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Real Estate News in Fairfax - July 21st, 2016
06/2016 Market Statistic Data from MRIS = Metropolitan Regional Information System
Fairfax City: average detached = single family home sold price: $ 531,508 = -0.45 % decrease YOY = year over year.
Fairfax City: average attached = town home sold price: $ 392,300 = +0.60 % increase YOY.
Fairfax City: average condo sold price: $ 175,680 = -15.94 % decrease YOY.
Average Days on Market: 32 vs. 36 a year ago = -11.11 % decrease YOY.
Average Sold Price to Original List Price: 97.7 % vs. 98.1 % YOY.
Most homes sold in < 10 days on market.
5 cash buyers, 23 conventional loans, 6 FHA loans, 1 VA loans.
Inventory: 74 active listings vs. 88 a year ago = -15.91 % decrease.
Pendings = Properties Under Contract: 52 vs. 61 = -14.75 % decrease.


PLEASE KNOW there is Fairfax City and Fairfax in Fairfax County. Home Prices in the CITY are usually more expensive. Fairfax and Fairfax City have lots of different zip codes and each zip code has very different sales numbers. The MLS code for the City starts with FC, County MLS code starts with FX. Contact me for detailed info for YOUR preferred zip code.


Please copy and paste link below in your browser to see detailed report for Fairfax City.

http://184.106.219.108/report/mls/1/drp?action=pdf&uid=14064744124996&sid=9c6000a7-c4c8-53f9-762b-53d518e73562&agg_type=MONTHLY&f_id=1000&loc_type=4&loc_id=51600&time_period=201606

News for Fairfax, VA - October 15th, 2015 11:32am
Fairfax: average detached = single family home sold price: $ 597,738 = 0.51 % increase YOY = year over year.
Fairfax: average attached = town home sold price: $ 402,102 = -4.91 % decrease YOY.
Fairfax: average condo sold price: $ 305,625 = 3.89 % increase YOY.
Days on Market: 46 vs. 40 a year ago = 15 % increase YOY.
Average Sold Price to Original List Price: 96.9 % vs. 97.6 % YOY.
Most homes sold in < 20 days on market.
12 cash buyers, 93 conventional loans, 16 FHA loans, 10 VA loans.
9/2015 Inventory: 534 active listings vs. 493 a year ago = +8.32 % change.
Pendings = Properties Under Contract: 239 vs. 188 = +27.13 % change.

Please copy and paste link below in your browser to see detailed report for Fairfax.

http://184.106.219.108/report/mls/1/drp?action=pdf&uid=14064744124996&sid=9c6000a7-c4c8-53f9-762b-53d518e73562&agg_type=MONTHLY&f_id=1000&loc_type=7&loc_id=601839&time_period=201509


http://184.106.219.108/report/mls/1/drp?action=pdf&uid=14064744124996&sid=9c6000a7-c4c8-53f9-762b-53d518e73562&agg_type=MONTHLY&f_id=1000&loc_type=7&loc_id=601839&time_period=201509

News for Fairfax, VA - June 20th, 2011 10:22am
Every city in Fairfax county has brisk home sales. Most homes which are properly priced are selling within 30 to 60 days. The nicest homes sell in less than 30 days. Unemployment in the Fairfax county area is right at 6% far below the national average. The population growth of the greater DC Metro area is on a steady upswing. The future of Northern Virginia Real Estate still looks positive for years to come.
National Market Conditions
2017 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com and MoveUp.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

...Read Full Article
Spring 2018 Market Update
If you can qualify for a mortgage, now is a great time to buy a home in Fairfax. Interest rates are still low which makes a home purchase a great opportunity especially when considering the tax advantage a home owner might have. Interest rates are supposed to rise in 2016. Financing is still tight, best rates are available with a credit score of 740+. Why rent when you can buy for similar monthly payments? Call the local real estate expert Martina Burns now for more information at 703-650-8533 or toll free at 866-361-6655
Average Sold Home Price: $575,000

Average Time on Market: 30-60 days

Best Selling Price Range: $550,000 - $599,000

Existing Home Prices for the past 90 days: Decreasing

Market Trend: Decreasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Decreasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

Multiple Offers Commentary: Homes are selling fast in prime locations but only for up-dated, mint, move-in condition homes, close to public transportation. Those homes are selling in < 10 days on market.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Housing Inventory Comments: Fairfax City: average detached = single family home sold price: $ 531,508 = -0.45 % decrease YOY = year over year. Fairfax City: average attached = town home sold price: $ 392,300 = +0.60 % increase YOY. Fairfax City: average condo sold price: $ 175,680 = -15.94 % decrease YOY. Average Days on Market: 32 vs. 36 a year ago = -11.11 % decrease YOY. Average Sold Price to Original List Price: 97.7 % vs. 98.1 % YOY. Most homes sold in < 10 days on market. 5 cash buyers, 23 conventional loans, 6 FHA loans, 1 VA loans. Inventory: 74 active listings vs. 88 a year ago = -15.91 % decrease. Pendings = Properties Under Contract: 52 vs. 61 = -14.75 % decrease. Please copy and paste link below in your browser to see detailed report for Fairfax. http://184.106.219.108/report/mls/1/drp?action=pdf&uid=14064744124996&sid=9c6000a7-c4c8-53f9-762b-53d518e73562&agg_type=MONTHLY&f_id=1000&loc_type=4&loc_id=51600&time_period=201606 $$ numbers below are for Single Family Homes in Fairfax only, min. 4 bed rooms, the graphs you see on the website include town homes and condos as well.

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Washington DC

Housing Hot Spots: Homes are selling fast in prime locations but only for up-dated, mint, move-in condition homes, close to public transportation. Those homes are selling in < 10 days on market.

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Real Estate Professional, Martina Burns  RE/MAX Martina Burns RE/MAX
RE/MAX Allegiance
Specializing in Fairfax Real Estate
6084-A Franconia Road
Alexandria, Virginia 22310
703-650-8533
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(Because current market conditions can change rapidly in any given marketplace,
please check with Martina Burns RE/MAX for current Fairfax, VA market conditions before acting on this information.)
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