New year, more real estate market stat recaps. I’m keeping in the 𝐌𝐎𝐍𝐓𝐇𝐒 𝐨𝐟 𝐒𝐔𝐏𝐏𝐋𝐘 stat. The 𝘮𝘰𝘯𝘵𝘩𝘴 𝘰𝘧 𝘴𝘶𝘱𝘱𝘭𝘺 stat gives a projection of how long properties will sit on the market before being sold.
In Arlington County, closed sales were up, however, not as significantly as the past few months. Townhomes stood out this past month, with higher closed sales and sharper drop in average days on market at just 16 days. Condo supply is up giving condo buyers a little more leverage in the market right then we’ve seen in the past.
In Fairfax County, townhomes and single family homes supply continued to decrease while condo supply grew when comparing it to a year ago. However, looking at the market in terms of closed sales you can see a huge jump in activity – closed sales up 40-42% for attached properties compared to a year ago. Buyers are active and looking in Fairfax County!
Red hot door, in a red hot market! Alexandria City market showed similar trends as the other surrounding Northern Virginia counties. Months of supply show condos sticking on the market nearly twice as long as detached. The closing activity remains incredibly high given the season – in January condo closed sales were up nearly 50% for the second month in a row!
Falls Church City
Falls Church City shows an odd set of market stats in January due to the small sample size and seriously low supply in this particular area. When a detached property goes on the market in FCC it goes FAST, less than a week fast! Want a townhouse in FCC? You’ll need a Realtor and a wizard. Harry Potter will need to create one from thin air for you.
In all seriousness, you really need to have a solid game plan as a buyer AND as a seller in FCC.
P.S. The coffee shops are outstanding here!