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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
2018 1st Quarter Market Report: Home Sales Steady - Prices Continue to Rise

The 1st quarter of 2018 ended on a good note with March existing home sales only down slightly over last year, and with 2018 home sales expected to exceed 2017 excellent year. Home Prices in 2018 continue to rise, increasing 5.8% over the end of March last year.

The most notable change in the 1st quarter was an increase in seller activity. Our survey showed that in 46% of the markets surveyed there were still more buyers than sellers, but a decrease of 27% from March 2017. Additionally, 17% of our markets surveyed showed more seller activity than buyer activity, an increase of 8% over last year. The remaining 37% of the markets showed an equal amount of buyer and seller activity which was an increase of 19% over last year. The increased activity, however did not ease the tight inventory 73% of our markets showing a very tight supply of homes available for sale. Home prices are also on the rise with 86% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were down 1.2% over last year, but annual sales are expected to hit 5.6 million units compared to 5.1 million in 2017; inventory of unsold homes is at a 3.6 month supply and 46% of all homes sold in under one month.

The data in this report is generated primarily from our survey of HouseHunt.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 both buyer and seller activity is up significantly in the 1st quarter of 2018 compared to the buyer and seller activity from last year. Buyer activity is steady or increasing in 94% of the markets surveyed and decreased in only 6% of the markets surveyed indicating a significant 8% increase in activity from Spring 2017. Simultaneously the trend for seller activity posted a solid 10% gain in the 1st quarter of 2018 with 85% of the markets indicating steady or increased seller activity compared to 75% of the markets at this time in 2017. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly. In fact, according to NAR inventories have decreased to 3.6 month supply compared to 3.8 months in March of 2017. A balanced "normal market" is considered to be a 6 month supply of homes for sale.

...Read Full Article
Fall 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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