Condos, Townhomes Outsell Single-Family Units in September

The condo market showed new strength in September as attached units outsold detached homes in Fairfax County, according to Real Estate Business Intelligence.

Sales of condos and townhomes totaled 523, a 13.2 percent increase over September 2011. There were 484 single-family sales, a decrease of 3.39 percent over the same month a year ago.

Condos and townhomes also saw healthy price appreciation. The average sales price was $343,537, an increase of 9.24 percent over September 2011. The average single-family home in Fairfax County sold for $648,848 last month, a decline of 2.91 percent year-over-year.

Sales of all types of housing rose 4.57 percent — from 963 to 1,007. The increase in sales came in spite of a sizable drop in active listings. The number of homes on the market last month was down 26.09 from last September.

Loudoun

Sales were sharply higher in Loudoun County last month. The number of units sold jumped 22.61 percent over September 2011. Sales volume surged 30 percent with the average sales price rising 6.81 percent.

The pattern of strong condo sales was not duplicated in Loudoun, however. Sales of single-family homes outpaced condos and townhomes 227 to 196. However, attached homes showed a stronger price appreciation, rising 9.16 percent to a 2.53 percent gain for single-family homes.

Prince William

Realtors also had a sold September in Prince William County. The number of units sold rose 17.8 percent. Sales volume increased nearly 35 percent and the average sales price rose 14.16 percent.

Condo sales dropped 6.21 percent while single-family sales rose 36 percent.

For the Northern Virginia market October may also shape up as a good month. New pending home sales — sales that should close this month — were up 24.66 in Loudoun, 6.06 in Fairfax and 3.75 in Prince William.

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