The Long & Foster Market Minute
Focus On: Fairfax County Housing Market February 2015
Units Sold
773
Active Inventory
2,660
Median Sale Price
$448,900
Days On Market
56
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -5%
Vs. Year Ago
Up 13%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 22%
Vs. Year Ago
Units Sold
There was an increase in total units sold in February, with 773 sold this month in Fairfax County Real Estate versus 727 last month, an increase of 6%. This month's total units sold was lower than at this time last year, a decrease of 5% versus February 2014.

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Active Inventory
Versus last year, the total number of homes available this month is higher by 315 units or 13%. The total number of active inventory this February was 2,660 compared to 2,345 in February 2014. This month's total of 2,660 is higher than the previous month's total supply of available inventory of 2,580, an increase of 3%.

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Median Sale Price
Last February, the median sale price for Fairfax County Homes was $415,000. This February, the median sale price was $448,900, an increase of 8% or $33,900 compared to last year. The current median sold price is 2% higher than in January.

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
1,558
Current Contracts
1,093
Sold Vs. List Price
98.0%
Months of Supply
3.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 11%
Vs. Year Ago
Up 10%
Vs. Year Ago
No Change
Vs. Year Ago
Up 19%
Vs. Year Ago
Months of Supply
In February, there was 3.4 months of supply available in Fairfax County, compared to 2.9 in February 2014. That is an increase of 19% 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 1,558 homes newly listed for sale in Fairfax County compared to 1,409 in February 2014, an increase of 11%. There were 1,093 current contracts pending sale this February compared to 994 a year ago. The number of current contracts is 10% higher than last February.

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Sale Price to List Price Ratio
In February, the average sale price in Fairfax County was 98.0% 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 56, higher than the average last year, which was 46, an increase of 22%.

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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.