Fairfax County, Virginia has the second highest median household income in the country (next to only its neighbor Loudoun County). This in turn leads to a pretty robust luxury home market in Fairfax County.
In terms of active listings priced at over $1 million (as of today 3/24/11), here are the numbers for the various Northern Virginia jurisdictions:
Fairfax County: 506
Fairfax City: 7
Falls Church: 7
Loudoun County: 133
Prince William County: 28
As you can see, Fairfax County luxury priced homes account for over 60% of the total inventory of million dollar plus homes in Northern Virginia. And, the lion's share, or 54% of these are located in either McLean or Great Falls.
Here's a series of charts that show the activity within the last 6 months in the million dollar plus market of Fairfax County (scroll your mouse over the charts to view additional data):
The first chart shows currently active listings while the second one above shows how many pending sales or homes that are "under contract." It's interesting to note that while inventory of luxury homes in Fairfax County are showing a slight increase, pending sales are definitely on the rise, pointing to a strong luxury market this Spring.
This next chart shows the past year of sales numbers of homes in Fairfax County sold over $1 million. While the sales numbers have decreased since the Summer of 2010, a lot of that is seasonal factors, and February's sales in the luxury market have trended up from January, and you should see that number rise throughout the Spring and Summer 2011.
This final chart plots a key statistic important to you whether you're planning to purchase or sell a luxury property in Fairfax County -- the Average Sold to Original List Price Ratio. This shows how much negotiating room there is for buyers, and how much sellers are reducing their prices. This ratio is trending up, which bodes well for you as a Fairfax County luxury home seller. If you're looking to buy in this market, it means you need to hire a strong negotiator as your REALTOR.
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