Market Conditions for Fairfax, Virginia Reported by Barb Northam, Associate Broker, REALTOR, CRS, GRI, e-PRO Updated January 5, 2009.

Current Market Rating: 1 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 1 1 2 3 4 5 Falling Rising

Average Sold Price is way down over last year this time, at $383K.(a 28% decrease), bur slightly up from last month. Properties are staying on the market an average of 112 days. Homes are selling for an average of only 91% of list price. Ponder: With the average Sales Price under $400K, almost 50% of properties currently on the market are listed in excess of $500,000 (45 currently available). What are the chances??!!! NOT GOOD! for sellers. SELLERS! You're losing $60K A YEAR! Price it right: NOW! Or wait, 12 months and lose another $50K-80K! You choose! With the limited number of houses in Fairfax City, there really aren't many bargains, And, slightly fewer homes are selling this year as compared to last year. Still, purchasers are demanding property condition to match the price, and sellers must be willing to negotiate and participate in concessions. There is at least a 7 month supply of properties on the market (!!).


Approximate Location Boundaries: The City of Fairfax

Location Characteristics: Great Location - near George Mason University, schools, shopping, and the "old town" feel of the 'revitalizing' city of Fairfax--they're going Gangbusters on City improvements (NEW Library, more new Retail/Commercial/Condo complexes coming in 2008-2009). Don't miss the Chocolate Festival in February, the Farmers' Markets, and the other city celebrations!

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