The Long & Foster Market Minute

Focus On: Falls Church City Housing Market January 2018

Units Sold
3
Active Inventory
30
Median Sale Price
$639,000
Days On Market
57
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down
Vs. Year Ago
Down -9%
Vs. Year Ago
Up 6%
Vs. Year Ago
Up 36%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in January, with 3 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 January 2017.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 3 units or 9%. The total number of active inventory this January was 30 compared to 33 in January 2017. This month's total of 30 is higher than the previous month's total supply of available inventory of 28, an increase of 7%.

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Median Sale Price
Last January, the median sale price for Falls Church City Homes was $602,500. This January, the median sale price was $639,000, an increase of 6% or $36,500 compared to last year. The current median sold price is 19% lower than in December.

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
8
Current Contracts
4
Sold Vs. List Price
100.7%
Months of Supply
10.0
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -50%
Vs. Year Ago
Down -76%
Vs. Year Ago
Up 1.4%
Vs. Year Ago
Up 385%
Vs. Year Ago

Months of Supply
In January, there was 10.0 months of supply available in Falls Church City, compared to 2.1 in January 2017. That is an increase of 385% 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 8 homes newly listed for sale in Falls Church City compared to 16 in January 2017, a decrease of 50%. There were 4 current contracts pending sale this January compared to 17 a year ago. The number of current contracts is 76% lower than last January.

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Sale Price to List Price Ratio
In January, the average sale price in Falls Church City was 100.7% of the average list price, which is 1.4% higher than at this time last year.

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Days on Market
This month, the average number of days on market was 57, higher than the average last year, which was 42, an increase of 36%.

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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.