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Everything about Fairfax Real Estate
Everybody is asking "What's up with Real Estate?" People are hearing news that NOW is the time to BUY and that savvy investors are grabbing up the best deals in many, many years. Everyone always likes to see hard facts and numbers so I will happily comply. I will try NOT to overload you though!
According to our MRIS MLS, in all of Fairfax city and County, there are 7,844 residential properties for sale. Of those 6,604 are fully available which leaves 1,240 are under contract.
For the sake of time I will use Fairfax City for analysis. There are 159 available residential properties for sale. 16 are under contract. The least expensive available property is $139,900 and the most expensive is $1,725,900. Of the properties that are under contract, the least expensive (list price) is $304,900 and the most expensive property that is under contract has a list price of $1,500,000.
Now for the SOLDS - In the last 3 months there have been 40 closings in Fairfax City. SOLD numbers range from $180,000 to $1,384,025. Average of $546,337, Avg 99 days on the market, The seller paid the buyers closing costs Avg $5,916. The Original List Price VS. The FINAL LIST PRICE VS. the original list price is 94.59%. (This does not include listings where the seller switched agents and reduced prior to relisting.)
1 year ago in this same 3 months 75 had sold. $170,000 to $1,670,465. Average of $508,097, Avg 93 days on the market, Seller paid the buyers closing costs Avg $7,247, The Avg Original List Price VS. the Avg final asking price was 97.10%. (This does not include listings where the seller switched agents and reduced prior to relisting.)
That is 35 properties less this year, the same 3 months, than 1 year ago! BUT the SOLD price is up $38,240!! It is taking a few days longer to sell a property but the closing costs paid by the seller is less. It appears that more higher end properties are selling now than a year ago not necessarily that OVERALL individual prices are up.
Overall I see good news here for both buyers and sellers. With the rates quickly coming down and inventories steady, NOW does appear to be a time to BUY or SELL. Lower rates put a lot of people in a better position to buy a home where as 2 years ago they couldn't qualify.
I am in the biz of making dreams come true! This is one of my first blogs for Fairfax Times. If you have any suggestions, questions about your specific location, or suggestions for future blogs everyone is welcome to e-mail me at myREALTORrichie@mris.com JBR Inc. or call me 703-401-7980. I am a Realtor. This information was gathered from our private MRIS MLS. Thanks for your time.
Looking for tips on how to improve your home for re-sale? Meet Reston resident and a host of HGTV's popular Designed to Sell Shane Tallant when he appears at the upcoming Capital Home & Garden Show at the Dulles Expo Center February 21-24. Find all the details including appearance times and dates, more how-to experts and lots more at www.CapitalHomeShow.com.
Posted by brianbishop
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