Download ECONOMIC INDICATORS IN THIS ISSUE: ©

ECONOMIC
INDICATORS
©
FAIRFAX COUNTY
DEPARTMENT OF MANAGEMENT AND BUDGET
FAIRFAX COUNTY UNEMPLOYMENT DATA
IN THIS ISSUE:
† The February unemployment rate in Fairfax
County declined to 4.6 percent, down from 4.8
percent in January.
(See page 1)
† Sales tax receipts in March, representing
retail purchases made in January, were up
5.2 percent compared to March 2010.
(See page 2)
† The Consumer Confidence Index, which had
improved in February, declined in March.
(See page 2)
Num ber of
Unem ployed
Unem ployment
Rate
34,000
6.0%
Unemployment Rate
5.5%
32,000
30,000
5.0%
4.5%
4.0%
28,000
3.5%
3.0%
26,000
2.5%
2.0%
† The number of net remaining foreclosures in
Fairfax County decreased in February to 771
properties.
(See page 2)
24,000
† The median price of existing single family
homes sold through February 2011 decreased
5.2 percent compared to the median price in
2010; the median price of existing townhomes
sold also declined 5.2 percent.
(See page 3)
20,000
† Through February 2011, the volume of sales
of existing single family rose 8.7 percent,
while that of townhomes declined 14.2
percent, compared to the same period of
2010.
(See page 4)
MARCH 2011
22,000
1.5%
1.0%
0.5%
S o u r c e : V i r g i n i a E mp l o y m e n t C o m m i s s i o n . C o m p i l e d
F a i r f a x C o u n t y D e p a r t me n t o f M a n a g e m e n t a n d B u d g e t .
0.0%
by
the
Employment
The February unemployment rate in Fairfax County
decreased to 4.6 percent, down from 4.8 percent in
January. The number of unemployed residents
declined from 28,720 to 27,567. Statewide, only
Arlington County at 3.9 percent and Loudoun County
at 4.4 percent have lower unemployment rates than
Fairfax County. Last February, Fairfax County’s
unemployment rate was at a record high level of 5.5
percent.
The unemployment rate across Virginia declined
from 6.9 percent in January to 6.6 percent in
February.
The
Fairfax
County
Economic
Indicators is on the Web and can be
accessed at:
http://www.fairfaxcounty.gov/
economic/economic_indicators.htm
The U.S. unemployment rate declined to 8.9 percent
in February, down from 9.0 percent in January.
There were 13.7 million unemployed persons in
February.
Total
nonfarm
payroll
employment
increased by 192,000. Since February 2010, total
employment has grown by 1.3 million, or an average
of 106,000 per month.
Page 2
Sales Tax Receipts
Consumer Confidence Index
FAIRFAX COUNTY SALES TAX RECEIPTS
Millions
$18
(revenues represent retail sales two months prior)
FY 2009
FY 2010
FY 2011
$16
$14
After improving in February, the Consumer
Confidence Index declined in March. The index
stands at 63.4 (1985=100), down from 72.0 in
February.
The
present
situation
component
increased, while the expectations component
decreased. Lynn Franco, Director of the Conference
Board’s Consumer Research Center, said that,
“Consumers’ inflation expectations rose significantly
in March and their income expectations soured, a
combination that will likely impact spending
decisions.
On
the
other
hand,
consumers’
assessment
of
current
conditions
improved,
indicating that while the short-term future may be
uncertain, the economy continues to expand.”
U.S. CONSUMER CONFIDENCE INDEX
$12
80
$8
AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL
Source:
Virginia Department of Taxation.
Department of Management and Budget.
Compiled by the Fairfax County
Sales Tax receipts distributed to Fairfax County in
March, representing retail purchases made in
January, were $11.5 million, an increase of 5.2
percent over March 2010. Sales Tax receipts for the
first eight months of FY 2011 have increased 1.9
percent compared to the same period of FY 2010.
NATIONAL INDICATORS
Gross Domestic Product (GDP)
According to the final estimate released by the
Bureau of Economic Analysis based on more complete
data, the national economy grew at an annual rate of
3.1 percent in the fourth quarter of 2010. In the
previous estimate issued last month, the increase in
real GDP was reported at 2.6 percent. The 2010
annual level of real GDP increased 2.9 percent
compared to the 2009 annual level, as opposed to a
2.6 percent decline in 2009.
1985=100, Not Seasonally Adjusted
75
$10
70
65
60
55
50
45
40
35 MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
10
MAR
11
Source: The Conference Board.
Compiled by the Fairfax County
Department of Management and Budget.
HOUSING MARKET
Foreclosures in Fairfax County
Based on data from the Department of Tax
Administration, the number of county-wide net
remaining foreclosed properties was 771 in
February, down from 783 in January. This figure
represents the number of properties owned by a
mortgage lender. The net decrease of 12 properties
in February reflects 85 new foreclosures and 97
properties that were sold by the lender. Compared
to a year ago, net remaining foreclosures were up
56 properties, or 7.8 percent.
Page 3
Existing Home Sales Prices
New Home Sales Prices
Through February, the median sales price of existing
(previously
owned)
single
family
homes
was
$525,000, a 5.2 percent decrease from the 2010
median sales price of $553,700. The median sales
price for existing townhouses sold through February
was $327,190, a 5.2 percent decrease from the 2010
median of $345,000.
The median sales price of new single-family homes
that sold through February was $897,700, an
increase of 8.0 percent compared to the 2010
median of $831,000. The median sales price for new
townhouses
sold
through
February
rose
to
$678,193, a 17.0 percent increase compared to the
2010 median of $579,632. It should be noted that
these sales figures represent just two months of
data and do not represent a trend. For data
regarding all condominium sales prices, refer to the
“Existing Home Sales Volume” section.
The median sales price of all condominiums, existing
and new, that sold in the first two months of 2011
declined 5.8 percent to $212,000 from the 2010
median of $225,000.
MEDIAN PRICE OF EXISTING HOMES SOLD
THROUGH FEBRUARY 2011
COMPARED TO THE ANNUAL MEDIAN 2009 - 2010
MEDIAN PRICE OF NEW HOMES SOLD
THROUGH FEBRUARY 2011 COMPARED
TO THE ANNUAL MEDIAN 2009 - 2010
$1,000 ,00 0
$600,000
2009
2009
2010
2011
$500,000
2010
2011
$90 0,0 00
$80 0,0 00
$70 0,0 00
$400,000
$60 0,0 00
$300,000
$50 0,0 00
$40 0,0 00
$200,000
$30 0,0 00
$100,000
$20 0,0 00
$10 0,0 00
$0
Single Family
Townhouse
Condominium*
$0
Single Family
S o u r c e : F a i r f a x C o u n t y D e p a r t me n t o f T a x A d m i n i s t r a t i o n .
Compiled by the Fairfax County Department of Management and
Budget. *Condominium data include sales of existing and new
units.
Changes in selling prices and the volume of sales
are presented as indicators of the County’s real
estate market. Median selling price changes do
not translate directly into assessment adjustments,
since the mix of homes sold is not necessarily
reflective of the County’s entire housing stock. To
read more about Fairfax County tax assessments,
please visit:
www.fairfaxcounty.gov/dta/tax_assessment.htm
Townhouse
Source:
Fairfax County Department of Tax Administration. Compiled by the
Fairfax County Department of Management and Budget.
PERCENTAGE CHANGE IN MEDIAN PRICE OF
HOMES SOLD THROUGH FEBRUARY 2011
COMPARED TO SALES IN 2010
Existing
Sales
New Sales
Single Family
(5.2)
8.0
Townhouse
(5.2)
17.0
Condominium*
(5.8)
*Condominum data include sales of existing and new units.
Page 4
Existing Home Sales Volume
Through February, the number of existing single
family homes sold in Fairfax County increased 8.7
percent to 803 from the 739 homes sold during the
same period last year. Compared to February 2010,
the number of townhouses sold through the first two
months of 2011 decreased 14.2 percent, from 641 to
550. The total number of existing and new
condominiums sold through February fell 30.1 percent
to 363 from 519 in 2010.
NUMBER OF EXISTING HOMES SOLD
THROUGH FEBRUARY
2009 - 2011
NUMBER OF NEW HOMES SOLD
THROUGH FEBRUARY
2009 - 2011
60
2009
2010
2011
50
40
30
900
2009
2010
2011
800
700
20
10
600
0
Single Family
500
Townhouse
400
Source:
Fairfax County Department of Tax Administration. Compiled by the
Fairfax County Department of Management and Budget.
300
200
Average Days on the Market in
Fairfax County
100
0
Single Family
Townhouse
Condominium*
S o u r c e : F a i r f a x C o u n t y D e p a r t me n t o f T a x A d m i n i s t r a t i o n .
Compiled by the Fairfax County Department of Management and
Budget. *Condominium data include sales of existing and new
units.
February marked the fifth consecutive month that
the average days on the market increased compared
to the same month the prior year. Fairfax County
homes that sold in February had been on the market
for an average of 77 days, up from the 54-day
average in February 2010.
New Home Sales Volume
AVERAGE DAYS ON THE MARKET IN FAIRFAX COUNTY
The number of new single family homes sold through
February in Fairfax County dropped to 39 from the 55
new homes sold in the first two months of last year, a
29.1 percent decline. Through February 2011, the
volume of new townhome sales decreased 23.5
percent to 13 from the 17 sold in the first two months
of last year.
90
For data regarding all condominium sales volume,
refer to the “Existing Home Sales Volume” section.
50
70
60
60 62 63
59
57
55
48
54
52 52
47
48
42
40
Inquiries regarding this publication should be directed
to:
30
The Department of Management and Budget
12000 Government Center Parkway
Suite 561
Fairfax, Virginia 22035-0074
(703) 324-2391 or 1-800-828-1120 (TDD)
20
Staff: Susan Datta, Director; Marcia Wilds,
Revenue and Economic Analysis Coordinator,
Albena Assenova, Budget Analyst.
7777
80
38
41
10
0
Source:
Metropolitan Regional Information Systems, Inc.