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 September increased to a 12-month high in Fairfax up 4.7% during that period. This increase in active listings was driven by a monthly gain in New Listings combined by a fairly sharp decline in Sold Listings.
2. Median Sold Price – After a three month rise in the Median Sold Price in the Spring of 2013 prices have settled back to a fairly robust 8.3% increase across all segments over the last 12 month period. While the Detached prices remain above $600,000, townhomes remain slightly below $400,000 for the third straight month.
3. Average Days on Market – While the Fairfax County ADOM has creeped upwards by 11 days over the last three months, it is at just 34 days across all segments and still represents an historically low measure.
4. Average Sold to Original List Price Ratio – The ASOLP Ratio is above 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. We will keep a close eye on this 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, 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.