Despite a nearly double-digit drop-off in sales, Fairfax County’s homes market managed to surpass, if only slightly, the billion-dollar mark in June.
That sales decline, however, may be reversed in coming months, based on the number of transactions currently in the pipeline.
A total of 1,192 deals were consummated countywide in June, according to figures reported July 10 by MarketStats by Showing Time and Bright MLS. That’s down 9.2 percent from the 1,312 countywide transactions a year before.
But prices kept on rising, with the average sales price up 8 percent to $885,650 and increases reported in all three segments of the market:
• The average sales price of single-family homes rose 7.3 percent to $1,176,205.
• The average sales price of attached homes (single-family, townhouses and condominiums) was up 8.3 percent to $553,810.
• The average sales price of the condo-only segment was $401,658, up 2.8 percent.
Add it all up, and June’s sales volume of $1.04 billion was off 2 percent from $1.06 billion a year before.
Across the county, a total of 322 properties changed hands for more than $1 million, including 23 in excess of $2.5 million and three for more than $5 million. Sales in the seven-figure club represented 27 percent of the market.
Homes that went to closing in June garnered, on average, 101.7 percent of listing price, down slightly from a year before. It took, on average, 13 days for homes to go from listing to ratified sales contract, up slightly from 11.
Conventional mortgages represented the method of transacting sales in 810 cases, followed by cash (195) and VA-backed loans (136).
While total available inventory was up 5.5 percent from a year before to 1,115, the number of homes coming onto the market in June was down 7.3 percent.
The year-over-year drop in home sales for June could be arrested in July, as pending sales are pointing up 12.1 percent from a year before. Those pendings typically move into the sold column a month or so after posting.
Figures represent most, but not all, homes on the market. All June 2024 figures are preliminary and subject to revision.
Sales Down, Prices Up Across Northern Virginia: Sales were down but prices were up as Northern Virginia’s homes market closed out the first half of the year.
The result of it all was a nearly 6-percent decline in year-over-year market volume in June, according to new figures reported by MarketStats by Showing Time and Bright MLS.
Across the Northern Virginia Association of Realtors’ catchment area, sales for the month totaled 1,626, down 13.8 percent from the 1,887 transactions a year before. Figures include sales in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church.
(Sales for the month may have been down, but pending sales in the pipeline are in positive territory, which could be reflected in year-over-year sales growth in July and August.)
The average sales price of all properties that went to closing during the period stood at $889,957, up 9.45 percent from a year before.
In part, that increase could be accounted for by a larger percentage of single-family homes in the overall sales mix for the month. But average prices were in positive territory in all three sectors of the market:
• The average price of single-family homes rose 7.7 percent to $1,206,889.
• The average price of attached homes (townhouses, rowhouses and condominiums) was up 7.5 percent to $596,683.
• The average price of condominiums alone was up 2.1 percent to $466,254.
Crunch the numbers, and total volume for the month of $1.42 billion was down from $1.51 billion a year before.
Homes that went to closing in June garnered an average 101.3 percent of listing price, down slightly from a year before. They spent an average of 14 days on the market, essentially unchanged from 13 days a year ago.
The number of active listings on the market (1,645) at the end of June was up about 5 percent from a year before, but the month saw nearly a 10-percent drop in new listings coming to market.
Figures represent most, but not all, homes on the market. All June 2024 figures are preliminary and subject to revision.
