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FairfaxA billion-dollar month for Fairfax real estate

A billion-dollar month for Fairfax real estate

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Total sales of residential real estate in Fairfax County tiptoed past the billion-dollar mark in March, a rarity for so early in the year but the product of increasing sales and higher prices.

With 1,493 properties going to closing last month, total countywide sales were up 11.2 percent from March 2020, according to figures reported April 12 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.

Average prices were higher, too, fueled by tight inventory, with the average sales price of $693,613 up 9.9 percent from $631,053. Increases were posted in all three segments of the market:

• The average sales price of single-family homes stood at $973,548, up a whopping 17.4 percent from $829,111 a year before.

• The average sales price of attached properties, such as townhouses, stood at $461,362, up 8.9 percent from $423,635.

• The average sales price of condominiums stood at $358,539, up 13 percent from $317,216.

A total of 213 properties changed hands for more than $1 million, including 18 for higher than $2.5 million.

Add up all the sales and prices, and total sales volume for the month stood at $1,012,316,764, up 20.1 percent from $842,943,359 a year before.

Homes that went to closing in March spent an average of 18 days between listing and ratified sales contract – a day less than a year before – and garnered 102.1 percent of original listing price, up from 100.5 percent a year before.

Conventional mortgages represented the method of transacting sales in 1,107 cases, followed by cash (168) and VA-backed mortgages (156).

A dearth of inventory remains a motivating factor for prospective purchasers to get into the market. Despite a slight year-over-year increase in the number of homes coming onto the market in March, total listing remain at a rock-bottom level, with 943 homes on the market at the end of March, down 37 percent from the already tight inventory of March 2020.

(The available properties represent only about 20 days’ inventory, an extraordinarily pro-sellers’ market. For the market to be considered balanced, inventory would have to rise to approximately 4 months’ worth of homes on the market.)

There seems to be little likelihood that the market will be cooling anytime soon, as the number of new pending sales reported in March was up nearly 28 percent from a year ago, and the total pending sales up just under 20 percent. Most of these transactions will move into the “sold” category within a month or two.

Figures represent most, but not all, homes on the market; all March 2021 figures are preliminary, and are subject to revision.

From this point forward, year-over-year comparisons are going to be somewhat irrelevant for coming months. Starting last April, the local real-estate market ducked for cover for two to three months as pandemic pandemonium took hold, and then roared back to life starting in June and July.

Total sales of residential real estate in Fairfax County tiptoed past the billion-dollar mark in March, a rarity for so early in the year but the product of increasing sales and higher prices.

With 1,493 properties going to closing last month, total countywide sales were up 11.2 percent from March 2020, according to figures reported April 12 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.

Average prices were higher, too, fueled by tight inventory, with the average sales price of $693,613 up 9.9 percent from $631,053. Increases were posted in all three segments of the market:

• The average sales price of single-family homes stood at $973,548, up a whopping 17.4 percent from $829,111 a year before.

• The average sales price of attached properties, such as townhouses, stood at $461,362, up 8.9 percent from $423,635.

• The average sales price of condominiums stood at $358,539, up 13 percent from $317,216.

A total of 213 properties changed hands for more than $1 million, including 18 for higher than $2.5 million.

Add up all the sales and prices, and total sales volume for the month stood at $1,012,316,764, up 20.1 percent from $842,943,359 a year before.

Homes that went to closing in March spent an average of 18 days between listing and ratified sales contract – a day less than a year before – and garnered 102.1 percent of original listing price, up from 100.5 percent a year before.

Conventional mortgages represented the method of transacting sales in 1,107 cases, followed by cash (168) and VA-backed mortgages (156).

A dearth of inventory remains a motivating factor for prospective purchasers to get into the market. Despite a slight year-over-year increase in the number of homes coming onto the market in March, total listing remain at a rock-bottom level, with 943 homes on the market at the end of March, down 37 percent from the already tight inventory of March 2020.

(The available properties represent only about 20 days’ inventory, an extraordinarily pro-sellers’ market. For the market to be considered balanced, inventory would have to rise to approximately 4 months’ worth of homes on the market.)

There seems to be little likelihood that the market will be cooling anytime soon, as the number of new pending sales reported in March was up nearly 28 percent from a year ago, and the total pending sales up just under 20 percent. Most of these transactions will move into the “sold” category within a month or two.

Figures represent most, but not all, homes on the market; all March 2021 figures are preliminary, and are subject to revision.

From this point forward, year-over-year comparisons are going to be somewhat irrelevant for coming months. Starting last April, the local real-estate market ducked for cover for two to three months as pandemic pandemonium took hold, and then roared back to life starting in June and July.

Total sales of residential real estate in Fairfax County tiptoed past the billion-dollar mark in March, a rarity for so early in the year but the product of increasing sales and higher prices.

With 1,493 properties going to closing last month, total countywide sales were up 11.2 percent from March 2020, according to figures reported April 12 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.

Average prices were higher, too, fueled by tight inventory, with the average sales price of $693,613 up 9.9 percent from $631,053. Increases were posted in all three segments of the market:

• The average sales price of single-family homes stood at $973,548, up a whopping 17.4 percent from $829,111 a year before.

• The average sales price of attached properties, such as townhouses, stood at $461,362, up 8.9 percent from $423,635.

• The average sales price of condominiums stood at $358,539, up 13 percent from $317,216.

A total of 213 properties changed hands for more than $1 million, including 18 for higher than $2.5 million.

Add up all the sales and prices, and total sales volume for the month stood at $1,012,316,764, up 20.1 percent from $842,943,359 a year before.

Homes that went to closing in March spent an average of 18 days between listing and ratified sales contract – a day less than a year before – and garnered 102.1 percent of original listing price, up from 100.5 percent a year before.

Conventional mortgages represented the method of transacting sales in 1,107 cases, followed by cash (168) and VA-backed mortgages (156).

A dearth of inventory remains a motivating factor for prospective purchasers to get into the market. Despite a slight year-over-year increase in the number of homes coming onto the market in March, total listing remain at a rock-bottom level, with 943 homes on the market at the end of March, down 37 percent from the already tight inventory of March 2020.

(The available properties represent only about 20 days’ inventory, an extraordinarily pro-sellers’ market. For the market to be considered balanced, inventory would have to rise to approximately 4 months’ worth of homes on the market.)

There seems to be little likelihood that the market will be cooling anytime soon, as the number of new pending sales reported in March was up nearly 28 percent from a year ago, and the total pending sales up just under 20 percent. Most of these transactions will move into the “sold” category within a month or two.

Figures represent most, but not all, homes on the market; all March 2021 figures are preliminary, and are subject to revision.

From this point forward, year-over-year comparisons are going to be somewhat irrelevant for coming months. Starting last April, the local real-estate market ducked for cover for two to three months as pandemic pandemonium took hold, and then roared back to life starting in June and July.

Total sales of residential real estate in Fairfax County tiptoed past the billion-dollar mark in March, a rarity for so early in the year but the product of increasing sales and higher prices.

With 1,493 properties going to closing last month, total countywide sales were up 11.2 percent from March 2020, according to figures reported April 12 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.

Average prices were higher, too, fueled by tight inventory, with the average sales price of $693,613 up 9.9 percent from $631,053. Increases were posted in all three segments of the market:

• The average sales price of single-family homes stood at $973,548, up a whopping 17.4 percent from $829,111 a year before.

• The average sales price of attached properties, such as townhouses, stood at $461,362, up 8.9 percent from $423,635.

• The average sales price of condominiums stood at $358,539, up 13 percent from $317,216.

A total of 213 properties changed hands for more than $1 million, including 18 for higher than $2.5 million.

Add up all the sales and prices, and total sales volume for the month stood at $1,012,316,764, up 20.1 percent from $842,943,359 a year before.

Homes that went to closing in March spent an average of 18 days between listing and ratified sales contract – a day less than a year before – and garnered 102.1 percent of original listing price, up from 100.5 percent a year before.

Conventional mortgages represented the method of transacting sales in 1,107 cases, followed by cash (168) and VA-backed mortgages (156).

A dearth of inventory remains a motivating factor for prospective purchasers to get into the market. Despite a slight year-over-year increase in the number of homes coming onto the market in March, total listing remain at a rock-bottom level, with 943 homes on the market at the end of March, down 37 percent from the already tight inventory of March 2020.

(The available properties represent only about 20 days’ inventory, an extraordinarily pro-sellers’ market. For the market to be considered balanced, inventory would have to rise to approximately 4 months’ worth of homes on the market.)

There seems to be little likelihood that the market will be cooling anytime soon, as the number of new pending sales reported in March was up nearly 28 percent from a year ago, and the total pending sales up just under 20 percent. Most of these transactions will move into the “sold” category within a month or two.

Figures represent most, but not all, homes on the market; all March 2021 figures are preliminary, and are subject to revision.

From this point forward, year-over-year comparisons are going to be somewhat irrelevant for coming months. Starting last April, the local real-estate market ducked for cover for two to three months as pandemic pandemonium took hold, and then roared back to life starting in June and July.

From this point forward, year-over-year comparisons are going to be somewhat irrelevant for coming months. Starting last April, the local real-estate market ducked for cover for two to three months as pandemic pandemonium took hold, and then roared back to life starting in June and July.

From this point forward, year-over-year comparisons are going to be somewhat irrelevant for coming months. Starting last April, the local real-estate market ducked for cover for two to three months as pandemic pandemonium took hold, and then roared back to life starting in June and July.

From this point forward, year-over-year comparisons are going to be somewhat irrelevant for coming months. Starting last April, the local real-estate market ducked for cover for two to three months as pandemic pandemonium took hold, and then roared back to life starting in June and July.

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