- Single family homes currently for sale: 43
- Closed sales for single family homes in October 2013: 15
- Average sale price: $448,827
- Average list price: $464,624
- Sales price to list price ratio: 96.6%
- Average days on the market: 26
- Number of sales currently pending: 34
- West Falls Church Absorption rate for single family homes: 2.87 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.
This West Falls Church home market report analyzes sales of single family, detached homes (not townhouses or condominiums) in Falls Church, VA 22042. West Falls Church home sales are currently in a seller’s market, as shown by the low level of inventory, which is 2.87 months as of today, November 18th. The average number of days on the market for home sales in West Falls Church was 26 in October, which was the same as the September 2013 average. The average over the past five years in October for this area was 43 days. A lower average can often signify increased buyer demand, but it can also be indicative of competitive home pricing.
Currently Listed West Falls Church Single Family Homes for Sale
Another important real estate market indicator is the contract ratio, which is the number of pending home sales compared to the number of active listings not yet under contract. The contract ratio for home sales in West Falls Church in October was 0.65, which was slightly up from September’s contract ratio of 0.46. The average contract ratio for West Falls Church home sales over the last five years in October was 0.97. In general, a lower contract ratio shows that the market is moving in favor of buyers, while a higher contract ratio shows that the market is moving toward sellers.
Despite inventory slightly increasing over the past month, current levels of inventory still point to a strong seller’s market, and home sellers in West Falls Church are in a position to benefit from this. If you’d like a free comparative market analysis of your West Falls Church home, call me on my cell phone at 703-462-0700.
It is a competitive time for home buyers in West Falls Church, as this area is still one of the few places where you can find a single family, detached home inside the Beltway for under $400,000. Buyers need a great buyer agent to help them negotiate the best deal possible. I’m an experienced buyer agent who great up in Falls Church City and knows the market here very well.