This market report takes a look at sales of West Falls Church Homes in January. West Falls Church is a community in Fairfax County, Virginia 22042. Remember that although this market report takes a look at sales during a certain time period, all real estate listings on this site are updated on a daily basis – when you look at listings on this site, you are searching the MRIS, which is the local multiple listing service. (The market statistics below were pulled from the MRIS):
- Homes in West Falls Church currently for sale: 24
- Closed sales for West Falls Church homes in January 2014: 16
- Average sale price: $543,614
- Average list price: $554,143
- Sales price to list price ratio: 98.1%
- Average days on the market: 41
- Number of sales currently pending: 33
- Absorption rate for single family West Falls Church homes: 1.5 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.
West Falls Church home sales are currently in a strong seller’s market, as you can see from the extremely low inventory of homes for sale, which is 1.5 months as of today, February 16th. The winter is usually a less active time in any real estate market, but the low inventory suggests that buyer demand is still very high.
The average number of days on the market for West Falls Church home sales was 41 in January, lower than the average over the past five years in January, which was 48 days. A lower average can often be indicative of increased demand, but it can also be caused by sellers pricing their homes competitively.
The contract ratio is another important real estate market indicator to study – it’s the number of pending homes sales compared to the number listings that haven’t yet gone under contract. It was 0.83 in January, which as lower than the January 2013 contract ratio of 1.50. Basically, the contract ratio demonstrates the trend of supply and demand in any housing market – a lower contract ratio points to market movement toward buyers, while a higher ratio shows that the market is moving in favor of sellers.
If you’re in the market for a home in West Falls Church, contact me so I can go to work for you. I great up in Falls Church City and know this area very well.
If you’re thinking of selling your West Falls Church home, call me at 703-462-0700 for a hassle free, over-the-phone market analysis.