After a sluggish Spring, Fairfax County experienced a steady rise in home sales this summer—a trend that has continued into fall.
In Fairfax County, just like everywhere else, spring home sales were significantly impacted by the pandemic. Total sales in March, April and May were 3,830 homes sold, down 16% from Spring 2019.
The market picked up in the summer, with home sales for July, July & August totaling 4,977—basically identical to Summer 2019.
This trend has continued into fall. The market in Fairfax County has been unseasonably strong so far, with 1,584 home sales in September, a 25% increase over September 2019. October is also shaping up to be a strong month. With a little less than a week to go, Fairfax County is on pace for 1,350-1,400 home sales in October, a modest increase over October 2019, which saw 1,252 home sales.
Current inventory in Fairfax County is 1,740 homes for sale—a 20% increase over last fall. Combined with low interest rates, this increased inventory should spur home sales through the first part of winter.
Here are the current Interest Rates (as of 10/23/2020):
| Loan Type | Rate |
|---|---|
| Fannie/Freddie Conforming | 2.6525% |
| Fannie/Freddie High Balance | 2.75% |
| Conventional Jumbo | 2.875% |
| FHA/VA Conforming | 2.5% |
| VA Jumbo | 3% |
It’s been a unique year here in Fairfax County to say the least, but as far as the real estate market is concerned, we have seen a total recovery in terms of home sales and sale prices.
The total number of homes sold January 1st 2020—October 1st 2020 was 12,038, a decrease of less than 3% over the same period of 2020. The median sale price for January 1st 2020—October 1st 2020 was $541,000, an 8% increase over the same period of 2019.
If home sales continue to be unseasonably strong through the end of the year, we may actually to see more home sales in 2020 than we did in 2019, which is pretty remarkable when you think about it!
If you’d like to talk real estate, give me a shout anytime.
Lou Sagatov, Realtor®
571-305-2405