Wilson Realty Group continues our weekly series on local market statistics. This week we focus on Fairfax County in northern Virginia. Fairfax County includes the cities of Centreville, Clifton, Chantilly, Herndon, Reston, Annandale, Burke, Dunn Loring, Fairfax, Fairfax Station, Falls Church, Fort Belvoir, Lorton, McLean, Oakton, Springfield, Vienna, Shirlington, Del Ray, Rosemont, Alexandria, Landmark, Cameron Station, Stonegate, Pinecrest, Overlook, Kingstowne and Greenway.
1. Market Activity – Active listings in August climbed to 3,796 an increase of over 54.9% from the same time last year. All other segments saw a significant decline in August contributing to the slowest August in 5 years for Fairfax County.
2. Median Sold Price – For the second straight month the Median Sold Price stayed relatively flat for All segments at $478,000. This represents a 2.1% increase over the same time last year which is stronger than the DC Region as a whole which reflects a 0.0% increase over the same period last year.
3. Average Days on Market – The Fairfax County ADOM rose again, this time from 33 days to 43 days in August. Even at only 43 days, this represents a whopping 53.6% increase in ADOM over the same time last year.
4. Average Sold to Original List Price Ratio – The ASOLP Ratio fell to 97%% across all segments which simply tells us that the list price established by the seller and/or the agent is fairly supported by the local market. While this trend is slightly lower compared to 2014 peaks, it is fairly consistent with the same time last year.
We will keep a close eye on these statistics to determine if there is any impact from the increases in interest rates over the last several weeks. Fairfax County, as a suburb of Washington, DC, mirrors the Washington, DC market but to a smaller degree. The highs are not as high and the lows are not as low. While the economy, inventory and rates are all driving the current market we will continue to monitor the impacts of each as they change over the next several months. If you are thinking about moving or are ready to go today, don’t waste any more of your hard earned money using yesterday’s real estate model and thinking. Call Wilson Realty Group at 202-642-5478 to get the information you need to make the best choice for you and your next move.