Great Falls, Virginia August Market Report
The late summer market, more specifically August can tend to be a little slower but that doesn’t mean that people aren’t still buying and selling! The Great Falls, Virginia Real Estate market had an overall pretty good August. With summer wrapping up, the numbers are a good Segway into what we are hoping will be a strong all market. So lets get into a few of the numbers!
26 New Listings
21 New Pendings
21 Closed Sales
Median Sold Price of $1,125,000
So let’s break down our first number, 26 New Listings. At the end of August, there were a total of 152 Active Listings in 22066, with such high inventory, it’s good to see the number of active listings and new listings decrease. In July, 43 New Listings hit the market, so with that number dropping to just 26 in August, it is giving buyers time to thin out the market a little bit.
There were 21 New Pendings in August, this means that 21 properties went under contract in August. This is actually right on par with the August 5 year average. If we want to figure out how many months of inventory we have, we have to divide the number of active listings by the number of new pendings (152/21), this gives us 7.23 months worth of inventory. When inventory is over 6 months, it is a buyers market because there is so much to choose from that sellers at the mercy of the buyer. This doesn’t mean that this is a bad time to sell, 7.23 months is very close to the equilibrium of 6 months, so don’t let this scare you! People are still writing offers and closing on homes but in order to be a statistic, you will need to prepare your home and price it to sell!
21 homes sold in August, this number is slightly below the 5-year average but only by 3, so nothing to be alarmed about. Although the number of closings is down, the statistics behind the closings are what is important. Of the homes that sold in August, they closed with a median sales price of $1,125,000, they were only on the market an average of 89, though the median is just 57 days, the average is slightly skewed because one property closed after 612 days on market! These homes also sold with an average sold to original list price ratio of 94.6%, a 5-year high for August.
So overall, the number of homes that listed, went under contract, and sold in Great Falls in August was on par with what August has seen but the way the homes sold shows us the market is better. If you are thinking about selling or buying in Great Falls, Virginia, get in touch with us today!