Home sales were down slightly, prices were up a bit, and the result was essentially a year-over-year wash across the Fairfax County real-estate market.
A total of 1,745 properties went to closing in May, according to figures reported June 12 by MarketStats by ShowingTime, down 1.6 percent from the 1,774 transactions recorded in May 2018.
The average sales price was up, rising 1.6 percent to $611,109 due to increases in the townhouse and condominium sectors:
• The average sales price of attached homes, such as townhouses and rowhouses, was up 3.3 percent to $415,848.
• The average sales price of condominiums was up 7.2 percent to $315,412.
In the single-family sector, there was a decline, with the median sales price down 2.2 percent to $779,442.
A total of 138 properties changed hands for $1 million or more during the month.
Add up the sales and prices, and the total sales volume of $1.06 billion for the month was down 0.4 percent.
Inventory continues to be constricted, with the 2,361 properties on the market at the end of May down 12.4 percent from a year before. Perhaps as a result, home sellers are getting what they’re asking for – the average sales price represented 99.7 percent of listing price, a rate up from 98.9 percent a year before.
Conventional mortgages represented the method of transacting sales in 1,224 cases, followed by VA-backed mortgages (230), cash (159) and FHA-backed loans (85).
Data represent most, but not all, homes on the market. Figures are preliminary, and are subject to revision.