Falls Church Market Stats Q2 2013

Sales Market Summary: The market for April-June 2013 was very strong and clearly better than the previous quarter. It was also stronger than April-June 2012 with noticeable price appreciation, fewer days on market, and much fewer seller subsidies. There were 65 sales (18 condos, 16 THs, 31 detached), nearly double the number for the previous quarter of 34 sales (10 condos, 10 THs, 14 detached). That’s not surprising as the second quarter is the Spring market. It was essentially the same as Q2 2012 which had 60 sales (18 condos, 12 THs, 30 detached). The good news (and no surprise) is there were no foreclosures or short sales.

A good example of how strong the market can be seen in the townhouses of Winter Hill…….

 

*7 units sold

*9 Days on Market (average)

*Multiple offers, with a few all cash offers made (one accepted)

*Seller Subsidy: Only 1, nominal amount ($2,000)

*Price Difference: $364 (Sold Price-List Price), very low indeed

 

Only 1 townhouse sold in Winter Hill for Q1 (late March) and that at a mere $510,000 (which we believed at the time was underpriced). That changed dramatically as soon as April started.

 

For most of the past quarter, the total number of active listings on any given day was just above 30 with most coming on in May and June (i.e. Spring market). No surprise, a lack of inventory with lots of buyers (remember your Econ 101), low interest rates, and an improving economy–most importantly the perception thereof–made the quarter. As we all know interest rates have been rising a bit since late June, but they are still very low by historical standards. It will be interesting to see what effect (if any) they have on the Q3 as well as the pending furloughs brought on by the government’s sequestration.

NOTE: Below #s are averaged. Price Differences were “positive” for all property types.

 

Condos:

*18 Sold

*Days on Market: 19…..much faster than all of 2012

*Sold Price: $424,094, 12% above 2013 TAV (Tax Assessed Value)

*Seller Subsidy: 28% had Seller Subsidy ($1,128)…..much lower than 2012

*Price Difference: $1,461 (between List and Sold)

 

Townhouses:

*16 Sold

*Days on Market: 15; quite a bit lower than Q1 (24 days) but same as Q2 2012

*Sold Price: $655,653, 7% above TAV

*Seller Subsidy: 19% had seller subsidy ($1100) much lower than both Q1 2013 & Q2 2013

*Price Difference: $4,488 (between List and Sold)

 

Detached:

*31 Sold

*Days on Market: 24; which is very high only because of several poorly priced properties. Excluding them, the average DOM was 15, which is very fast.

*Sold Price: $821,932, a whopping 18% above TAV

*Seller Subsidy: 23% had SS ($2,926), nearly half of Q1

*Price Difference: $8916 (between List & Sold)

 

Since all property types sold above their 2013 tax assessments–especially for detached–folks  should expect to see their assessments go up next year.

 

Rental Market Summary: Again the rental market remains tight. However there were a lot more listings compared to January-March. For April-June there were……

 

 

*29 rentals (8 condos, 8 THs, 13 detached)

*Days on Market: 16 condo; 8 THs, 41 detached.: The # for detached would have been much lower (18 days) save for an unusual listing (1 bedroom, basement unit) that took 325 days to rent.

*Price Ranges (Rented): Condo: $1550-3800/month; TH: $2300-4100/month; Detached: $1560-5000/month

 

As of mid-July , there were 16 Active rentals (12 condos;  0 THs,  4 detached). As usual, there are several condos in Roosevelt Towers that are essentially permanent rentals, i.e. they’ve been in MLS for years. So taking them out, you’re left with 11 rental listings–a small number as before.

 

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.