The Fairfax County real estate market remained a model of stability in August. All the indicators were bullish for sellers as the average sale price rose 4.66 percent over August 2011, according to Real Estate Business Intelligence. Total sales equaled $702,223,897 for the month, up 2.69 percent over July and 13.4 percent over August 2011. The number of closed sales totaled 1,349, up 8.35 percent from last August.
The average selling price last month was $520,551 and the median sales price was $440,000, a 1.12 percent rise over July. Homes spent an average 42 days on the market, 19 percent better than a year ago and more than two percent better than July.
Sellers got, on average, 97.04 percent of their asking price â€“ a little better than a year ago.
Homes in Fairfax City spent almost twice as long on the market â€“ 77 days. But when a contract was ratified, they got on average 98.73 percent of their asking price. The numbers for Falls Church City were a little better; only 38 days on the market and an average selling price of $601,518, well above the county-wide average.
It was a different story in neighboring Loudoun County. Closed sales dropped sharply from July, down 6.45 percent to 479. The average sale price in August was $430,282, down 4.02 percent from July but up over two percent from August a year ago.
Loudoun homes spent an average 50 days on the market and brought 97.12 percent of the listing price.
The numbers in Prince William County show marked improvement. The average sale totaled $318,061, up 4.3 percent from August 2011 and up 2.62 percent over July.
There was a big pick-up in sales, with 599 closed contracts. That’s 20.28 percent more than August a year ago and 11.55 percent more than in July. Homes spent an average 45 days on the market and brought 97.08 percent of the listing price.
Arlington County recorded 243 home sales in August at an average price of $550,066. That’s down 1.7 percent from August 2011 and a drop of 4.35 percent from July. Homes also took longer to sell â€“ an average 50 days, 13 percent longer than August a year ago.