Inventory issues continued to hold back the Fairfax County real-estate market as it closed out the year, but also helped to keep prices rising, according to new data.
A total of 624 properties went to closing across the county in December, down 18.4 percent from the already slight 765 transactions a year before, according to figures reported Jan. 11 MarketStats by ShowingTime based on listing activity from Bright MLS, the region’s multiple-listing service.
The culprit causing the decline? In additional to the normal seasonal fluctuations, Fairfax County continues to be plagued by a dearth of inventory, with the 654 active listings on the market at the end of December down by more than 25 percent from a year before.
But buyers were willing to pay top dollar, with the average sales price for all properties rising 9.4 percent year-over-year to $790,444 and increases recorded in all three segments of the market:
• The average sales price of single-family homes rose 8.6 percent to $1,096,210.
• The average sales price of attached homes (condominiums, townhouses and rowhouses) rose 13.1 percent to $523,243.
• The average sales price in the condo-only segment rose 6.2 percent to $408,697.
A total of 122 properties went to closing for more than $1 million, including 13 for more than $2.5 million. Total sales volume for the month stood at $493.3 million, down 11.8 percent from a year before.
Properties that sold during the month moved relatively briskly, with the 21 days between listing and ratified sales contract down from 30 days a year before.
Where is the Fairfax market headed? Pending sales for December were down 11.3 percent from a year before, suggesting a somewhat sluggish start to 2024 as those transactions move to closing.
Figures represent most, but not all, home sales. All December 2023 figures are preliminary and are subject to revision.
