Great Falls (22066) July Market Report
The Great Falls real estate market has remained pretty steady throughout the summer. As June led into July, many of the market indicators remained pretty consistent with slight variations here and there. The market indicators we are going to analyze today are as follows:
- 43 New Listings
- 25 New Pendings
- 27 Closed Sales
- Average of 40 Days on Market
So let’s get into what these numbers mean. The first, 43 new listings is slightly higher than June, which saw 34 new listings. It is also above the 5 year average of 39, but new listings isn’t as important as total number of listings. By month’s end, we had 165 Active Listings in Great Falls, VA. This is below the 5-year average of 178, so we are still in stable market.
The number of New Pendings is one of the more important market indicators. This means the number of contracts that were accepted during a given month, July saw 25 New Pendings. This number is consistent with June as well as the 5-year average. So buyers are still eagerly writing contracts! Using the number of actives (165) and the number of New Pendings (25), we are able to establish that we have 6.6 months worth of inventory (Actives/New Pendings). 6 months worth of inventory is generally regarded as a stable market, fewer than 6 months is a Seller’s Market and higher than 6 months is a Buyer’s Market. So if you are thinking about buying or selling, now is a good time to get in touch us!
July did see a marked reduction in the number of closings compared to June, but the number of closings represents the previous months number of contracts because it typically takes 30-60 days to close. So when compared to the 5-year average of 24, 27 closed sales is still an improvement.
One of the greatest numbers to come out of July is the average days on market. Homes that closed in July, were on the market for an average of just 40 days! This is less than half of the 5-year average of 87! The homes that closed in July sold with an Average Sold to Original List Price ratio of 96.2%. This is yet another very important statistic that is above it’s 5-average of 94.0%.
The Real Estate Market has remained strong throughout the summer, the early spring saw the market lean in the seller’s favor but as the spring market slowed, it shifted towards an equilibrium, which is always desired because it is the most stable. If you are thinking about selling your home in Great Falls, get in touch us today!