With inventory still constrained and prospective buyers anxious to get in on the action now rather than later, Fairfax County’s real-estate market showed a 56-percent year-over-year increase in dollar volume in September.
And while that rate of year-over-year sales may slow in coming months, there are no indications that the market – which has been on a tear since early summer – is going to cool down just yet.
A total of 1,574 properties changed hands countywide last month, up 34.6 percent from the 1,169 transactions a year before, according to data reported Oct. 13 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.
Sales prices also were on the rise, with the average sales price of all properties sold during the month ($678,757) up 15.1 percent, and increases noted in all three segments of the market:
• The average sales price of single-family homes rose 15.3 percent to $915,992 (up more than $120,000 from a year before).
• The average sales price of attached homes, such as townhouses, was $448,944, up 12.4 percent.
• The average sales price of condominiums was $338,510, up 10.9 percent.
A total of 187 properties changed hands for more than $1 million, including 12 for $2.5 million or more and two in excess of $5 million.
Add it all up, and the $1.07 billion sales volume for the month represented an increase of 55.4 percent from $688.4 million a year before.
With inventory still down more than 20 percent from a year before (even though many sellers have started hopping off the fence and are putting their homes on the market), buyers were not dawdling. Homes that went to closing in September spent a brisk average 19 days between listing and ratified sales contract, an improvement from 32 days a year before, and garnered 100.2 percent of original listing price, up from 98.6 percent a year before.
Conventional mortgages represented the method of transacting sales in 1,169 cases, followed by VA-backed loans (149) and cash (144).
Where might the Fairfax market be headed? Things continue to look positive, with the number of pending sales in September up 16.6 percent from a year before. Those pendings generally translate into completed transactions 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 revision.
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