This Falls Church condo market report takes a look at sales of condos (not sales of townhouses or single family, detached homes) in Falls Church, Virginia 22042.
- Falls Church condos currently for sale: 14
- Closed sales for condos in Falls Church in October 2013: 8
- Average sale price: $334,125
- Average list price: $338,183
- Sales price to list price ratio: 98.8%
- Average days on the market: 29
- Number of sales currently pending: 7
- Falls Church 22042 Absorption rate for condos: 1.75 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 Falls Church Condos for Sale
Falls Church condo sales in 22042 are in an extreme seller’s market, as you can see from the low inventory, which is 1.75 months as of today, December 5th. The average number of days on the market for sales of condos in Falls Church was 29 in October, which was 57% below the average over the past five years in October, which was 67 days. Often, a lower average points to higher demand in an area, but it can also be due to competitive pricing on the part of sellers.
Despite the low inventory, the contract ratio (ratio of pending sales compared to active listings) of Falls Church condo sales was 0.31 in October, which represented a significant decrease from October of 2012, when the contract ratio was 1.60. The October ratio was significantly lower than the average ratio over the past five years in October, which was 0.99. Generally, a lower contract ratio points to a market shift toward buyers, while a higher contract ratio points to market movement toward sellers.
If you own a condo in Falls Church and you’re thinking about selling it, or if you’re just curious about how much your home is worth, I’d be happy to provide you with a market analysis.
If you’re looking for a condo in Falls Church, I’d love to help you find the right place. I’m an experienced buyer agent who great up in Falls Church City and knows the Falls Church real estate market very well.