Prices Up but Fairfax County Home Sales Drop 8% In August

photoFairfax County had, by far, the largest number of home sales in Northern Virginia in August, but the total was off eight percent from August 2010, according to the Long & Foster Market Minute report. Sales were up slightly over July.

Fairfax recorded 1,169 sales during the month, compared to 461 in Prince William, 442 in Loudoun, 211 in Arlington and 161 in Alexandria city, which saw the biggest improvement, with sales climbing five percent over August 2010.

Prince William saw the biggest year-over-year decline, with sales off 22 percent, according to the report.

Despite fewer sales, prices were up across most of the region and inventories of unsold homes dropped significantly.

Prices up

August data shows that median sale price increased in many areas of Northern Virginia compared to August of last year, including Arlington County, which experienced a 14 percent increase year-over-year to $499,000. Loudoun, Fairfax and Prince William counties also experienced moderate upticks in median sale price versus year-ago levels.

Fairfax County’s median sale price rose one percent from August 2010 to $419,900.

Homes continued to sell quickly throughout Northern Virginia, according to August data, with houses selling in less than two months on average. In Prince William County, this month’s days on market (DOM) was 39 days.

The remainder of the region continues to see houses sell quickly as well, averaging 41 days in Fairfax County, 43 days in both Arlington and Loudoun counties, and 57 days in the city of Alexandria.

“We are continuing to see some very positive trends in Northern Virginia, including increases in median sale price in some areas and quickly-selling homes throughout the region,” said Jeffrey Detwiler, president and chief operating officer of The Long & Foster Companies. “For some buyers and sellers, these dynamics could signal an ideal opportunity to make a housing-related change.”