The Long & Foster Market Minute

Focus On: Falls Church, Baileys Crossroads, and Seven Corners Housing Market February 2019

Zip Code(s): 22043, 22044, 22041, 22042 and 22046
Units Sold
75
Active Inventory
137
Median Sale Price
$560,000
Days On Market
39
Down -1%
Vs. Year Ago
Down -32%
Vs. Year Ago
Up 13%
Vs. Year Ago
Down -34%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in February, with 75 sold this month in Falls Church, Baileys Crossroads, and Seven Corners Real Estate versus 93 last month, a decrease of 19%. This month's total units sold was lower than at this time last year, a decrease of 1% versus February 2018.

Active Inventory
Versus last year, the total number of homes available this month is lower by 65 units or 32%. The total number of active inventory this February was 137 compared to 202 in February 2018. This month's total of 137 is lower than the previous month's total supply of available inventory of 140, a decrease of 2%.

Median Sale Price
Last February, the median sale price for Falls Church, Baileys Crossroads, and Seven Corners Homes was $497,500. This February, the median sale price was $560,000, an increase of 13% or $62,500 compared to last year. The current median sold price is 7% higher than in January.

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


New Listings
141
Current Contracts
108
Sold Vs. List Price
99.9%
Months of Supply
1.8
Down -11%
Vs. Year Ago
Down -8%
Vs. Year Ago
Up 1%
Vs. Year Ago
Down -31%
Vs. Year Ago

Months of Supply
In February, there was 1.8 months of supply available in Falls Church, Baileys Crossroads, and Seven Corners, compared to 2.7 in February 2018. That is a decrease of 31% 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.

New Listings & Current Contracts
This month there were 141 homes newly listed for sale in Falls Church, Baileys Crossroads, and Seven Corners compared to 159 in February 2018, a decrease of 11%. There were 108 current contracts pending sale this February compared to 117 a year ago. The number of current contracts is 8% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in Falls Church, Baileys Crossroads, and Seven Corners was 99.9% of the average list price, which is 1.0% higher than at this time last year.

Days on Market
This month, the average number of days on market was 39, lower than the average last year, which was 59, a decrease of 34%.

The Long & Foster Market Minute 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 BRIGHTMLS 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 BRIGHTMLS or Long & Foster Real Estate, Inc.