Rent Real EstateFalls Church, Virginia, Seller"s Market Moderates With Season
Still capitalizing on its proximity to the nation"s capital, Falls Church, Virginia is as popular with buyers as ever, say local Realtors, although it"s beginning to show signs of a seasonal shift.
"Falls Church is still a sought after area because it is still within a reasonable driving distance from downtown Washington. It is also close to the Dulles Corridor and the Bethesda area," says Realtor Mary Thyfault Clark. "Still, the Falls Church market has shifted quite a bit since early summer. Unquestionably, some of this shift is seasonal. The Northern Virginia market always slows in the late summer as half of Washington heads out of town. The shift this summer is more dramatic. I think one reason is that we had such a dramatic early spring where prices rose $10,000 a week and buyers didn"t even dream of doing a home inspection."
She muses, "Still, houses in terrific condition in the most sought-after neighborhoods are selling quickly. Buyers shouldn"t hesitate to make an offer if they really fall in love with a house. But houses that are more average are often staying on the market for two or three weeks. On average, houses are selling in 16 days, instead of 14. It is not what we are used to here, and so some sellers quickly panic. When a house hasn"t sold in just a few days, we see some sellers quickly drop the price. Others, depending on their circumstances, are willing to wait it out to give more buyers a chance to see their house. The big question is what will happen in the fall? Will the market continue to slow or will we have a normal steady fall?"
Says Realtor Kathy Devany, "Falls Church is another beautiful historic town with trees, character and shopping; redevelopment and expansion of existing homes along with new town homes and single-family homes create a broad selection of housing."
About the market, Devany says, "The Northern Virginia market continues to be a healthy sellers" market. If you are new to the area, here are a few statistics which will guide you in your search. Since July 1st, the Fairfax County cities continue to sell properties at slightly above the list price in all categories. For Reston, Herndon, Great Falls, Oakton, Vienna and Falls Church there have been 27 single family homes sold at an average price of $689,879, along with 21 town homes at an average price of $644,000 and 32 condominiums at an average price of $323,740."
"There are two parts to Falls Church: the independent city and the larger area within Fairfax county," explains Realtor Katie Loughney. "It is conveniently located within the beltway with easy access to I-495, 66, and 50. Historic Falls Church is located just miles from Washington DC. It is comprised of unique neighborhoods with a strong sense of community. Falls Church has a variety of shops and restaurants that embrace its wonderful culture."
"Within the last several months Falls Church has seen over 350 residential properties change hands, including 140 condos, 50 townhomes, and 160 single family homes," she continues. "Closing prices for condos range from $150,000 for a 1 bedroom, 1 bathroom to $522,000 for a 2 bedroom, 3.5 bath condo. Closing prices for townhomes range from $321,000 for a 2 bedroom, 1.5 bath to $765,000 for a 3 bedroom 2.5 bath. Closing prices for single family homes range from $258,000 for a 4 bedroom, 1 bath to $1.6 million for a waterfront lake home. Roughly 80 percent of the properties that have been sold during that time frame or are currently under contract were on the market for two weeks or less."
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