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 – Even though Active listings fell in January to 2,198, this was still an increase of over 35.4% from the same time last year. All other segments saw increases as well in January over the same period last year. This bump in activity is a welcome jump in advance of the Spring market and continues the strong trend from December.
2. Median Sold Price – The Median Sold Price fell from December across All segments to $439,000, yet this represents a solid 3% growth from the same period last year. Almost every segment, with the exception of a slight dip in Condos, showed nice growth from 2014.
3. Average Days on Market – The Fairfax County ADOM rose again, this time from 68 days to 73 days in January. At only 73 days, this represents a 25.9% increase in ADOM over the same time last year and will be something we expect to receede again this spring.
4. Average Sold to Original List Price Ratio – The ASOLP Ratio fell to 95.7% 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.