The Long & Foster Market Minute
Focus On: Fairfax County Housing Market August 2014
Units Sold
1,328
Active Inventory
4,080
Median Sale Price
$477,500
Days On Market
34
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -14%
Vs. Year Ago
Up 35%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 36%
Vs. Year Ago
Units Sold
There was a decrease in total units sold in August, with 1,328 sold this month in Fairfax County Real Estate versus 1,416 last month, a decrease of 6%. This month's total units sold was lower than at this time last year, a decrease of 14% versus August 2013.

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Active Inventory
Versus last year, the total number of homes available this month is higher by 1,062 units or 35%. The total number of active inventory this August was 4,080 compared to 3,018 in August 2013. This month's total of 4,080 is lower than the previous month's total supply of available inventory of 4,212, a decrease of 3%.

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Median Sale Price
Last August, the median sale price for Fairfax County Homes was $468,000. This August, the median sale price was $477,500, an increase of 2% or $9,500 compared to last year. The current median sold price is 1% higher than in July.

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
1,751
Current Contracts
1,156
Sold Vs. List Price
98.1%
Months of Supply
3.1
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 2%
Vs. Year Ago
Down -4%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Up 57%
Vs. Year Ago
Months of Supply
In August, there was 3.1 months of supply available in Fairfax County, compared to 2.0 in August 2013. That is an increase of 57% 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 1,751 homes newly listed for sale in Fairfax County compared to 1,716 in August 2013, an increase of 2%. There were 1,156 current contracts pending sale this August compared to 1,203 a year ago. The number of current contracts is 4% lower than last August.

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Sale Price to List Price Ratio
In August, the average sale price in Fairfax County was 98.1% of the average list price, which is 0.6% lower than at this time last year.

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Days on Market
This month, the average number of days on market was 34, higher than the average last year, which was 25, an increase of 36%.

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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.