The Long & Foster Market Minute
Focus On: Falls Church, Baileys Crossroads, and Seven Corners Housing Market May 2017
Zip Code(s): 22043, 22044, 22041, 22042 and 22046
Units Sold
166
Active Inventory
335
Median Sale Price
$579,500
Days On Market
25
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up 4%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -11%
Vs. Year Ago
Units Sold
There was an increase in total units sold in May, with 166 sold this month in Falls Church, Baileys Crossroads, and Seven Corners Real Estate versus 146 last month, an increase of 14%. This month's total units sold was higher than at this time last year, an increase of 4% versus May 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 76 units or 18%. The total number of active inventory this May was 335 compared to 411 in May 2016. This month's total of 335 is higher than the previous month's total supply of available inventory of 308, an increase of 9%.

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Median Sale Price
Last May, the median sale price for Falls Church, Baileys Crossroads, and Seven Corners Homes was $527,500. This May, the median sale price was $579,500, an increase of 10% or $52,000 compared to last year. The current median sold price is 3% lower than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

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New Listings
250
Current Contracts
172
Sold Vs. List Price
99.6%
Months of Supply
2.0
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
No Change
Vs. Year Ago
Up 7%
Vs. Year Ago
No Change
Vs. Year Ago
Down -22%
Vs. Year Ago
Months of Supply
In May, there was 2.0 months of supply available in Falls Church, Baileys Crossroads, and Seven Corners, compared to 2.6 in May 2016. That is a decrease of 22% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

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New Listings & Current Contracts
This month there were 250 homes newly listed for sale in Falls Church, Baileys Crossroads, and Seven Corners, which is similar to the amount in May 2016. There were 172 current contracts pending sale this May compared to 161 a year ago. The number of current contracts is 7% higher than last May.

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Sale Price to List Price Ratio
In May, the average sale price in Falls Church, Baileys Crossroads, and Seven Corners was 99.6% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 25, lower than the average last year, which was 28, a decrease of 11%.

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Falls Church, Baileys Crossroads, and Seven Corners are defined as properties listed in zip code/s 22043, 22044, 22041, 22042 and 22046.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc.