|City of Falls Church||Sep-09||Sep-08||%Change|
|Average sales price||$615,389||$668,045||-7.9%|
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!