The Long & Foster Market Minute
Focus On: Fairfax County Housing Market March 2014
Units Sold
971
Active Inventory
2,381
Median Sale Price
$445,000
Days On Market
36
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -10%
Vs. Year Ago
Up 17%
Vs. Year Ago
Up 2%
Vs. Year Ago
Down -8%
Vs. Year Ago
Units Sold
There was an increase in total units sold in March, with 971 sold this month in Fairfax County Real Estate versus 809 last month, an increase of 20%. This month's total units sold was lower than at this time last year, a decrease of 10% versus March 2013.

Click here to compare the units sold of this area against other locations.
Active Inventory
Versus last year, the total number of homes available this month is higher by 340 units or 17%. The total number of active inventory this March was 2,381 compared to 2,041 in March 2013. This month's total of 2,381 is higher than the previous month's total supply of available inventory of 2,192, an increase of 9%.

Click here to compare the active inventory of this area against other locations.
Median Sale Price
Last March, the median sale price for Fairfax County Homes was $434,500. This March, the median sale price was $445,000, an increase of 2% or $10,500 compared to last year. The current median sold price is 7% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

Click here to compare the median sale price of this area against other locations.
New Listings
1,898
Current Contracts
1,405
Sold Vs. List Price
97.6%
Months of Supply
2.5
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 1%
Vs. Year Ago
Down -7%
Vs. Year Ago
No Change
Vs. Year Ago
Up 30%
Vs. Year Ago
Months of Supply
In March, there was 2.5 months of supply available in Fairfax County, compared to 1.9 in March 2013. That is an increase of 30% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

Click here to compare the months of supply of this area against other locations.
New Listings & Current Contracts
This month there were 1,898 homes newly listed for sale in Fairfax County compared to 1,875 in March 2013, an increase of 1%. There were 1,405 current contracts pending sale this March compared to 1,506 a year ago. The number of current contracts is 7% lower than last March.

Click here to compare the new listings of this area against other locations.

Click here to compare the current contracts of this area against other locations.
Sale Price to List Price Ratio
In March, the average sale price in Fairfax County was 97.6% of the average list price, which is similar compared to a year ago.

Click here to compare the sale price to list price ratio of this area against other locations.
Days on Market
This month, the average number of days on market was 36, lower than the average last year, which was 39, a decrease of 8%.

Click here to compare the days on market of this area against other locations.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.