This home market report analyzes sales of West Falls Church homes in November. West Falls Church is a community in Fairfax County, Virginia 22042.
- Homes in West Falls Church currently for sale: 31
- Closed sales for West Falls Church homes in November 2013: 19
- Average sale price: $482,505
- Average list price: $512,958
- Sales price to list price ratio: 94.1%
- Average days on the market: 64
- Number of sales currently pending: 35
- West Falls Church Absorption rate for single family homes: 1.63 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 in an extreme seller’s market, as evidenced by the low inventory, which is 1.63 months as of today, December 17th. Despite the coming of the normally slower winter months, inventory actually increased since the last time I blogged about the West Falls Church home market on November 18th, when it was 2.87 months.
Currently Listed West Falls Church Homes for Sale
The average number of days on the market for sales of West Falls Church homes jumped up significantly in November to 64 days. (In October, it was 26 days). The November average was 42% higher than the average over the past five years in November, which was 45 days. A higher average can often be indicative of lower demand. However, it can also be caused by sellers overpricing their homes. The fact that the sales to list price ratio decreased from October (96.6%) to November (94.1%), combined with decreased inventory points to overpriced listings playing a large role in the higher average number of days on the market.
Sellers of homes in West Falls Church are in a great position to benefit from the low inventory of homes for sale in the area. If you’d like to know how much your West Falls Church home is worth, call me at 703-462-0700 to request a free comparative market analysis.
If you’re looking for a great home in West Falls Church, contact me for a up-to-date list of the best deals in the area. I grew up in Falls Church, and know the West Falls Church real estate market very well.