Fairfax Virginia Homes Sales Prices are Still Moving Lower - This report shows unmistakably - the price trend that Fairfax VA homes prices of single family homes for sale in Fairfax VA declined quite a bit since last year.  This report is based upon public MRIS Data* published June 10 2009.  Fairfax VA has one thing in its favor in the DC area, and that is an incredible location, access to the Dulles Toll Road, proximity to everything and Dulles International Airport. So if you are thinking of buying, now is the time before rates climb further.

I created a 5 year comparison sales price chart based on MRIS Data* so that you can get a better grasp on Fairfax VA homes sales price trends.  Please keep in mind now the Fairfax VA real estate market in has changed.  In May of 2006 the average sales price was $550,656.  Even though home prices are trending lower, we are now dealing with lower mortgage rates, but buyers are still having difficulty in obtaining financing and are very cautious proceeding forward. To compound this, mortgage rates have jumped substantially in the last few weeks alone.  Higher rates = lower prices.  This will effect future closings and lower prices.  Those lower prices bring lower appraisals for future sales also.  The market has changed and so have the rules of the game.  In May of 2009 the Average Sold price for a home in Fairfax VA was $420,482 or a 24% drop in the average sales price. 

*Metropolitan Regional Information Systems, Inc. (MRIS) 

Real Estate Trend Indicator - <$100K to >$5M Format

Fairfax VA Real Estate Report for May 2009 Home Sales in Fairfax Virginia Saw Homes Sales increase over the same period last May 4.15% A lot of news stories have been posted this week when MRIS posted the most recent real estate statistics for the month of May on June 10th.  These stories are misleading the public and sellers alike that homes sales in Fairfax county have just increased over last year.  That is true.  However, they neglect to tell you the the facts that even though the number of Fairfax home sales that have increased an anemic 4.15% over May of 2008....they are no where where they were in previous years.  In fact if you look at a 5 year perspective, they are down a whopping 42% from May of 2005 when they stood at 2291 homes sold. What's driving the sales?  Foreclosures and distressed sales are.   That is why the average sales price of $420,482 in Fairfax which is a drop of -10.35 % over last May, and it explains the sill widening gap in list price / sales price ratio at that now stands at 92.23 %.  That shows us that shows us that buyers are still firmly in charge of the Fairfax VA home market

Maryland homes sales by County for May 2009. MRIS Our DC area regional MLS MRIS has just released May 2009 home sales stats for the MRIS coverage area today - June 10, 2009.  Montgomery County Maryland led for homes sales with 874 homes. Because of Montgomery County's proximity to DC for commute, and rising gas prices. It is the logical choice.  It is convenient to WMATA...in the Maryland suburbs of Washington DC. So Montgomery County is the preferred choice by far, even though the home prices are much higher than surrounding counties. I have also included sales numbers for Anne Arundel, Prince Georges, Calvert, Carroll, Frederick County MD, Howard County, Saint Marys, and Charles County MD. Montgomery County with its quick access into DC led the pack with the highest amount of home sales. Prince Georges County Maryland homes sales came in second with a much different average price, but the home sales in Prince Georges County area increasing because of all the foreclosures and distressed properties. There were 494 homes in Prince George  MD sold in December.   Anne Arundel County took third place with 410 home sales for May 2009.

* MRIS Real Estate Trend Indicator - <$100K to >$5M Format

Northern Virginia Homes Sales Trends.  MRIS* (Our Regional MLS System) has just released MAY 2009 home sales stats for the MRIS coverage area today - June 10, 2009.  Once again because of its prime location to all in the DC area for access, commute, WMATA...sales of homes in Northern Virginia Fairfax VA leads the region in home sales easily with 1331 homes in Fairfax, followed by homes in Prince William County with 753 sales.  That is always a surprise because the average home prices in Fairfax are so much higher on the average, but price trends are moving down even as mortgage interest rates decline to record lows.  If interest rates keep moving higher, prices wil go lower.  Higher rates = lower prices.  Fairfax is presumed to be location closer to DC, the Pentagon, the airports etc.  Homes in Prince William County are selling because the average sales price has fallen so much!  

* MRIS Real Estate Trend Indicator - <$100K to >$5M Format

The latest Prince William County VA real estate sales trends for June 5, 2009. Here are the Prince William County real estate trends for single family detached homes for sale in Prince William VA.

Prince William County Virginia Real Estate Trends At a glance:

• 1000 Single family detached fee simple Prince William VA Homes for Sale - Active Listings
• 178 Single family detached fee simple Prince William  VA Homes for Sale - 'Cntg/KO'
• 585 Single family detached fee simple Prince William VA Homes for Sale - 'Cntg/NO KO'
• 604 Single family detached fee simple Prince William VA Homes for Sale - 'Contract'