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LESS THAN 6 MONTHS SUPPLY MEANS IT IS A SELLER'S MARKET
In Fairfax County, VA, the median sold price for Detached properties for September was $616,000, representing a decrease of 3.3% compared to last month and a decrease of 0.6% from Sep 2015.
The average days on market for units sold in September was 62 days, 12% above the 5-year September average of 55 days. There was a 15.1% month over month decrease in new contract activity with 557 New Pendings; a 10.1% MoM decrease in All Pendings (new contracts + contracts carried over from August) to 835; and a 5.8% increase in supply to 2,237 active units.
This activity resulted in a Contract Ratio of 0.37 pendings per active listing, down from 0.44 in August and an increase from 0.31 in September 2015.
The Contract Ratio is 6% lower than the 5-year September average of 0.39. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller's favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer's favor.