Here is the Link to the January 2015 Fairfax County Statistics from Mris MLS.
For interpretation purposes, let go through the report together:
New listings are up 6.9 % compared to January of 2014 ( no surprise since most homeowners do not want to market their homes during the Holiday season) and the 5 year average listings are around 591 which is exactly what January depicts. Some of this inventory is a "hold over" from 2014 since the market "softened" during the 3rd and 4th quarters of 2014.
New Pendings are up 28.9% from the previous month (December ) and up 18.9% from January 2014.
Closed sales is an interesting statistic. I attribute the 7.8 % rise to pent up demand from a "softer" 2014 market and a milder winter than 2013-2014.
Interestingly enough, the Median sold prices are up 4.6% from January 2014. Amazing that the median sold price can be higher after a period of slower sales.
As it stands today, the market is very much a sellers market in the lower price ranges ($600,000 and under) and the upper price range properties are moving in the buyer's favor. Interestingly enough, the average days on the market is 85. Just about the time one thinks they can offer a bit lower than asking price on a property, other offers can appear on the table as well!
Hope this makes sense. Call me anytime with questions.
If you would like to buy or sell a home, call me today for expert advice. I keep track of the market statistics and inventory so I can point you in the right direction!