Fairfax VA Home Sales Report - October 2008 Sales
The latest Fairfax County Virginia homes sales statistics for MRIS* (our MLS service) have just been released today November 10, 2008. There are some very interesting trends. First, Fairfax County VA homes sales are up 43.65% over same time period in October 2007 which had 788 home sales. October 2008 saw 1132 Fairfax County Virginia homes sold. The average price for a home sold in Fairfax County VA has dropped from $520,186 last October to an average sold price of $408,464 this year. That is a drop in average sales price 21.48%. The final net sales figure does not reflect that seller's contributions or concessions to make the deal work and that is lowering the sellers net. It is important to know in this market the sellers are netting less than reported by the statistics.
The list price sales price ratio of a Fairfax VA homes for sale is 91.54% the time needed to sell a home has increased from 94 days to 101 days almost a 7.45% time needed to sell a home. So it is still a buyers market! My interpretation is that a major increase in sales of units of homes in Fairfax County VA that sold is due to sales of foreclosures, short sales, and motivated sellers. Homes that are realistically priced sell are selling.
*MRIS - Metropolitan Regional Information Systems, Inc. Real Estate Trend Indicator - <$100K to >$5M Format
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