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
Thinking about selling or buying in Falls Church? Check out the inventory for sale
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.
