The Fairfax County real-estate market may end up paying a price for its end-of-2019 exuberance, but it’s still worth taking a moment to celebrate how the year ended.
The 1,092 properties that went to closing in December represented a jump of just under 9 percent from a year before, according to data reported Jan. 13 by MarketStats by ShowingTime.
The average sales price of $633,188 showed even more oomph, rising 10.7 percent from a year before, with increases posted in all sectors of the market:
• The average price of single-family homes was up 10.5 percent to $829,001.
• The average price of attached homes, such as townhouses, was up 8.5 percent to $431,896.
• The average price of condominiums was up 7.5 percent to $324,252.
Add it all up, and the total sales volume for the month of $697.1 million was up a joyous (to the real-estate industry) 21.6 percent from a year before.
A total of 108 properties changed hands across Fairfax for $1 million or more in December, and homes garnered 98.1 percent of original listing price, up from 97.1 percent a year before.
Conventional mortgages represented the method of transacting sales in 772 cases, followed by cash (112) and VA-backed loans (108).
Inventory remained an issue, although Fairfax County is not experiencing as significant a property drought as Arlington, Falls Church and Alexandria. But Fairfax is not immune: At the end of December, the 1,140 properties on the market across the county represented a decline of 23.2 percent from a year before.
Where is the market headed? If December was a month of champagne in terms of performance, coming months might have a hangover, as pending sales in December were trending lower and are likely to result in not quite as robust results when the January and February data are reported.
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.