July 2013 saw some typical end of Summer trends in the real estate market for Fairfax, VA. In total, 1,586 homes were sold in the area, an 18.5% increase year over year, but a 14% decrease from June. The total dollar value of all the homes sold was $871,377,979, which is over a 27% increase from July of 2012, but still a 14% decrease from the previous month.
The median value of the homes sold in July 2013 was $480,000, an 8% increase from 2012 but a 2% decrease from June. On the other hand, the average value of a home sold in this period was $549,419, quite a bit higher than the median value and a 7.5% increase from the previous year and only a .8% decrease from June. Like the values of the homes, the amount that sellers are receiving for their homes is increasing. In fact, sellers received about 98.6% of their original asking price, a 1.4% increase from July of 2012, and only a small .6% decrease from June.
By the end of JUly, there were 2,387 active listings, marking a 7% decrease from 2012. A good majority of those listings, 1,856, were new. In an opposite trend to the active listings, the new listings actually increased by a huge 27.5%. In terms of suppl there were about 1,800 homes sold in June 2013. Given that there are 2,387 active listings this represents a little over a one-month supply of homes. This signifies a very strong sellers market and is most of the reason for the increase in average sales price. When a home was listed, it remained on the market for about 25 days before being sold, which is a 42% decrease from the 43 days of the previous year. 25 days might not seem long, but Express Homebuyers can buy your home in as little as 7 days! if you're selling your home and want a fast cash offer, then give us a call at 877-804-5252.
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