The Long & Foster Market Minute

Focus On: Falls Church, Baileys Crossroads, and Seven Corners Housing Market November 2017

Zip Code(s): 22043, 22044, 22041, 22042 and 22046
Units Sold
113
Active Inventory
246
Median Sale Price
$514,000
Days On Market
36
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down -3%
Vs. Year Ago
Down -12%
Vs. Year Ago
Up 20%
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in November, with 113 sold this month in Falls Church, Baileys Crossroads, and Seven Corners Real Estate versus 115 last month, a decrease of 2%. This month's total units sold was lower than at this time last year, a decrease of 3% versus November 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 35 units or 12%. The total number of active inventory this November was 246 compared to 281 in November 2016. This month's total of 246 is lower than the previous month's total supply of available inventory of 305, a decrease of 19%.

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Median Sale Price
Last November, the median sale price for Falls Church, Baileys Crossroads, and Seven Corners Homes was $430,000. This November, the median sale price was $514,000, an increase of 20% or $84,000 compared to last year. The current median sold price is 3% higher than in October.

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
109
Current Contracts
114
Sold Vs. List Price
98.7%
Months of Supply
2.2
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Up 6%
Vs. Year Ago
Down -2%
Vs. Year Ago
No Change
Vs. Year Ago
Down -9%
Vs. Year Ago

Months of Supply
In November, there was 2.2 months of supply available in Falls Church, Baileys Crossroads, and Seven Corners, compared to 2.4 in November 2016. That is a decrease of 9% 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 109 homes newly listed for sale in Falls Church, Baileys Crossroads, and Seven Corners compared to 103 in November 2016, an increase of 6%. There were 114 current contracts pending sale this November compared to 116 a year ago. The number of current contracts is 2% lower than last November.

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Sale Price to List Price Ratio
In November, the average sale price in Falls Church, Baileys Crossroads, and Seven Corners was 98.7% 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 36, lower than the average last year, which was 46, a decrease of 22%.

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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.