Real estate is on the upswing in Fairfax County.
February home sales numbers have just come out and they show the average sales price for a home in Fairfax was $535,760. That’s a jump of 2.9 percent over February, 2016.The number of homes sold has also moved up a bit over the past year, rising 1.4 percent between February ’17 and February ’17.
This past February the number of homes on the market in Fairfax County was 2,144. That’s a drop of 14.5 percent from a year earlier. That works out to about a 2.5 month supply of homes for sale compared with a 3 month supply a year earlier. According to David Blitzer of Standard and Poors, “Tight supplies and rising prices may be deterring some people from trading up to a larger house, further aggravating supplies because fewer people are selling their homes.”
More positive real estate numbers from the Fairfax County economic indicators report:
- Home Sales/Days on Market: On average, homes that sold in the county in February were on the market for 68 days. This is 14 days fewer than the 82 day average in February 2016.
- Negative Equity: Negative equity occurs when the borrower owes more on their mortgage than their home is worth. At the end of 2016, the percentage of county homes with negative equity was 7.8 percent, down from 9.2 percent a year ago and the lowest among the major jurisdictions in our the region.