The Long & Foster Market Minute
Focus On: Fairfax County Housing Market July 2015
Units Sold
1,704
Active Inventory
4,778
Median Sale Price
$490,000
Days On Market
31
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 19%
Vs. Year Ago
Up 11%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 15%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in July, with 1,704 sold this month in Fairfax County Real Estate versus 1,889 last month, a decrease of 10%. This month's total units sold was higher than at this time last year, an increase of 19% versus July 2014.

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Active Inventory
Versus last year, the total number of homes available this month is higher by 455 units or 11%. The total number of active inventory this July was 4,778 compared to 4,323 in July 2014. This month's total of 4,778 is lower than the previous month's total supply of available inventory of 4,842, a decrease of 1%.

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Median Sale Price
Last July, the median sale price for Fairfax County Homes was $475,000. This July, the median sale price was $490,000, an increase of 3% or $15,000 compared to last year. The current median sold price is 1% 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
2,235
Current Contracts
1,397
Sold Vs. List Price
98.4%
Months of Supply
2.8
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 6%
Vs. Year Ago
Up 18%
Vs. Year Ago
No Change
Vs. Year Ago
Down -8%
Vs. Year Ago
Months of Supply
In July, there was 2.8 months of supply available in Fairfax County, compared to 3.0 in July 2014. That is a decrease of 7% 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 2,235 homes newly listed for sale in Fairfax County compared to 2,113 in July 2014, an increase of 6%. There were 1,397 current contracts pending sale this July compared to 1,183 a year ago. The number of current contracts is 18% higher 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 similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 31, higher than the average last year, which was 27, an increase of 15%.

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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.