The Long & Foster Market Minute

Focus On: Falls Church City Housing Market February 2019

Units Sold
4
Active Inventory
27
Median Sale Price
$827,500
Days On Market
67
Down
Vs. Year Ago
Up 93%
Vs. Year Ago
Up 23%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in February, with 4 sold this month in Falls Church City Real Estate. This month's total units sold was lower than at this time last year, a decrease from February 2018.

Active Inventory
Versus last year, the total number of homes available this month is higher by 13 units or 93%. The total number of active inventory this February was 27 compared to 14 in February 2018. This month's total of 27 is higher than the previous month's total supply of available inventory of 20, an increase of 35%.

Median Sale Price
Last February, the median sale price for Falls Church City Homes was $674,500. This February, the median sale price was $827,500, an increase of 23% or $153,000 compared to last year. The current median sold price is 6% higher than in January.

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


New Listings
23
Current Contracts
11
Sold Vs. List Price
98.8%
Months of Supply
6.8
Up 44%
Vs. Year Ago
Down -21%
Vs. Year Ago
Down -0.9%
Vs. Year Ago
Up 286%
Vs. Year Ago

Months of Supply
In February, there was 6.8 months of supply available in Falls Church City, compared to 1.8 in February 2018. That is an increase of 286% 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 23 homes newly listed for sale in Falls Church City compared to 16 in February 2018, an increase of 44%. There were 11 current contracts pending sale this February compared to 14 a year ago. The number of current contracts is 21% lower than last February.

Sale Price to List Price Ratio
In February, the average sale price in Falls Church City was 98.8% of the average list price, which is 0.9% lower than at this time last year.

Days on Market
This month, the average number of days on market was 67, higher than the average last year, which was 43. This increase was impacted by the limited number of sales.

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 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.