Fairfax and Arlington, VA Homes Sales Statistics
Posted by Super Admin on Sunday, December 6th, 2009 at 2:23pm.
Fairfax and Arlington, VA Homes Sales Statistics Let’s look at this chart.
| | 2009 | 2008 | % Change |
Total Sold Dollar Volume: | $ 12,914,943 | $ 10,914,052 | 18.33 % |
Average Sold Price: | $ 368,998 | $ 389,788 | - 5.33 % |
Median Sold Price: | $ 354,000 | $ 372,500 | - 4.97 % |
Total Units Sold: | 35 | 28 | 25.00 % |
Average Days on Market: | 38 | 72 | - 47.22 % |
Average List Price for Solds: | $ 375,769 | $ 418,199 | - 10.15 % |
Avg Sale Price as a
percentage of Avg List Price: | 98.20 % | 93.21 % | |
This is for October only. The average sold price for a home in the heart of Fairfax, VA in 2009 is $368,998, decreased from $389,788 in 2008, a 5.33% decline. Now, the data verifies another year with a decline in the average price of homes sold, which is the statistic most consumers concentrate on. While this number can’t be ignored of course, we must also look at other key factors to see if there is any encouraging news to grasp at. Well, the average days on the market for the month are 57 days compared to 101 last year. That’s no small thing. Inventory for Fairfax homes and those across the metropolitan, DC area have been down and this is not a small thing. This, compared with the continued low rates, makes for a perfect seller’s market in the midst of this seemingly unending downturn. That’s right, I said seller’s market. The average sale price as a percentage of the average list price is up year-to-year from 91.54% last year to 94.37% this year. Again, inventory is low. Should I sell my house you ask? Well, let’s look at the definition of a seller’s market. Basically, if the time it takes for realtors to sell all of the current inventory in the target area is less than six months, than it’s considered a seller’s market. If it takes us more than six months, it’s a seller’s market. Now, believe it or not, we’ve been in a seller’s market for some time. Seller paid closing costs ended in the Spring, which is commonly the first thing to go as we transition away from home buyers calling the shots. So, with that data, the number of Fairfax homes, Alexandria homes, and Arlington, Va homes for sale is 3149 as of the beginning of December, 2009. The number of homes under contract in the last thirty days in the these three locals is 1325. That’s less than 2 ½ months of inventory. In my opinion it is a very fair market for both buyers and sellers. Sellers in most price ranges have multiple offers on their home if their home is priced right and in decent condition. Buyers are getting a home at the bottom of a downturn and with incredible rates for those who qualify to buy a home. There are continued reports of banks releasing more short sale properties quicker into the market as bank-owned properties and thus increasing inventory, or inflation finally hitting us as a result of our government printing and borrowing money without end. I do believe that at least the first half of 2010 will continue with a moderately strong housing market in the Fairfax and Arlington areas.
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