Compare May 2009 and May 2010 real estate in Falls Church, and you’ll see an increase in units sold, an increase in average sale prices for detached properties, and condos. You’ll also see there’s a DRASTIC difference in the time a property is on the market before it sells. Of the 126 properties that changed hands last month, 11% were distressed (7 were short sales and 7 were bank-owned properties). Check out the average net sales price and days on the market:
Single Family, Detached Properties
$518,269 in 38 days
Range: $205,000 – $1,650,000
Townhouse
$458,660 in 18 days
Range: $226,900 – $617,000
1 Bedroom Condo
$142,605 in 25 days
Range: $84,000 – $209,500
1 Bedroom + Den Condo
$207,998 in 34 days
Range: $106,700 – $299,500
2 Bedroom Condo
$235,622 in 16 days
Range: $175,000 – $286,150
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Another strong month for Falls Church real estate! Continuing recent trends, prices are up, days on the market are down, and the percentage of the market that’s “distressed” (ie. a short sale or bank owned property) is down. All great news for property owners!
A total of 122 properties changed hands in April, of which 15 were bank owned and 17 were short sales, for a total of 26%. Last year, April saw 132 sales with 30.3% attributed to foreclosures/short sales.
Falls Church City saw a jump in median sale price by 9.4% and a decrease in days on the market by 73.2% (a jump from 71 to 19 days until a property went under contract). That’s HUGE.
Here’s how all of Falls Church shaped up by average net sale price and days on the market:
Single Family Home, Detached
$470,393 after 42 days
Range: $218,250 – $1,045,000
Townhouse
$488,792 after 31 days
$290,000 – $915,000
1 Bedroom Condo
$156,221 after 67 days
2 Bedroom Condo
$284,664 after 20 days
What a huge difference a year makes. March 2010 for Falls Church, VA saw about the same number of homes sold – 119 in 2010 v. 116 in 2009 – but the numbers are vastly different. Average Home Sale Price is up across the board – 30% for single family homes, 10% for townhomes, a whopping 89% for 1 bedroom condos, and 17% for 2 bedroom condos…all sold within about 2/3rd of the time of last year. Selling faster, selling higher. Sums up the real estate market last month.
Of the 119 properties sold, 14 were short sales, and 23 were bank-owned, making about 31% of the market distressed.
Here are the average net sale prices and average days on the market for Falls Church:
Single Family Home
$521,418 in 63 days
Range: $209,900 – $1,299,000
Townhomes
$480,361 in 51 days
Range: $325,000 – $925,000
1 Bedroom Condos
$167,783 in 43 days
Range: $110,000 – $269,900
2 Bedroom Condos
$333,683 in 32 days
Range: $143,550 – $615,900
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Just like Arlington and D.C., Falls Church is on another run with prices up again in February. The market is still about 35% distressed (of 79, 10 were bank-owned and 18 were short sales), but prices are rebounding over those in 2009. See for yourself:
Detached, Single Family Homes
Average Net Sale Price: $494,514 after 83 days
Range: $220,000 – $1,130,000
Townhomes
Average Net Sale Price: $386,716 after 31 days
Range: $229,000 – $501,000
Condos
1 Bedroom: $129,467 after 84 days
1 Bedroom w Den: $144,130 after 49 days
2 Bedroom: $336 ,770 after 46 days
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What a difference a month makes…Falls Church saw INCREASED sale prices (both on average and median) from 2009,total number of units increase, and days on the market decrease. A quick bounce in the other direction? Appears that way!
A total of 77 properties sold in January, of which 16 were short sales and 8 were bank-owned properties.
Below are the average net sales price and days on the market:
1 Bedroom Condos
$172,804 in 54 days (range: $82,025 – $256,800)
2 Bedroom Condos
$245,250 in 50 days (range: $220,000 – $270,000)
Townhomes
$469,268 in 32 days (range: $277,000 – $840,097)
Single Family/Detached
$508,983 in 50 days (range: $245,000 – $1,304,000)
Falls Church continues to see high numbers of short sales and bank-owned properties, in fact there were 30 in December, of the total 106 properties that sold (28.3%). So it’s no wonder prices are still lower than 2008.
Detached Homes
Average Net Sale Price: $484,960 after 66 Days on the Market
Range: $215,000 – $1,810,000
Townhouse
Average Net Sale Price: $501,028 after 42 Days on the Market
Range: $115,000 – $875,000
Condos
1 Bedroom Average Net Sale Price: $168,561 after 46 Days on the Market
1 Bedroom with Den Average Net Sale Price: $180,112 after 91 Days on the Market
2 Bedroom Average Net Sale Price: $254,606 after 29 Days on the Market
The followings statistics for Falls Church, VA include both the City of Falls Church, and the part of Falls Church included in Fairfax County, VA.
Detached Homes
Average Net Sale Price: $494,356 after 48 days on the market
Range: $218,000 – $1,275,000
Townhome
Average Net Sale Price: $444,188 after 60 days on the market
Range: $120,000 – $967,000
1 Bedroom Condo
Average Net Sale Price: $172,405 after 86 days on the market
2 Bedroom, 1 Bath Condo
Average Net Sale Price: $170,401 after 52 days*
(there were several bank owns in this category, which brought the sales price down considerably)
2 Bedroom, 2 Bath Condo
Average Net Sale Price: $322,597 after 59 days on the market
Market Share Info
There were 19 short sales and 19 bank owned properties that sold in November – that’s 30% of the market in distress
Due to the high number of both short sales and foreclosures in Falls Church, the average sales price is still lower than this time in 2008. However the number of units sold is up, volume is up, and days on the market is down.
The stats for October in Falls Church, VA includes both the city of Falls Church and the part of Falls Church within Fairfax County.
Detached Houses
Average Net Sale Price: $492,878 after 59 DOM
Range: $210,000 – $1,321,650
Avg Sold Price was 96.33% of Original List Price
Townhouses
Average Net Sale Price: $382,943 after 88 DOM
Range: $120,000 – $555,000
Avg. Sold Price was 90.57% of Original List Price
1 Bedroom Condos
Average Net Sale Price: $184,527 after 36 DOM
Range: $85,500 – $260,000
Avg. Sold Price was 95.66% of Original List Price
2 Bedroom Condos
Average Net Sale Price: $314,677 after 44 DOM (median was 4)
Range: $160,000 – $600,400
Avg. Sold Price was 95.81% of Original List
Of the total 120 sales in Fall Church – 16 were short sales, and 13 were bank owned properties.
Falls Church has stayed pretty steady from month to month. Volume is still up, number of sales is almost double October 2008, and days on the market is down.
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