Increases in both year-over-year sales and prices pushed the Fairfax County real-estate market past the $1 billion mark for the second month in a row in August, as the region continues to battle back from spring’s COVID crisis.
A total of 1,669 properties went to closing during the month, according to figures reported Sept. 11 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime. That’s up 14.6 percent from the 1,457 properties that changed hands in August 2019, as the market made up for time lost in the spring.
The average sales price of all properties that sold also was higher, rising 8.6 percent to $651,539, with increases in all three segments of the market:
• The average sales price of single-family homes rose 9.6 percent to $874,401.
• The average sales price of attached homes, such as townhouses and rowhouses, was up 8.5 percent to $439,855.
• The average sales price of condominiums was up 6.5 percent to $332,122.
A total of 178 properties changed hands for more than $1 million, including seven for more than $2.5 million.
Add it all up, and the total sales volume for the month across Fairfax stood at $1.08 billion, an increase of nearly 24 percent from $874 million a year before.
Homes that went to closing in August spent an average 16 days between listing and ratified sales contract, an improvement from 23 days required a year ago, and garnered 100.3 percent of listing price, up from 98.8 percent a year before.
Conventional mortgages represented the method of transacting sales in 1,224 cases, followed by VA-backed loans (198) and cash (156).
The total number of homes on the market at the end of the month across Fairfax – 1,440 – represented a decline of fully one-third from a year before, but more homeowners are hopping into the market, with 1,938 new listings reported during the month, up from 1,654 a year before.
The local real-estate market has been on something of a tear since the end of major economic lockdowns in late spring, and at least for now, the trend shows no sign of abating. Both the number of new pending sales for August, and total pending sales, were significantly higher than a year before; those properties likely will translate into completed sales within a month or so.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
• • •
Find full editions of the Sun Gazette, and bonus features, at https://sungazette.news.