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.
