Statistics for Falls Church City and the city of Falls Church within Fairfax County are both grouped into the summary statistics below.
Single Family Homes
Price Range: $200,000 - $1,330,000
Median Sale Price; $445,000
Average Sale Price: $471,547 after 57 days
Townhomes
Price Range: $269,000 - $961,262
Average Sale Price: $450,466 after 39 days
Condos
1 bedroom, 1 bath
Average Sale Price; $155,175 after 48 days
Laura@TheLJRGroup.com
703.283.6120
McLean, VA has seen some interesting developments over the past month from July 2008. For 22102, the median sales price has fallen by 39%, but the average is only 1.6% down. This is a testament to where the activity is - in the lower price ranges. 22102 is dominated by detached property sales (39 of the 49 total sales in July were detached/single-family homes). For 22101, both the average AND median sales prices have fallen 25% since July 2008. The properties that sold in 22101 was evenly split between townhomes, condos, and detached properties. Here's the breakdown:
22101
49 Total Sales
Detached Properties
Price Range: $416,000 - $2,590,000
Average: $952,752
Average Days on the Market (Property): 72
Townhomes
Price Range: $520,000 - $1,185,000
Average: $729,480
Average Days on the Market (Property): 50
22102
28 Total Sales
Detached Properties
Price Range: $775,000 - $4,150,000
Average: $1,786,444
Average Days on the Market (Property): 130
Townhomes
Price Range: $291,000 - $740,000
Average: $518,640
Average Days on the Market (Property): 80
2 bedroom, 2 bath Condo
Average: $300,000
Average Days on the Market (Property): 56
While they say 75% of all statistics are lies (ha!), you can see the numbers show it's a great time to buy in McLean. For a more detailed Free Comparative Market Analysis with specifics about an individual property, please call or email me!
Laura@TheLJRGroup.com
703.283.6120
Arlington statistics are in! Here's how the month of July shaped up for both North and South Arlington.
Detached Properties
North Arlington
Average Days on the Market: 69
Average Sale Price: $775,609
Median Sale Price: $665,000
South Arlington
Average Days on the Market: 62
Average Sale Price: $525,354
Median Sale Price: $521,000
Townhouses
North Arlington
Average Days on the Market: 47
Average Sale Price: $610,533
Median Sale Price: $610,000
South Arlington
Average Days on the Market: 30
Average Sale Price: $401,706
Median Sale Price: $427,400
1 Bedroom, 1 Bath Condo
North Arlington
Average Days on the Market: 51
Average Sale Price: $318,228
South Arlington
Average Days on the Market: 58
Average Sale Price: $205,493
2 Bedrooms, 2 Baths Condo
North Arlington
Average Days on the Market: 74
Average Sale Price: $538,877
South Arlington
Average Days on the Market: 47
Average Sale Price: $382,719
When the FY 2010 budget for D.C. was released, an important change was noted: As of October 1st, 2009, Co-op sales will be subject to an "Economic Interest Tax." Currently, Co-ops are exempt from Recordation and Transfer Taxes (to be paid by buyers and sellers, respectively) paid on other types of residential real estate (condos, townhomes, detached properties).
The new tax schedule looks like this:
1.1% of Fair Market Value if less than $400,000
1.45% of Fair Market Value if at or above $400,000
If you have questions about other differences between Co-op sales and condos, please call me! 703.283.6120
For those of you who read my monthly statistics regularly, you know I normally break out Arlington statistics by zip codes and styles. Well this month, something struck me as so important, that it deserves a blog to itself: Days on the Market.
The MRIS tracks the number of days from when a property is first listed, until it is under contract (regardless of whether it's contingent on anything). Days on the Market (DOM) is a good indication of buyer activity and pricing. Take a look at the chart below for July 2009:
North Arlington: 22201, 22203, 22205, 22207, 22213 - On average, 57.4% of all the listings sold in July sold within the first month!
South Arlington: 22202, 22204, 22206 - On average, 51% of all the listing sold in July sold within the first month!
This to me is absolutely incredible. It's also indicative of the level of inventory we're experiencing right now. For some people, there's just nothing to buy! Or when something comes on the market that's in decent shape, a good location, and a reasonable price - it's literally FLYING off the market (and more often than not, after multiple offers).
With the December 1st deadline for eligibility for the $8,000 tax-credit quickly approaching, buyers are not hesitating to make an offer when they find something they like!
*Data provided from MRIS. All information deemed reliable but not guaranteed.
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Providing real estate expertise in Arlington County, Fairfax County, and Washington, D.C.
Laura is an upstate New York native, but now calls Arlington home. Prior to becoming a full-time Realtor, Laura served as an analyst and consultant in the finance realm of the Federal Government. Laura completed her undergraduate work at the University of Rochester and holds a dual degree in Economics and Statistics, as well as a Master's Degree in Applied Economics from Johns Hopkins University. Licensed in Virginia, Maryland, and Washington, D.C., Laura focuses her business on helping first-time home buyers and sellers navigate the real estate process. Professional Affiliations and Designations
Business Experience
Education
Licensed in Virginia, Washington, D.C., and Maryland
"As a first time home buyer the entire process was very daunting to us, however Laura made it very easy. She made us feel very comfortable from the start and never made us feel like any of our questions were "dumb questions". I would absolutely refer her to any of our friends and family in the area searching for a home." - Nick, Washington, D.C.
"When my business partner and I moved into the DC area looking to invest we sent out a list of criteria to several real estate agents hoping to find one that could help us accomplish our goals, thank goodness we found Laura. She worked quickly to compile a list of over 100 properties, most of which we visited in a short two day period. Without Laura's dedication and hard work I'm convinced that we wouldn't be anywhere near where we are now. We plan on continuing our professional relationship with her and look forward to working with her in the future. Thanks Laura!" -Stephen E., Alexandria
"We are happy to say that in less than six weeks, we were in our new home and it is all thanks to Laura's dedication to us. She really listened, her commitment to us was reflected in her professionalism, timely communication and service to us and that made all of the difference. She was very knowledgeable and there were no questions or concerns that she was unwilling or unable to address. She has so much energy and goes above and beyond what a Realtor should do. She restored our confidence in the home buying process and I have since recommended her to anyone interested in buying or selling a home." -Maxine and Mustafa, Washington, D.C
"We recently had a baby and needed to move to a bigger home. A friend recommended Laura, so we contacted her. We thought we wanted to rent for another year before buying, but we told Laura that if she was able to find us a "steal" we'd consider it. When she got back to us with a list of for sale and for rent properties, we were surprised how many homes were on the market close to our price range. In the end we decided to stick to our original plan and rent. Laura never put any pressure on us to decide one way or the other- she let us decide what was best for us- even when it would have been better for her had we chosen to buy. We were planning to move in September but Laura's work was so fast that she was able to help us get into a place in August which worked out even better for us. She showed us the properties on last minute notice and was overall very flexible, friendly and helpful. We would recommend her to anyone who asked!" -Jess & James, Falls Church
"Laura did an amazing job of finding me a condo that fit exactly what I was looking for. Her extensive knowledge of the area and the outside research she did for me made the process very fast and easy since we didn't waste time looking at properties that she knew I wouldn't be interested in. She was very low-pressure about making the sale by letting me move at my own pace.
As a first time buyer, I wasn't sure exactly how the process worked after finding a place to put an offer on, so Laura helped me every step of the way, from the initial offer through the mortgage approval and closing. I always felt very comfortable with how things were working, and anytime something came up she would contact me right away and we'd resolve the issue asap. I couldn't have asked for a better experience!" - Mark, Arlington
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