from spring/summer to fall/winter.
But 2020, of course, has been no usual year. The spring market was wiped out by COVID and subsequent lockdowns, but wriggled free of the shackles in June, and has been blooming ever since.
The Fairfax-wide average sales price of $659,283 recorded in October was up just under 11 percent from $594,188, with increases reported (in varying degrees) in all three segments of the market:
• The average price of single-family homes was up 13.4 percent to $874,277.
• The average price of attached homes, such as townhouses, was up 6.3 percent to $442,942.
• The average price of condominiums was up 4.3 percent to $332,076.
A total of 182 properties went to closing for more than $1 million, including 11 for more than $2.5 million and one at more than $5 million.
Add it all up, and the total sales volume for October stood at $1.052 billion, up from $744.8 million a year before.
Homes that went to closing for the month garnered 100.3 percent of original listing price, up from 98.4 percent a year before, and spent an average of just 16 days on the market between listing and ratified sales contract, an improvement from the 27 days required a year before.
Conventional financing marked the method of transacting sales in 1,186 instances, followed by cash (179) and VA-backed mortgages (146). (In proof that habits of a bygone era die slowly, there was one property acquired by assuming the existing mortgage.)
Sellers that had been sitting on the fence in recent months are now jumping in, with the 2,076 properties coming to listing in October up nearly 37 percent from a year before as some homeowners see the prospect of having transactions wrapped up before the depths of winter.
But with the spike up in sales, the number of active listings available to prospective purchasers is still below 2019’s figures by about 11 percent.
Where is the market headed? The juggernaut rolls on – both the number of new pending sales for the month, and overall pending sales, were up by more than 20 percent vis-a-vis a year before, suggesting the strength of the market will roll on through the end of the year.
If so, 2020 will end up seeing more transactions in Fairfax County than 2019 did, something that might have been considered unfathomable in the springtime.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
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