Falls Church Real Estate Update: January 2013

January 4, 2013 by · Leave a Comment 

Welcome to the latest installment of the Falls Church Real Estate Update. Data for the 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 December, 66 homes went under contract in Falls Church. That’s down 22% from November, which is expected for this time of year, when the market slows down. However, 17 homes went under contract between Christmas and New Year’s Days. That’s a lot of activity for a week when a lot of people are traveling and spending time with loved ones, and points to some strong buyer demand in this time of low inventory.

Falls Church Inventory

Currently, there are 77 active listings for single-family homes in Falls Church, down 25% from last month. The number of townhouses available is also down—from 14 last month to 10 this month. The number of condos held steady at 26. Inventories continue to remain low. If you’re an owner thinking of selling, now is the time to put your home on the market—don’t wait until Spring! Contact us and we’ll be happy to provide you with a free market analysis of your home’s value.

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

A total of 116 homes were sold in Falls Church in December, dipping just slightly from November. Sixteen of the homes sold in November were in Falls Church City, while the remaining 100 were outside of the city limits. The average sales price for all of the homes sold last month is $489,866, dipping slightly (1%) from last month. Prices in the region remain strong, so if you’re ready to buy, start looking now! We’re seeing multiple offers on desirable properties (and have been for some time), and it looks like that trend will continue into the foreseeable future.

The homes in Falls Church City sat on the market for an average of 29 days, exactly the same as last month. Homes outside the city limits sat on the market for 42 days on average, up just one day from November. Homes in Falls Church don’t last long, so don’t sit on the fence for too long before making an offer. By the time you’re ready, the home you’ve had your eye on may be gone!

That’s it for this month’s Falls Church Real Estate Update. Be sure to tune in next month!

Source: MRIS as of 1/04/2013.  All information deemed reliable but not guaranteed.

 

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