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There may be some cooler months ahead, sales-wise, but the Fairfax County real-estate market was uncharacteristically hot-hot-hot in February.
Continuing a now eight-month growth spurt since the easing of the worst of COVID-lockdown measures, a total of 1,009 properties changed hands last month, up 18.4 percent from the 852 transactions during February 20, according to figures reported March 11 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.
The average sales price was up modestly, rising 2.4 percent to $657,717 when counting all types of properties, but that figure was artificially held down to the smaller percentage of single-family homes in the overall sales mix compared to a year before.
Those selling single-family homes did well, however, with the average sold price in that category up 9.8 percent to $929,980.
The attached-home and condominium markets showed declines, however, down 1.8 percent and 2.8 percent, respectively, to $430,501 and $327,085.
A total of 119 properties went to closing for more than $1 million.
Add up the sales, and total market volume countywide in February was $658,777,023, up 20.1 percent $548,593,139 a year before.
A lack of inventory has helped fuel a sense of urgency among buyers throughout the COVID era, and wintertime has been no exception. A total of 963 properties were on the market at the end of February, less than a month’s worth of supply and down more than 26 percent from the already tight market of a year ago.
As a result, sellers were getting what they asked for, and more, as the average sales price represented 100.8 percent of the average listing price, up from 99.4 percent a year ago.
Homes that went to closing in February spent an average of 24 days on the market between listing and ratified sales contract, an improvement from the 29 days required a year ago.
Conventional mortgages represented the method of transacting sales in 756 cases, followed by cash (103) and VA-backed loans (96).
A combination of low inventory and increasing affordability concerns may cause the market to cool just as the thermometer outside is rising. Pending sales reported at the end of February were effectively flat from a year ago, while new pending sales were down more than 7 percent. Those pendings ordinarily translate into completed sales within a month or two of posting.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to change.