The Single Family Home market in Potomac Falls, Virginia is consistent with the trends we have been seeing all around Northern Virginia. The trends are low inventory, low days on market, high sold to list price ratio and lots of closings! June was no exception for this hot market. Here are the bullet points.
- 25 New Listings
- 38 Closed Sales
- 35 Active Listings
- 18 Average Days on Market
Let’s begin the discussion with inventory which tells us what kind of market we are in. We are continually at historically low inventory, by month’s end there were just 35 active single family homes in 20165. During June, 25 new listings hit the market. The new listings are barely able to keep up with new contracts!
There were 16 contracts accepted in June. This number dropped pretty significantly from the 33 contracts accepted in May but 16 new pendings for 35 actives is representative of a seller’s market. If you are thinking about selling your Single Family Home in Potomac Falls, get in touch with us today!
The number of closings shot up 52% from May 2013, 38 Single Family Homes in Potomac Falls closed in June. This is a reflection of the April/May market though because homes typically take anywhere from 30-60 days to close. With such a large sample size it’s great to see that the median sold price is also on the rise, homes closed with a median sold price of $630,000.
These homes were closing with an average days on market of just 18! In addition to the average of 18 days on market, they are closing at 98.7% of list price! The median sold price was about $60,000 over the 5-year June average, they are selling in 18 days at 98.7% of Original List Price. This really sounds like a market that you should be in! If you own a Single Family Home in Potomac Falls, 20165, NOW is the time to get IN the market!
The Northern Virginia Real Estate Market has seen a great spring market and the heat appears to have continued into June. The interest rates are still low but are slowly climbing with some uncertainty in the future, buyers are still getting a lot for their money. They are snatching up the little inventory out there, if you are thinking of making a move, NOW is the time!