The Long & Foster Market Minute
Focus On: Fairfax County Housing Market June 2014
Units Sold
1,564
Active Inventory
3,833
Median Sale Price
$497,250
Days On Market
23
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -18%
Vs. Year Ago
Up 32%
Vs. Year Ago
Up 1%
Vs. Year Ago
Up 5%
Vs. Year Ago
Units Sold
There was an increase in total units sold in June, with 1,564 sold this month in Fairfax County Real Estate versus 1,411 last month, an increase of 11%. This month's total units sold was lower than at this time last year, a decrease of 18% versus June 2013.

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Active Inventory
Versus last year, the total number of homes available this month is higher by 935 units or 32%. The total number of active inventory this June was 3833 compared to 2,898 in June 2013. This month's supply remained stable as compared to last month.

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Median Sale Price
Last June, the median sale price for Fairfax County Homes was $490,000. This June, the median sale price was $497,250, an increase of 1% or $7,250 compared to last year. The current median sold price is 5% higher than in May.

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
2,136
Current Contracts
1,428
Sold Vs. List Price
98.7%
Months of Supply
2.5
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 9%
Vs. Year Ago
Down -8%
Vs. Year Ago
Down -0.6%
Vs. Year Ago
Up 60%
Vs. Year Ago
Months of Supply
In June, there was 2.5 months of supply available in Fairfax County, compared to 1.5 in June 2013. That is an increase of 61% 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 2,136 homes newly listed for sale in Fairfax County compared to 1,957 in June 2013, an increase of 9%. There were 1,428 current contracts pending sale this June compared to 1,546 a year ago. The number of current contracts is 8% lower than last June.

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Sale Price to List Price Ratio
In June, the average sale price in Fairfax County was 98.7% 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 23, higher than the average last year, which was 22, an increase of 5%.

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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.