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Friday, February 3, 2023
FairfaxFairfax homes market kicks off 2021 with a bang

Fairfax homes market kicks off 2021 with a bang

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A combination of more market activity and higher prices pushed total January home-sales volume in the Fairfax County homes market up more than 40 percent compared to a year before.

And given the forward-looking data that accompanies the January sales report, the red-hot market shows ongoing strength.

A total of 1,008 properties changed hands in Fairfax County during the month, up just under 31 percent from the 770 transactions reported in January 2020, according to figures reported Feb. 12 by RealEstate Business Intelligence, based on data from MarketStats by ShowingTime.

Those 770 sales of a year ago were in line with historic norms – the market is usually in the winter doldrums in December and January – but the current Fairfax market continues to be pushed along by pent-up demand that followed in the wake of several months’ worth of COVID worries and economic lockdowns last spring.

The average sales price of all homes that went on the market rose 9.2 percent to $648,546, led by a whopping 16.8-percent increase (to an average $927,373) in the single-family market. The average price of attached properties, such as townhouses, was up 5.6 percent to $437,725, while the average price of condominiums was down 3 percent to $317,174.

A total of 117 properties went to closing for more than $1 million, including eight for more than $2.5 million and one for more than $5 million.

Add it all up, and total sales volume of $653.7 million for the month was up 42.5 percent from $458.7 million.

Homes that went to closing during the month garnered an average of 99.5 percent of listing price, up from 98.5 percent a year before, and spent just 23 days between listing and ratified sales contract, an improvement from the 34 days required in January 2020.

Conventional mortgages represented the method of transacting sales in 747 cases, followed by VA-backed loans (102), cash (91) and FHA-backed mortgages (43).

Part of the ongoing feeding frenzy could be due to a dearth of available properties; at the end of the month, inventory stood at 945 active listings, down more than 17 percent from a year before even as more Fairfax residents put their homes on the market (perhaps to test how much they might garner).

The 30-percent year-over-year sales increase of January is not likely to be replicated in coming months, but growth should remain strong.

The total number of pending sales in the pipeline stood at 1,384 at the end of the month, up just under 20 percent from the same point in 2020. Those pendings usually translate to completed transactions within a month or two of posting.

Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to change.

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