The Long & Foster Market Minute

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

Zip Code(s): 22043, 22044, 22041, 22042 and 22046
Units Sold
144
Active Inventory
297
Median Sale Price
$582,500
Days On Market
29
Down -11%
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -22%
Vs. Year Ago

Units Sold
There was an increase in total units sold in August, with 144 sold this month in Falls Church, Baileys Crossroads, and Seven Corners Real Estate versus 142 last month, an increase of 1%. This month's total units sold was lower than at this time last year, a decrease of 11% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is lower by 34 units or 10%. The total number of active inventory this August was 297 compared to 331 in August 2017. This month's total of 297 is lower than the previous month's total supply of available inventory of 305, a decrease of 3%.

Median Sale Price
Last August, the median sale price for Falls Church, Baileys Crossroads, and Seven Corners Homes was $537,681. This August, the median sale price was $582,500, an increase of 8% or $44,819 compared to last year. The current median sold price is 6% lower than in July.

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


New Listings
177
Current Contracts
125
Sold Vs. List Price
98.9%
Months of Supply
2.1
Down -2%
Vs. Year Ago
Down -2%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In August, there was 2.1 months of supply available in Falls Church, Baileys Crossroads, and Seven Corners. The amount of supply is similar compared to 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 177 homes newly listed for sale in Falls Church, Baileys Crossroads, and Seven Corners compared to 181 in August 2017, a decrease of 2%. There were 125 current contracts pending sale this August compared to 128 a year ago. The number of current contracts is 2% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Falls Church, Baileys Crossroads, and Seven Corners was 98.9% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 29, lower than the average last year, which was 37, a decrease of 22%.

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.