Category: Local Market Stats

How REO Shares Affect Fairfax County Market

True to the data reported by corelogic®, the number of foreclosures and short sales remain at or below below 10% of the active listings in Fairfax County.    That’s good news for owners since the value of your home is based on the strength of your local market. The less frequent appearance of bank owned properties means that sellers don’t have to compete with low priced foreclosures, in essence, driving down the housing prices.  A glut of foreclosure properties may be good news for buyers, but not for owners and sellers.

 

 

Their research shows that falling REO shares strongly correlates to price appreciation.

 

 

 

Average Days On Market – Fairfax County

A 5-year, interactive (mouse-over for data) comparison of Days on Market (DOM)* for single family homes in Fairfax County.

 

*Days on market (DOM), alternatively Active Days on Market, is a real estate term used to describe the age of a real estate listing. Typically, properties with a large DOM will command lower prices than a property with few DOMs because buyers perceive the property as over priced or less desirable. DOM is often used when developing a pricing strategy. DOM can also be used as a “thermometer” to gauge the temperature of a housing market.