Falls Church Real Estate Update: March 2013

March 11, 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 February, 103 homes went under contract in Falls Church. That’s about the same as January, and is a lot of activity for this time of year. It also points to some strong buyer demand in this time of low inventory. Sellers, don’t wait…put your home on the market now if possible! The buyers are out there now just waiting for the right home to come on the market.

Falls Church Inventory

Currently, there are 84 active listings for single-family homes in Falls Church, a jump of 31% from last month!  The number of townhouses available is also up—from 6 last month to 12 this month. The number of condos jumped 46% from last month, up to 38. Inventory is ratcheting up, but we’re still seeing multiple offers and some homes selling for over list price and buyers waiving contingencies.

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

A total of 83 homes were sold in Falls Church in February, up 14% from the previous month. Ten of the homes sold in February were in Falls Church City, while the remaining 73 were outside of the city limits. The average sales price for all of the homes sold last month is $455,787, dipping about 5% from last month. Prices in the region remain strong, so if you’re ready to buy, start looking now! Economists continue to predict home prices will continue to post gains in our area.

The homes in Falls Church City sat on the market for an average of 67 days. Homes outside the city limits sat on the market for 45 days on average. 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 03/08/2013.  All information deemed reliable but not guaranteed.

 

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