The Long & Foster Market Minute

Focus On: Falls Church City Housing Market August 2018

Units Sold
22
Active Inventory
50
Median Sale Price
$869,500
Days On Market
23
Up 10%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 21%
Vs. Year Ago

Units Sold
The number of units sold remained stable in August, with 22 sold this month in Falls Church City Real Estate. This month's total units sold was higher than at this time last year, an increase of 29% versus August 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 3 units or 6%. The total number of active inventory this August was 50 compared to 47 in August 2017. This month's total of 50 is higher than the previous month's total supply of available inventory of 48, an increase of 4%.

Median Sale Price
Last August, the median sale price for Falls Church City Homes was $807,750. This August, the median sale price was $869,500, an increase of 8% or $61,750 compared to last year. The current median sold price is 9% higher 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
27
Current Contracts
17
Sold Vs. List Price
99.0%
Months of Supply
2.3
Up 29%
Vs. Year Ago
Down -19%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In August, there was 2.3 months of supply available in Falls Church City. 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 27 homes newly listed for sale in Falls Church City compared to 21 in August 2017, an increase of 29%. There were 17 current contracts pending sale this August compared to 21 a year ago. The number of current contracts is 19% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Falls Church City was 99.0% 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 23, higher than the average last year, which was 19, an increase of 21%.

The Long & Foster Market Minute
*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.