Home sales were down but prices were up as the Fairfax real estate market in August dealt with tightening inventory, particularly in the lower half of the market.
A total of 1,459 properties went to closing during the month, according to figures reported Sept. 12 by RealEstate Business Intelligence, based on data from Bright MLS. That’s down 6.5 percent from the 1,561 transactions reported in August 2016.
The average sales price of all homes that sold during the month rose just under 3 percent to $568,769 from a year before, although that was due in part to a larger percentage of single-family homes in the overall mix.
Among the three segments of the market:
• The average sales price of single-family homes was up 2.8 percent to $742,000.
• The average sales price of attached homes, such as townhouses or rowhouses, was up 0.8 percent to $381,452.
• The average sales price of condominiums was up 9.5 percent to $295,288.
A total of 111 properties changed hands for more than $1 million.
Add up the sales and prices, and total sales volume across Fairfax County for the month stood at $829.8 million, a decline of 3.8 percent from a year before.
Homes that went to closing in August spent an average of 42 days between listing and ratified sales contract, an improvement from 49 days a year before, and garnered 97.5 percent of original listing price, up from 97.2 percent.
Conventional mortgages represented the method of transacting sales in 927 cases, followed by VA-backed loans (173) and cash (165).
At the end of the month, there were 3,106 properties on the market, down 9.5 percent from a year before.
Where is the market headed? While the number of homes coming under contract in August was up compared to a year before, the total number of pending sales was down, so it’s a mixed message being sent.
Figures represent most, but not all, homes on the market. August 2017 figures are preliminary, and are subject to revision.