The following table represents the housing market in the City of Falls Church, Virginia:
|Falls Church||Oct-09||Oct-08||% Change||Sep-09|
|Average Sales Price||$556,159||$694,906||-20.0%||$615,389|
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.