http://www.sungazette.net/articles/2011/06/18/fairfax/real_estate/bareal26p.txt
Home sales across Fairfax County in May were down from a year before, when buyers were rushing to cash in on the federal tax credit that buoyed the market.
Despite the decline, average and median home prices were higher across the county last month compared to May 2010, according to figures reported June 10 by RealEstate Business Intelligence, an arm of the local multiple-listing service.
A total of 1,212 transactions took place across the county last month, down from 1,486 a year before - a decline of 18.4 percent.
But prices were headed in the opposite direction, with the average sales price up 7.2 percent to $478,729. Average prices were up in two of the three market segments:
* The average price of single-family homes that sold across Fairfax in May was $528,677, up nearly 6 percent from a year before.
* The average price of attached homes, such as townhouses, was up about 2 percent to $316,949.
* The average sales price of condominiums, however, posted a decline of 1.3 percent to $230,752.
The median sales price of all properties that sold during May was $409,950, up 5.5 percent from the $388,500 recorded a year before. The median is the point at which half of homes sell for more, half for less, and is seen by some as a more accurate gauge of the direction of the market.
A total of 52 properties changed hands for more than $1 million.
Of homes that sold in May, it took an average of 51 days to go from listing to ratified contract, up from 38 days a year before. About 43 percent of all homes that sold spent less than a month on the market before finding a buyer, while about 12 percent lingered for 12 months or more.
Among homes that sold during the month, the final sales price represented 96.6 percent of original listing price, down from 97.4 percent a year ago.
Of the 1,212 transactions, conventional mortgages were the method of financing in 639 instances, followed by FHA-backed mortgages (250), VA-backed mortgages (149) and cash (148).
At the end of the month, there were 3,430 homes listed for sale across the county, down about 3.4 percent from a year before.
The total sales volume for the month countywide was $580.2 million, down 12.6 percent from a year before.
Among ZIP codes in the Sun Gazette coverage area, the following sales were reported (there is more month-to-month volatility in sales and prices within ZIP codes, because of lower total sales, than in broader markets such as the county as a whole):
22066 (Great Falls): Sales for May totaled 19, up from 18 a year before. The average sales price of $1,293,081 was up 4.9 percent from a year before, while the median sales price of $1,195,000 was up 7.9 percent. Homes spent an average of 172 days on the market between listing and ratified contract, up from 120 a year before.
22101 (McLean): Sales totaled 34, up from 31. The average sales price of $1,004,793 was up 4.3 percent, while the median sales price of $850,000 was up 13.3 percent. Homes spent an average of 83 days on the market, down from 113.
22102 (McLean): Sales totaled 27, up from 25. The average sales price of $748,759 was up 10.1 percent, while the median sales price of $780,000 was up 122.9 percent. Homes spent an average of 71 days on the market, up from 69.
22124 (Oakton): Sales totaled 30, down from 43. The average sales price of $654,943 was up 20.6 percent, while the median sales price of $657,500 was up 17.6 percent. Homes spent an average of 97 days on the market, up from 46.
22180 (Vienna): Sales totaled 29, down from 46. The average sales price of $691,941 was up 23.6 percent, while the median sales price of $545,000 was up 3.8 percent. Homes spent an average of 45 days on the market, up from 39.
22181 (Vienna): Sales totaled 25, up from 24. The average sales price of $627,394 was up 20.3 percent, while the median sales price of $663,000 was up 24.5 percent. Homes spent an average of 61 days on the market, up from 16.
22182 (Vienna): Sales totaled 26, down from 34. The average sales price of $773,777 was down 1 percent, while the median sales price of $750,000 was up 7.5 percent. Homes spend an average of 31 days on the market, down from 52.
Figures represent most, but not all, homes on the market. All figures are preliminary, and are subject to revision.
