Ongoing strength pushed the Fairfax County home-sales market over the billion-dollar threshold again in November, with both sales and average prices in positive territory compared to a year before.
A total of 1,546 properties went to closing last month, up 9.1 percent from 1,417 in November 2020, according to figures reported Dec. 14 by MarketStats by ShowingTime, based on listing data from Bright MLS.
Even though there was a smaller percentage of single-family homes in the overall sales mix compared to a year before, the average sales price rose 3.4 percent to $681,962, with increases recorded in all three segments of the market:
• The average sales price of a single-family home rose $937,499, up 6.2 percent.
• The average price of all attached homes was up 6.1 percent to $472,119.
• The average sales price of condominiums was up 8.5 percent to $365,545.
A total of 179 properties changed hands at more than $1 million, including 10 at $2.5 million or higher and three above $5 million.
Add up all the sales and prices, and the total sales volume for the month stood just under $1.05 billion, up 12.6 percent from $930.2 million a year before.
The local market continues to face a dearth of homes on the market, with the total number of active listings at the end of November (985) down one-third from a year before and the number of listings coming onto the market during the month down one-fifth.
As a result, the market is still in a pro-seller environment, with a typical home going for 99.1 percent of average listing price and taking a relatively brisk (for autumn) 22 days between listing and ratified sales contract.
Of homes that sold in November, conventional mortgages represented the method of transacting sales in 1,126 cases, followed by cash (178) and VA-backed loans (161).
Where is the market headed? The pipeline of transactions looks like it will be returning to seasonal norms, with lower sales in wintertime before the spring season arrives. The total number of pending sales in December (1,547) was down 5.7 percent from a year before; those sales likely will translate into completed transactions shortly.
Year-end data for the local market should be available around Jan. 12.
Figures represent most, but not all, sales during the period. November 2021 figures are preliminary and are subject to revision.