Existing home sales again note monthly increase
By Staff
Rosemary deButts, senior consultant for Fairfax-based Fulton Research and Consulting, recently completed an analysis of the existing home market in Fairfax County.
Her findings show that the major indicators in the county’s existing home market are pointing up:
Total sales in June were up for the fifth straight month. The 1,487 total represents the second- highest sales record over the last 18 months.
The median sales price exceeded $400,000 for the first time this year. Great Falls had the highest median sales price in June but also had the highest average for number of days on market and highest supply of inventory.
The upper-end markets of Oakton, McLean, Great Falls and Vienna have the fewest listings designated as foreclosure, REO property and so on.
Alexandria has the highest number of active foreclosure listings (157). Springfield has 82 foreclosure listings and Herndon has 65.
The percentage of average close price to average list price has been steadily climbing. The percentage has risen five of the past six months.
The county's average number of days on market fell for the fourth straight month and is less than 90 days for the first time since November 2007.
Note: Rosemary deButts, MIRM, can be reached at rdebutts@fultonresearch.com.