Falls Church Real Estate Update: December 2012

December 7, 2012 by · Leave a Comment 

Welcome to the latest installment of the Falls Church Real Estate Update. We’re shaking things up a bit here at the Wethman Group. We used to run this post every week, but we’re changing it to a monthly update instead. By doing so, we hope to provide our loyal followers with a more in-depth analysis of what’s happening in the Falls Church real estate market. As always, data for the Falls Church Real Estate Update were compiled using the statistics for both the City of Falls Church and those parts of Falls Church that lie outside of the city’s limits in Fairfax County.

Falls Church Contracts

In November, 85 homes went under contract in Falls Church. That’s up 63% from October, when 52 homes went under contract. So much for the winter market slowdown!

Of those homes that went under contract last month, 64% were listed for less than $500,000. And five of them had an asking price of $1,000,000 or more.

Falls Church Inventory

Currently, there are 102 active listings for single-family homes in Falls Church, as well as 14 townhouses and 26 condos. Inventory is down from last month, which is to be expected with the winter market. Last month an average of 133 single-family homes were available, along with 19 townhouses and 46 condos. That means buyers might have to search a little harder and wait a little longer to find their dream home. Or they may have to compromise if they’re in a hurry to relocate.

Listings Sold & Average Days on Market in Falls Church and Falls Church City

A total of 126 homes were sold in Falls Church in November, up from 106 in October. Nineteen of the homes sold in November were in Falls Church City, while the remaining 107 were outside of the city limits. The average sales price for all of the homes sold last month is $495,759, up nearly 6.5% from last month.

The homes in Falls Church City sat on the market for an average of 29 days, while homes outside the city limits sat on the market for 41 days on average.

If you’d like more information or if you have any questions about the Falls Church Real Estate Market Update, please contact the Wethman Group. And if you’re thinking of selling (or are just curious), we’d be happy to provide you with a free market analysis of your home’s value.

Source: MRIS as of 12/07/2012.  All information deemed reliable but not guaranteed.

 

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