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

10 Sep
September 10, 2009
City of Falls Church July 2009 July 2008 % Change
Active Listings 59 69 -14.49%
Homes Sold 25 16 56.25%
Average Sales Price $594,160 $555,394 6.98%
Average Days on Market 53 63 -15.87%

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

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