Inventory remains tight across the Fairfax County homes market, helping to boost average sales prices in two of three market sectors in October.
A total of 855 properties went to closing across the county last month, according to new data reported by MarketStats by ShowingTime based on listing activity from Bright MLS and reported Nov. 10. That’s down 5.7 percent from the 907 sales recorded during a relatively quiet October 2022.
With inventory still down nearly one-third from the already constricted market a year ago, prices held up. Although the average sales price rose only 1.8 percent (to $755,259), it was held back by a smaller number of single-family homes in the overall mix. Single-family properties represented 45 percent of total sales for the month, down from 50 percent a year before.
Average sales prices were up in two of three sectors:
• The average sales price of a single-family home rose 6 percent to $1,051,020.
• The average price of attached homes (townhouses, rowhouses, condominiums) was up 3.5 percent to $509,530.
• The average price in the condo-only segment declined 3.9 percent to $371,731.
A total of 143 properties changes hands for $1 million or more, including nine for at least $2.5 million, and one for more than $5 million.
Add up the total sales and prices, and sales volume for October was $645.2 million, down 4.8 percent from a year before.
Homes that went to closing during the month spent an average of 17 days on the market, far more brisk than the 25 days recorded a year ago, and garnered 99.8 percent of listing price, up form 98 percent.
Conventional mortgages represented the method of transacting sales in 552 cases, followed by cash (186) and VA-backed loans.
At the end of the month, there were 1,042 properties on the market across the county, representing a decline of 30.3 percent from a year before. The number of properties coming to market for the month did slightly better, down 24.5 percent.
If the market follows typical seasonal cycles, sales should continue to decline month-over-month into early 2024, when the spring market will begin to take hold.
Figures represent most, but not all, homes on the market. All October 2023 figures are preliminary and are subject to revision.