After a downward trend in average sales prices since 2021, Fairfax put up great numbers in 2024. One top transaction of $25.5M in October drove much of this price increase. The transaction was almost double the size of the second-highest sale. An average sales price of $11.2M in 2024 represents a 46% increase compared to the previous year and is more promising than the 2021 peak, which was mostly driven by a single $48M transaction that year.
Average sales prices are up 46% to $11.2M
Fairfax properties move fast, at just 220 average DOM
Faster sales fetch a significantly higher percentage of their listing price
Fairfax is moving up again
Excluding the top transactions each year reveals a clearer upward price trend than the graphs below indicate. Along with this steady upward momentum, Fairfax properties are also increasingly selling at faster rates—2024 is the best year on record, with properties selling in just 220 days on average. This is 45% below the US average of 319 days.
Still, Fairfax sellers see a divergence between the outcomes of faster and slower sales. Those who manage to move their property within 180 days can expect to capture 95% of their listing price. Properties that take longer see an average of just 79% of their listing price realized in the final sale price. The highest transaction also sold at the lowest price-to-list at just 65% after over 900 DOM. A cautionary tale!
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