It may be just a temporary blip, but home sales across Fairfax County in March took a bit of a tumble even as average sales prices continue to rise.
A total of 818 properties went to closing during the third month of 2024, according to figures reported April 10 by Bright MLS, based on data from MarketStats by ShowingTime.
That’s down nearly 15 percent from the 960 transactions recorded in March 2023.
The average sales price for all properties that sold during the month countywide stood at $839,295, up 8.1 percent, representing an increase in all three legs of the market:
• The average sales price of detached homes rose 4.8 percent to $1,128,656.
• The average sales price of attached homes (townhouses, rowhouses, condominiums) was up 9.3 percent to $548,514.
• The average sales price in the condo-only segment was up 8.3 percent to $424,046.
A total of 198 properties changed hands for more than $1 million, including 15 for $2.5 million and up and one for more than $5 million.
Add up all the sales and prices, and the total market volume for March was $671.4 million, down 8.5 percent.
Homes that went to closing during the month spent a relatively brisk 14 days between listing and ratified sales contract, an improvement of nearly a week from the 20 days required a year ago. The average sales price represented 102.6 percent of original listing price, up from 101.2 percent a year before.
Conventional mortgages represented the method of transacting sales in 534 cases, followed by cash (164) and VA-backed loans (80).
Inventory continues to be a challenge, with the 827 properties on the countywide market at the end of the month representing a 11.3 percent decline from a year earlier.
Where is the Fairfax market headed? At the end of March, the number of pending sales (1,143) represented a 2.7-percent increase from a year before. Those endings generally translate to completed sales within a month or two of posting.
Figures represent most, but not all, homes on the market. All March 2024 figures are preliminary and are subject to revision.
