The Long & Foster Market Minute

Focus On: Falls Church City Housing Market March 2018

Units Sold
11
Active Inventory
37
Median Sale Price
$549,555
Days On Market
14
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Down
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -9%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in March, with 11 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 March 2017.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 6 units or 14%. The total number of active inventory this March was 37 compared to 43 in March 2017. This month's total of 37 is higher than the previous month's total supply of available inventory of 31, an increase of 19%.

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Median Sale Price
Last March, the median sale price for Falls Church City Homes was $605,000. This March, the median sale price was $549,555, a decrease of 9% or $55,445 compared to last year. The current median sold price is 15% lower than in February.

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
31
Current Contracts
22
Sold Vs. List Price
99.6%
Months of Supply
3.4
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -16%
Vs. Year Ago
Up 5%
Vs. Year Ago
No Change
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In March, there was 3.4 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.

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New Listings & Current Contracts
This month there were 31 homes newly listed for sale in Falls Church City compared to 37 in March 2017, a decrease of 16%. There were 22 current contracts pending sale this March compared to 21 a year ago. The number of current contracts is 5% higher than last March.

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Sale Price to List Price Ratio
In March, the average sale price in Falls Church City was 99.6% of the average list price, which is similar compared to a year ago.

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Days on Market
This month, the average number of days on market was 14, lower than the average last year, which was 42. This decrease was impacted by the limited number of sales.

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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.