Fairfax County Homes Sell Fastest In Region In July

photoThe latest data from Long & Foster Companies shows homes in Fairfax County spend the least amount of time on the market of any county in Northern Virginia.

The Long & Foster Market Minute report, compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales, shows the average days on market (DOM) for Fairfax County property in July was 37 days. That compares to 39 days for Prince William and 40 days for Loudoun.

In July, active inventory continued to fall throughout the Northern Virginia region compared to the same month last year. Much of the region saw significant decreases in inventory of more than 15 percent.

Fairfax County inventory was down 17 percent, eclipsed only by Prince William, which saw an 18 percent decline in available homes.

There were fewer July sales in Fairfax County compared to a year ago. There were 1,208 July 2011 sales, down six percent from July 2010. But the company attributed the decline, in part, to the decline in inventory.

The average sale price was also slightly lower – $432,500 – one percent lower than July 2010. Homes that did sell in July brought 98 percent of the asking price, second only to Prince William’s 98.6 percent.

With much of the nation and other parts of Virginia still in a real estate recession, Fairfax County and its neighbors are compiling real estate sales statistics that other regions can only dream about.

“Northern Virginia continues to experience more positive trends than national averages,” said Jeffrey Detwiler, president and chief operating officer of The Long & Foster Companies. “Homes in the Northern Virginia region are not staying on the market for long, selling in less than two months on average, and sellers are receiving a high percentage of their asking price in many cases.”

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Truman Lewis
A former reporter and bureau chief, Truman Lewis has covered presidential campaigns, state politics and stories ranging from organized crime to environmental and consumer protection.