Great Falls Real Estate News

State of the Great Falls, VA 22066 Housing Market — Quarter End 12/31/14 — Text Summary

•  $700,000 – $899,999 – Sellers’ Market. The number of homes that sold between 7/1/14 and 12/31/14 plus the number of homes currently under contract is more than 1½ times the number of homes currently listed for sale. If the 20 homes that were withdrawn from the market or expired went back on the market for sale, this price range would shift to a buyers’ market.
• $900,000 – $1,199,999 – Sellers’ Market. The number of homes that sold between 7/1/14 and 12/31/14 plus the number of homes currently under contract is 1½ times the number of homes currently listed for sale.  If you factor in the 12 properties that were withdrawn and listings that expired, this price range would shift to a buyers’ market.
• $1,200,000 – $1,499,999 – Sellers’ Market. The number of homes sold between 7/1/14 and 12/31/14 plus the number of properties currently under contract is 25% more than the number of homes currently listed for sale. If you factor in the 25 homes that were withdrawn from the market and the listings that expired, this price range would shift from a sellers’ market to a buyers’ market.
• $1,500,000 – $1,999,999 – Sellers’ Market. There are 6 fewer homes that are currently listed for sale than the number of properties sold between 7/1/14 and 12/31/14 plus the number of homes currently under contract. If you factor in the 22 properties that expired or were withdrawn from the market, the number of homes for sale would be more than 1½ times the number of homes sold plus under contract homes and this price range would become a buyers’ market.
• $2,000,000 – $2,499,999 – Buyers’ Market. The number of homes currently listed for sale is more than 2 ½ times the number of properties sold between 7/1/14 and 12/31/14 plus the number of homes currently under contract. If you factor in the 8 homes that were withdrawn from the market and the homes that expired, the number of homes for sale would be more than 3 ½ times the number of sold plus under contract homes and this price range would become a stronger buyers’ market.
• $2,500,000 – $2,999,999 – Buyers’ Market. The number homes currently listed for sale is almost 2 times the number of properties sold between 7/1/14 and 12/31/14 plus the number of homes currently under contract. If you factor in the 6 homes that were withdrawn from the market and the homes that expired, the number of homes for sale would be more than 2 ½ times the number of sold plus under contract homes and this price range would become a stronger buyers’ market.
• $3,000,000 and up – Strong Buyers’ Market. The number of homes currently listed for sale is 6 times the number of homes sold between 7/1/14 and 12/31/14 plus the number of homes currently under contract. If you factor in the 8 homes that were withdrawn from the market and the homes that expired, the number of homes for sale would be 10 times the number of sold plus under contract homes and this price range would become an even stronger buyers’ market.

Note: All of the numbers for the withdrawn and expired listings were cross referenced against currently active listings, sold listings and under contract listings.  If they were listed in another category, they were excluded from the numbers and thus not accounted for more than once.

For more information on the Great Falls real estate market, please contact Tania Hosmer at TaniaHosmer@gmail.com or (703) 403-8225.