This market update focuses on Falls Church condos in 22041 – Bailey’s Crossroads and Lake Barcroft. This website’s real estate listings are updated on a daily basis. (The market statistics that I quote below came from the MRIS):
- Falls Church condos currently for sale: 32
- Closed sales for condos in Falls Church in January 2014: 9
- Average sale price: $199,755
- Average list price: $210,047
- Sales price to list price ratio: 95.1%
- Average days on the market: 25
- Number of sales currently pending: 22
- Absorption rate for Falls Church condos in this area: 3.56 months of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.
Currently Listed Bailey's Crossroads and Lake Barcroft Condos
Falls Church condo sales in the Bailey’s Crossroads and Lake Barcroft areas are in a mild seller’s market, with only 3.56 months of inventory as of today, February 22nd. The average days on the market for condo sales in these areas in January was 25, which was significantly lower than the average over the past five years in January, which was 64 days. Whenever you see a lower average number of days on the market, a few things could be happening. Sellers could be pricing their properties more competitively, which helps them sell faster, buyer demand could have increased, or there could be a combination of both of these factors.
Another good market indicator to look at when trying to pinpoint whether a market is moving toward buyers or sellers is the contract ratio, which is the number of pending home sales compared to the number of homes on the market that aren’t under contract yet. In January, the contract ratio for sales of Falls Church condos in 22041 was 0.52, which was significantly lower than the ratio from January of 2013, which was 2.80. The contract ratio simply measures the supply and demand of housing – a decreasing contract ratio is a sign that the market is shifting in favor of buyers, while an increasing contract ratio shows that the market is moving toward sellers.
If you’re in the market for a Falls Church condo, give me a call at 703-462-0700. I’m an experienced buyer agent who grew up in this area, and I’m a great negotiator who will work hard to get you the best possible deal on your condo purchase.
If you own a condo in Falls Church and are curious about what it’s worth, contact me and request a market analysis of your property. This will give you a good idea of your condo’s current market value.