In a Northern Virginia real estate market where homes are lingering for long periods of time unsold, the small jurisdiction of Falls Church City saw some very quick sales in July 2007.
Falls Church City is the smallest city in Virginia with less than 12,000 residents. There are only about 4,800 individual households according to the City's tax records.
In July 2007, there were 17 home sales in Falls Church ranging in price from $304,000 to $1,439,000. The average sales price for July was $734,528. These homes sold at an average of 97.95% of the listing price in a lightning fast pace of only 29 days on the market. The most popular community for sales in July was Winter Hill with 4 sales.
Here is a chart displaying the number of sales per month and the average days on market for those sales for the first 7 months of 2007:
The number of days on market has been steadily coming down since the peak of 89 days in March. If you are out searching for a home and see one you like in Falls Church, I would advise acting quickly.
The number of sales has stayed pretty consistent throughout the year, averaging just over 13 per month.
Currently there are 49 Falls Church homes on the market, representing less than a 4 month's inventory at current absorption rates.
Falls Church Single family homes: 23 available at an average price of $1,158,896. There are 10 homes available under the $1 million mark and 13 over $1 million.
Falls Church townhouses: 8 available at average price of $642,375.
Falls Church condos: 17 available at an average price of $585,640.
It looks like the amount of days on market is going to be trending upwards in the near future since the available properties have been on the market for an average of 90 days. However, this can be due to the seasonal real estate slowdown during later July and August. Some of the more popular areas in Falls Church include Ellison Heights, Winter Hill and The Broadway and The Byron Condominiums across the street from each other on Route 7.
Falls Church is located less than 5 miles from Tysons Corner, 10 miles to D.C., and 18 miles to Dulles International Airport.
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