The Long & Foster Market Minute

Focus On: Falls Church, Baileys Crossroads, and Seven Corners Housing Market October 2018

Zip Code(s): 22043, 22044, 22041, 22042 and 22046
Units Sold
124
Active Inventory
250
Median Sale Price
$525,000
Days On Market
59
Up 8%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -2%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 124 sold this month in Falls Church, Baileys Crossroads, and Seven Corners Real Estate versus 107 last month, an increase of 16%. This month's total units sold was higher than at this time last year, an increase of 8% versus October 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 30 units or 11%. The total number of active inventory this October was 250 compared to 280 in October 2017. This month's total of 250 is lower than the previous month's total supply of available inventory of 275, a decrease of 9%.

Median Sale Price
Last October, the median sale price for Falls Church, Baileys Crossroads, and Seven Corners Homes was $498,000. This October, the median sale price was $525,000, an increase of 5% or $27,000 compared to last year. The current median sold price is 2% higher than in September.

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


New Listings
170
Current Contracts
125
Sold Vs. List Price
99.3%
Months of Supply
2.0
Up 18%
Vs. Year Ago
Up 13%
Vs. Year Ago
Up 0.9%
Vs. Year Ago
Down -17%
Vs. Year Ago

Months of Supply
In October, there was 2.0 months of supply available in Falls Church, Baileys Crossroads, and Seven Corners, compared to 2.4 in October 2017. That is a decrease of 17% 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 170 homes newly listed for sale in Falls Church, Baileys Crossroads, and Seven Corners compared to 144 in October 2017, an increase of 18%. There were 125 current contracts pending sale this October compared to 111 a year ago. The number of current contracts is 13% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in Falls Church, Baileys Crossroads, and Seven Corners was 99.3% of the average list price, which is 0.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 59, lower than the average last year, which was 60, a decrease of 2%.

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.