An increase both in transactions and average sales prices helped push the Fairfax County real-estate market last month to levels more often seen in summertime than in November.
A total of 1,417 properties went to closing during the month, an increase of 32 percent from the 1,073 transactions reported in November 2019, according to figures reported Dec. 15 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.
It was another month that saw the local market make up for time lost during the spring, when the pandemic pandemonium cost the market several of its prime months. And it was a month that saw continued restrained inventory, although more homeowners appear interested in cashing in by putting their homes on the market.
The median sales price for all properties that went to closing for the month was $659,755, an increase of 7.7 percent from $612,363. That average was slightly held back by a larger-than-normal number of attached properties on the market, but all three legs of the real-estate stool were in positive territory:
• The average sales price of single-family homes stood at $882,612, up 10 percent from $801,992.
• The average sales price of attached homes, such as townhouses, was up 7.4 percent to $444,957.
• The average sales price of condominiums was up 7.1 percent to $337,069.
A total of 166 properties changed hands for more than $1 million, including eight for more than $2.5 million.
Add up the sales and prices, and total volume for the month stood at $930.2 million, an increase of 40.1 percent from the $663.8 million reported last November.
Homes that went to closing during the month spent a brisk average of 19 days on the market, an improvement from the average 28 days required a year ago, and garnered 99.9 percent of listing price, up from 98.2 percent.
Conventional mortgages represented the method of transacting sales in 1,052 cases, followed by cash and VA-backed loans at 142 apiece.
Inventory remains lower than 2019 levels, although it is closing the gap. The total number of properties on the market at the end of the month stood at 1,472, down 6.4 percent from 1,573 but in better shape than the double-digit declines that had been the norm earlier in the year.
Some homeowners were taking the bait of ever-spiraling prices; 1,310 properties came onto the market for the month, up a third from the 983 a year before.
Where is the market headed? There seems to be no let-up in sight, as pending sales in November were up more than 18 percent from a year before.
Those sales generally translate into completed transactions a month or two after posting.
Year-end 2020 figures will be reported in mid-January.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revisions.
[Sun Gazette Newspapers provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]