The Long & Foster Market Minute

Focus On: Falls Church City Housing Market October 2018

Units Sold
14
Active Inventory
38
Median Sale Price
$805,500
Days On Market
45
Up
Vs. Year Ago
Up 100%
Vs. Year Ago
Up
Vs. Year Ago
Down -39%
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in October, with 14 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 from October 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 19 units or 100%. The total number of active inventory this October was 38 compared to 19 in October 2017. This month's total of 38 is higher than the previous month's total supply of available inventory of 34, an increase of 12%.

Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last October, the median sale price for Falls Church City Homes was $606,950. This October, the median sale price was $805,500, an increase of $198,550 compared to last year. The current median sold price is higher than in September.

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


New Listings
30
Current Contracts
16
Sold Vs. List Price
99.7%
Months of Supply
2.7
Up 173%
Vs. Year Ago
Down -6%
Vs. Year Ago
Up 2.5%
Vs. Year Ago
Up 72%
Vs. Year Ago

Months of Supply
In October, there was 2.7 months of supply available in Falls Church City, compared to 1.6 in October 2017. That is an increase of 71% 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 30 homes newly listed for sale in Falls Church City compared to 11 in October 2017, an increase of 173%. There were 16 current contracts pending sale this October compared to 17 a year ago. The number of current contracts is 6% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Falls Church City was 99.7% of the average list price, which is 2.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 45, lower than the average last year, which was 74, a decrease of 39%.

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.