Fairfax County Homes For Sale (condos and more)

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May 17, 2007

There was a Washington Post feature story in the Business Section yesterday titled The Bad News On Condos that provided some insights into how terrible the condo market is in the DC Metro area (see In The News). Since I collect daily data, I did a little sample of the Northern Virginia condo market and here is what I found:

Condos (May 16, 2007)ResalesNew Construction *
 ActiveList PriceDOMP ActiveList PriceDOMP
Fairfax1,382$321K76 83$612K111
Loudoun342$297K103 41$376K148
Prince William271$300K92 78$351K151
Arlington377$398K71 61$800K85
Alexandria455$355K97 22$548K115
Total2,827   285  
* New construction data is notoriously unreliable in the MLS


The Post is reporting a 3.4 year backlog of condos for sale in the entire region according to Delta Associates, an Alexandria real estate and consulting firm. Ouch!

While collecting data this morning, I found the following for Fairfax county:

Fairfax County (May 17, 2007)Resales
 ActiveList PriceDOMP
Single Family Detached3,331$823K99
Single Family Attached1,688$452K68
Condos1.385$320K77
Total6,404$616K86


Several of my readers have asked if I could break down the current aggregate data I collect by housing type and include the jurisdictions listed above (and more). I wish I could. It is just too time consuming. There are new monthly reports published by the Northern Virginia Association of Realtors® on their website that does a pretty good job presenting all the jurisdictions by housing type. The reports are usually available by the 15th of the month for the prior month activity. For Fairfax County in April, only 224 units were sold from an inventory of 1,436, about a 15% absorption rate. Fairfax County may be fairing a bit better than the region as a whole. If we had better new construction data from the MLS it may look much worse.

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