The Fairfax County real estate market opened the second half of the year with some strength, as both total sales and average sales prices increased from a year before, according to new data.
As a result, total sales volume bumped slightly over $1 billion for the month – potentially the last time that seven-digit figure will be seen in 2019.
Homes that went to closing in July totaled 1,680, up 6.5 percent from 1,577 a year before and reversing the year-over-year decline seen in June, according to figures reported Aug. 13 by MarketStats by ShowingTime.
The July bump in sales came even as inventory remained constrained – the 2,158 properties on the market across Fairfax County at the end of the month represented a decline of 23.1 percent from the 2,807 properties available a year ago.
The tightness of inventory may have helped push average prices higher, albeit by differing percentages, in the three segments of the market:
• The average sales price of a single-family home in June was $797,753, up 1.5 percent from a year before.
• The average price of an attached home, such as a townhouse or rowhouse, was up 2.2 percent to $414,293.
• The average price of a condominium was up 4.5 percent to $310,448.
A total of 148 properties changed hands for more than $1 million during the month.
Add up the sales and average prices, and the total Fairfax sales volume of $1.027 billion. That was down slightly from $1.091 billion in June, but was up 7.9 percent from the $952.4 million reported in July 2018.
Homes that went to closing in July garnered 99 percent of original listing price, up from 98.5 percent a year before, and spent an average of 33 days on the market, an improvement from 48 days needed a year ago.
Of homes that sold during the month, conventional mortgages represented the method of transacting sales in 1,200 cases, followed by VA-backed loans (202) and cash (162).
Where is the market headed? Signs point higher, with the number of homes coming under contract during the month way up from a year before and the total number of pending sales up slightly.
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.