Sales Summary/July-September: The market for July-September 2013 was strong but slower compared to this past Spring (April-June). There were 51 sales (14 condos, 8 THs, 29 detached) vs. 65 for the previous quarter (18 condos, 16 THs, 31 detached). That’s not surprising as Q2 is the Spring market, and Falls Church has always been driven by the schools (i.e. non-resident buyers looking to get into the schools buy April to July so they don’t have to move kids during the school year). It was stronger than the same period in 2012 with noticeable price appreciation, fewer days on market, and fewer seller subsidies. For most of the quarter, the total number of active listings on any given day was in the low 20s (below that in August) with a jump to 30 by the end of September. The good news is there were no distressed sales (short sales, foreclosures). As of early October, there was one active short sale (a condo in Falls Plaza).
The small jump in interest rates this past June/July was short-lived and did not seem to affect sales. While not as low as in the Spring, rates are still very low by historical standards. Just like in Q3, all property types sold above their 2013 tax assessments–especially for detached houses. So home owners will definitely see their assessments go up next year. In addition, there are quite a few new homes being built as well as large renovations. This has been the case for several years now meaning the City will get that much more revenue and permanent at that. It will be interesting to see what effect (if any) the current government shutdown has on sales for Q4. There is not sign sequestration (remember that?) has had any effect on Falls Church.
NOTE: Below #s are averaged.
*Days on Market: 26…..a bit slower than Q3
*Sold Price: $318,907, 10% above 2013 TAV (Tax Assessed Value)
*Seller Subsidy: 21% had a seller subsidy ($857)…..definitely lower than Q3
*Price Difference: $3,800 (between List and Sold)….higher than Q3
*Days on Market: 10; a bit faster than Q3
*Sold Price: $601,988, 17% above TAV….much higher than Q3
*Seller Subsidy: 63% had a seller subsidy ($2,706)…..a surprisingly high number
*Price Difference: $2,711 (between List and Sold). lower than Q3
*Days on Market: 22; essentially the same as Q3
*Sold Price: $882,500, a huge 19% above TAV. Q3 was nearly the same with 18% above TA
*Seller Subsidy: 38% had a seller subsidy ($2,190)
*Price Difference: $24,772 (between List & Sold), a very large # due to a few poorly priced listings.
Rental Summary: No change from previous quarters as the rental market remains tight. with essentially the same number of listings as for Q3. For this quarter there were……..
*28 rentals (11 condos, 3 THs, 14 detached)
*Days on Market: 40 condo; 18 THs, 22 detached.: The # for condos would have been lower save for one listing that took 106 days to rent.
*Price Ranges (Rented): Condo: $1395-2700/month; TH: $2795-4850/month; Detached: $1400-5000/month
As of early October, there were 14 Active rentals (8 condos; 2 THs, 4 detached). As always, there are 5 condos in Roosevelt Towers that are essentially permanent rentals, i.e. they’ve been in MLS for years. So removing them leaves just 9 rentals–a very small number.
NOTE: Not all rentals are in MLS. Some are done privately or on-line (Craig’s List, Military by Owner, etc.). So the numbers here don’t show everything. However we’re confident they capture the overall trend.