A slight decline in total sales was offset by higher prices in the Fairfax County real-estate market in January, leading to a 4.2-percent increase in total sales volume to kick off the year.
A total of 770 properties went to closing in January, down 3.6 percent from 799 homes a year before, according to figures reported Feb. 11 by MarketStats by ShowingTime.
The average sales price of $594,005 was up 7.7 percent, with that overall figure held back because of a lower percentage of single-family homes in the overall sales mix compared to a year before.
Among the three legs of the market:
• The average sales price of single-family homes was up 8.9 percent to $794,161.
• The average sales price of attached homes, such as townhouses and rowhouses, was up 9.5 percent to $414,606.
• The average sales price of condominiums was up 15.5 percent to $326,880.
A total of 72 properties went to closing across Fairfax for more than $1 million, including three for more than $2.5 million.
Add up the sales and prices, and the total dollar volume for the market in January was $458.7 million, up from $440.3 million a year before.
Homes that went to closing spent an average of 34 days on the market – a full 10 days less than was required a year before – and garnered 98.5 percent of listing price, an improvement from 97.7 percent in January 2019.
Of homes that went to closing, conventional mortgages represented the method of transacting sales in 520 cases, followed by cash (102), VA-backed loans (79) and FHA-backed mortgages (39).
Inventory remains an issue, with the 1,144 properties on the Fairfax market at the end of the month representing a drop of 15.6 percent from a year before. Helping that situation out will be the 1,188 properties that came to market during the month, a year-over-year increase of 7.4 percent.
Where is the Fairfax market headed? February may be similar to January, as the total number of pending sales going into the month was down slightly from February 2019.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.