Falls Church Real Estate Update: February 2013

February 7, 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 January, 101 homes went under contract in Falls Church. That’s up 53% from December, a pretty big jump considering the Spring market hasn’t heated up yet. It also points to some strong buyer demand in this time of low inventory. Seller’s if you’re waiting until Spring, you might want to reconsider. The buyers are out there now just waiting for the right home to come on the market.

Falls Church Inventory

Currently, there are 64 active listings for single-family homes in Falls Church, down 17% from last month and 37% from the month before that!  The number of townhouses available is also down—from 10 last month to 6 this month. The number of condos held steady at 26 for the third straight month. Inventory remains low but most people expect more homes to come on the market in the next few months as the Spring market kicks off. If you’re an owner thinking of selling, 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 73 homes were sold in Falls Church in December, dropping 37% from December. Eight of the homes sold in November were in Falls Church City, while the remaining 65 were outside of the city limits. The average sales price for all of the homes sold last month is $478,972, dipping slightly (2%) from last month. Prices in the region remain strong, so if you’re ready to buy, start looking now! Economists predict home prices will continue to post gains in our area, and we’re seeing multiple offers on desirable properties (and have been for some time).

The homes in Falls Church City sat on the market for an average of 20 days, nine days less than that homes that sold in December. Homes outside the city limits sat on the market for 51 days on average, up from 42 days in December. Homes in Falls Church don’t sit on the market for too long, and average days on market are expected to drop as we head into the warmer months. Can you see the trend here? We’re expecting the housing market to be scorching in 2013!

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

Source: MRIS as of 02/06/2013.  All information deemed reliable but not guaranteed.

 

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