The Long & Foster Market Minute
Focus On: Fairfax County Housing Market October 2014
Units Sold
1,029
Active Inventory
4,049
Median Sale Price
$450,000
Days On Market
41
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -5%
Vs. Year Ago
Up 29%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 46%
Vs. Year Ago
Units Sold
The number of units sold remained stable in October, with 1,029 sold this month in Fairfax County Real Estate. This month's total units sold was lower than at this time last year, a decrease of 11% versus October 2013.

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Active Inventory
Versus last year, the total number of homes available this month is higher by 904 units or 29%. The total number of active inventory this October was 4,049 compared to 3,145 in October 2013. This month's total of 4,049 is lower than the previous month's total supply of available inventory of 4,389, a decrease of 8%.

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Median Sale Price
Last October, the median sale price for Fairfax County Homes was $438,750. This October, the median sale price was approximately the same at $450,000. The current median sold price is 3% higher than in October 2013.

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

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New Listings
1,661
Current Contracts
1,122
Sold Vs. List Price
97.9%
Months of Supply
3.9
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 11%
Vs. Year Ago
Up 5%
Vs. Year Ago
No Change
Vs. Year Ago
Up 36%
Vs. Year Ago
Months of Supply
In October, there was 3.9 months of supply available in Fairfax County, compared to 2.9 in October 2013. That is an increase of 36% 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.

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New Listings & Current Contracts
This month there were 1,661 homes newly listed for sale in Fairfax County compared to 1,502 in October 2013, an increase of 11%. There were 1,122 current contracts pending sale this October compared to 1,071 a year ago. The number of current contracts is 5% higher than last October.

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Sale Price to List Price Ratio
In October, the average sale price in Fairfax County was 97.9% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 41, higher than the average last year, which was 28, an increase of 46%.

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*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.