The Long & Foster Market Minute
Focus On: Fairfax County Housing Market July 2014
Units Sold
1,406
Active Inventory
4,047
Median Sale Price
$472,450
Days On Market
27
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -14%
Vs. Year Ago
Up 36%
Vs. Year Ago
Down -2%
Vs. Year Ago
Up 17%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in July, with 1,406 sold this month in Fairfax County Real Estate versus 1,578 last month, a decrease of 11%. This month's total units sold was lower than at this time last year, a decrease of 14% versus July 2013.

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Active Inventory
Versus last year, the total number of homes available this month is higher by 1,077 units or 36%. The total number of active inventory this July was 4,047 compared to 2,970 in July 2013. This month's total of 4,047 is higher than the previous month's total supply of available inventory of 3,999, an increase of 1%.

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Median Sale Price
Last July, the median sale price for Fairfax County Homes was $480,000. This July, the median sale price was $472,450, a decrease of 2% or $7,550 compared to last year. The current median sold price is 5% lower than in June.

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
2,100
Current Contracts
1,262
Sold Vs. List Price
98.4%
Months of Supply
2.9
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 12%
Vs. Year Ago
Down -8%
Vs. Year Ago
Down -0.8%
Vs. Year Ago
Up 58%
Vs. Year Ago
Months of Supply
In July, there was 2.9 months of supply available in Fairfax County, compared to 1.8 in July 2013. That is an increase of 58% 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 2,100 homes newly listed for sale in Fairfax County compared to 1,881 in July 2013, an increase of 12%. There were 1,262 current contracts pending sale this July compared to 1,378 a year ago. The number of current contracts is 8% lower than last July.

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Sale Price to List Price Ratio
In July, the average sale price in Fairfax County was 98.4% of the average list price, which is 0.8% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 27, higher than the average last year, which was 23, an increase of 17%.

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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.