Add up the sales and prices, and Fairfax County’s home-sales volume for January was just shy of $400 million and down ever so slightly from a year before.
A total of 522 properties went to closing for the month, according to figures reported Feb. 12 by MarketStats by ShowingTime based on listing activity from Bright MLS.
That’s off 5.4 percent from the 552 transactions recorded in January 2023.
Sales prices, however, were up in all three segments of the market, with the overall average standing at $764,416, an increase of 6.75 percent.
Among the three legs of the stool:
• The average sales price of single-family homes stood at $1,089,871, up 11.5 percent.
• The average sales price of attached homes (townhouses, rowhouses and condominiums) was $510,051, up 4.4 percent.
•. The average sales price of condominiums alone was $393,457, up 6.8 percent.
A total of 86 properties changed hands for more than $1 million, including eight for more than $2.5 million and one for more than $5 million.
Add it all up, and total sales volume for the month was $399,972,709, down one-quarter of a percent from $401,023,879 a year before.
Transactions consummated during the month spent an average of 26 days between listing and ratified contract, an improvement from 35 days a year before, and garnered 99.3 percent of listing price, up from 97.1 percent.
Conventional mortgages represented the method of transacting sales in 333 cases, followed by cash (113) and VA-backed loans (48).
Inventory remains a key challenge, with the 646 homes on the market at the end of January representing a decline of nearly 16 percent from a year before. Having a smaller pool of properties is simultaneously constraining sales and propping up prices.
Pending sales in January were down about 14 percent from a year ago, suggesting the winter market will continue to be soft until, potentially, tailwinds arrive in spring.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
