City of Falls Church, VA Market Report – 11/12/09

The following table represents the housing market in the City of Falls Church, Virginia:

The market in the City of Falls Church continues to show great signs of improvement.  With active listings down over 22%, homes sold up almost 89%, and days on market (DOM) down 15%, all indications are that the market is stabilizing.  The average sales price is down 20% over the same time period as last year, but this reduced price has obviously sparked buyers to get out and buy the inventory on the market.

With Congress and President Obama extending the homebuyer tax credits through April 1, I believe we will continue to see an improvement.  One of the provisions in the bill is to give people who have already been in their homes 5 of the last 8 years a tax credit of up to $6,500 to purchase a new home as well.  This should spur people who have been thinking about moving up to do so, creating more inventory for first time home buyers and helping to reduce more expensive inventory.  It is a fantastic opportunity to get your home on the market now.  However, another one of the stipulations is that you have to be under contract by April 30, 2010 and close by July 1, 2010.

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

Search for homes in Falls Church, and all of the DC Metro: www.averyhess.com

City of Falls Church, VA Market Report – 10/12/09

The market in the City of Falls Church is hot!  Compared to the same time last year, there is one-third less inventory. In addition, sales are almost double what they were last year.  However, we do see that average sales price is lower by almost 8%, but this is a far cry from what we have seen over the last couple of years.  It is my opinion that our current market is the bottom of the market–or just off the bottom–at this time.

Though it appears that homes are taking much longer to sell, this is not the case.  With only 20 sales, the numbers can be easily skewed.  Looking at the individual sales, there were three properties on the market for over 300 days each, two of which were over $1 million.  If these three properties are eliminated from the sales, the average days on market (DOM) drops to 48 days.

With sales increasing and inventory dramatically decreasing, we are actually at the point where I would define the current market in the City of Falls Church as a seller’s market!  It’s not a strong seller’s market yet, but it’s neither neutral nor a buyer’s market.  In order to sell, homes must be priced well and be in good condition.  When that is the case, sellers are getting close to their asking price, sometimes with multiple contracts.  It is definitely a great time to put your home on the market if you are thinking of selling.

We continue to see first-time homebuyers scramble to take advantage of the federal tax credit.  With a limited time to do so, I predict another fantastic month!

Market data and commentary provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

Search for homes in Falls Church, and all of the DC Metro: www.averyhess.com

City of Falls Church, VA Market Report – 9/10/09

The City of Falls Church housing market is alive and well!  We are seeing increases in both the number of homes sold and average sales price over the same period of last year.  In fact, average sales price have increased almost 7%. Plus, there is also a decrease in the average time on the market as well as active inventory. This is a prime example of a performing market inside the Capital Beltway.

While we have seen a decrease in prices over the last few years, the above statistics combined with the knowledge that many homes on the market now receive multiple contract offers certainly point to a local market that is beginning to gain appreciation once more. Homes that are priced properly and show well are typically receiving multiple offers on them, creating a seller’s market once again. This trend should continue through the remainder of the year as inventory remains low and first time homebuyers continue to take advantage of the $8,000 tax credit, buying up the lower priced inventory.

Post and market data provided by Tom Conner, Managing Broker, Avery-Hess, Realtors.

Search for Homes in Falls Church, and all of the DC Metro: www.averyhess.com