The average sales price of single-family homes across Fairfax County continued to move tantalizingly close to the million-dollar mark, as the hot post-COVID market continued to sizzle for most of June.
A total of 2,237 properties went to closing during the month, up 49 percent from the 1,503 transactions in June 2020, according to figures reported by MarketStats by Showing Time, based on data from BrightMLS.
The year-over-year comparison, sales-wise, isn’t necessarily apples-to-apples, as the June 2020 market was still somewhat hobbled by the after-effects of COVID’s arrival several months before.
But when it comes to prices, comparisons are more apt, and it has been a significant uptick over the past year.
The average sales price of all properties (of all types) that went to closing in June across Fairfax County stood at $713,021, up 11.2 percent from $641,119 a year before. Prices were up in all three segments of the market:
• The average sales price of a single-family home rose 20.4 percent to $980,173.
• The average price of an attached home, such as townhouses, rose 10.5 percent $479,131.
• The average price of a condominium was up 11.9 percent to $368,486.
A total of 352 properties changed hands countywide during the month for more than $1 million, including 23 for more than $2.5 million and one for more than $5 million.
Add up all the sales and prices, and total market volume in June stood just a hair under $1.6 billion, up 65 percent from a year before.
Homes that went to closing during the month spent an average of 12 days between listing and ratified sales contract, an improvement from 18 days a year before, and garnered 102.9 percent of original listing price, up from 99.7 percent.
Conventional mortgages represented the method of transacting sales in 1,612 cases, followed by VA-backed loans (270) and cash (244).
Inventory is up, with the number of active listings at the end of the month standing at 1,612, an increase of 14.3 percent but still not enough to satisfy the number of buyers who have been circling, seeking to find the home of their dreams.
Where is the market headed? The number of pending sales reported in June was up 6 percent from the same period a year ago. Those pendings usually translate into completed transactions within a month or two.
Figures represent most, but not all, homes on the market. June 2021 figures are preliminary, and are subject to revision.