The FOCUS on NoVA Real Estate team gives a 1-minute update on the Fairfax County and City Real Estate Market activity between April 24 and May 14, 2020. Spoiler Alert: It’s a Seller’s Market!

The FOCUS on NoVA Real Estate team at Century 21 Redwood Realty brings you the Top-Three Takeaway – Covid-19 Edition data update for the Fairfax County and Fairfax City real estate markets April 24 through May 14.

Day on Market
Our average days on market continue to be lightning-fast with a median of six (6) days to go under contract.

Inventory
The number of active listings continues to pale in comparison to 2019 by being 54% below last year’s level. Good news, there is some inventory popping out there as inventory is up 91% compared with two weeks ago.

Absorption Rate
The absorption rate is 103%. This is calculated by taking the number of sold properties divided by the number of active properties. This translates to mean there are not enough properties out there: Demand is higher than Supply.

Bottom Line
Quick days on market, absorption rate of 103%, means it is a great time to sell.

Contact the FOCUS on NoVA Team to see how we help you Sell Your Property for the Highest Possible Price in this market.