The Long & Foster Market Minute

Focus On: Falls Church City Housing Market May 2018

Units Sold
20
Active Inventory
52
Median Sale Price
$652,000
Days On Market
16
Down -33%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -21%
Vs. Year Ago
Down
Vs. Year Ago

Units Sold
There was a decrease in total units sold in May, with 20 sold this month in Falls Church City Real Estate versus 21 last month, a decrease of 5%. This month's total units sold was lower than at this time last year, a decrease of 33% versus May 2017.

Active Inventory
Versus last year, the total number of homes available this month is higher by 7 units or 16%. The total number of active inventory this May was 52 compared to 45 in May 2017. This month's total of 52 is higher than the previous month's total supply of available inventory of 51, an increase of 2%.

Median Sale Price
Last May, the median sale price for Falls Church City Homes was $827,005. This May, the median sale price was $652,000, a decrease of 21% or $175,005 compared to last year. The current median sold price is 13% lower than in April.

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


New Listings
40
Current Contracts
32
Sold Vs. List Price
99.5%
Months of Supply
2.6
Up 8%
Vs. Year Ago
Up 10%
Vs. Year Ago
No Change
Vs. Year Ago
Up 73%
Vs. Year Ago

Months of Supply
In May, there was 2.6 months of supply available in Falls Church City, compared to 1.5 in May 2017. That is an increase of 73% 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 40 homes newly listed for sale in Falls Church City compared to 37 in May 2017, an increase of 8%. There were 32 current contracts pending sale this May compared to 29 a year ago. The number of current contracts is 10% higher than last May.

Sale Price to List Price Ratio
In May, the average sale price in Falls Church City was 99.5% 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 16, lower than the average last year, which was 36. This decrease 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 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.