The Long & Foster Market Minute

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

Zip Code(s): 22043, 22044, 22041, 22042 and 22046
Units Sold
173
Active Inventory
309
Median Sale Price
$560,000
Days On Market
18
Down -6%
Vs. Year Ago
Down -18%
Vs. Year Ago
Up 6%
Vs. Year Ago
Down -28%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 173 sold this month in Falls Church, Baileys Crossroads, and Seven Corners Real Estate versus 161 last month, an increase of 7%. This month's total units sold was lower than at this time last year, a decrease of 6% versus June 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 66 units or 18%. The total number of active inventory this June was 309 compared to 375 in June 2017. This month's total of 309 is higher than the previous month's total supply of available inventory of 296, an increase of 4%.

Median Sale Price
Last June, the median sale price for Falls Church, Baileys Crossroads, and Seven Corners Homes was $530,342. This June, the median sale price was $560,000, an increase of 6% or $29,658 compared to last year. The current median sold price is 14% higher than in May.

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


New Listings
215
Current Contracts
146
Sold Vs. List Price
99.9%
Months of Supply
1.8
Down -11%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 1.1%
Vs. Year Ago
Down -50%
Vs. Year Ago

Months of Supply
In June, there was 1.8 months of supply available in Falls Church, Baileys Crossroads, and Seven Corners, compared to 2.0 in June 2017. That is a decrease of 12% 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 215 homes newly listed for sale in Falls Church, Baileys Crossroads, and Seven Corners compared to 241 in June 2017, a decrease of 11%. There were 146 current contracts pending sale this June compared to 166 a year ago. The number of current contracts is 12% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Falls Church, Baileys Crossroads, and Seven Corners was 99.9% of the average list price, which is 1.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 18, lower than the average last year, which was 25, a decrease of 28%.

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 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.