The Long & Foster Market Minute
Focus On: Falls Church City Housing Market February 2017
Units Sold
14
Active Inventory
31
Median Sale Price
$615,018
Days On Market
17
Small Units Sold Small Active Inventory Small Median Sale Price Small Days on Market
Up
Vs. Year Ago
Down -14%
Vs. Year Ago
Down
Vs. Year Ago
Down
Vs. Year Ago
Units Sold
With relatively few transactions, there was a decrease in total units sold in February, 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 February 2016.

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Active Inventory
Versus last year, the total number of homes available this month is lower by 5 units or 14%. The total number of active inventory this February was 31 compared to 36 in February 2016. This month's total of 31 is lower than the previous month's total supply of available inventory of 33, a decrease of 6%.

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Median Sale Price
Due to the relatively small number of units sold, the median sale price showed significant change this month. Last February, the median sale price for Falls Church City Homes was $865,000. This February, the median sale price was $615,018, a decrease of $249,982 compared to last year. The current median sold price is 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.

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New Listings
10
Current Contracts
12
Sold Vs. List Price
101.9%
Months of Supply
2.2
Small New Listings Small Current Contracts Small Sold vs. List Price Small Months of Supply
Down -55%
Vs. Year Ago
Down -20%
Vs. Year Ago
Up
Vs. Year Ago
Down -82%
Vs. Year Ago
Months of Supply
In February, there was 2.2 months of supply available in Falls Church City, compared to 12.0 in February 2016. That is a decrease of 82% 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 10 homes newly listed for sale in Falls Church City compared to 22 in February 2016, a decrease of 55%. There were 12 current contracts pending sale this February compared to 15 a year ago. The number of current contracts is 20% lower than last February.

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Sale Price to List Price Ratio
In February, the average sale price in Falls Church City was 101.9% of the average list price, which is higher than at this time last year.

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Days on Market
This month, the average number of days on market was 17, lower than the average last year, which was 81. This decrease was impacted by the limited number of sales.

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*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.