There is a popular saying among top economists: “As goes housing, so goes the economy.”
Normally, nationwide housing and housing-related services account for about 15-19% of the Gross Domestic Product (GDP), depending on the year. However, broad generalizations such as: “It’s a great time to buy,” don’t even begin to tell the whole story, particularly in Northern Virginia. In order to fully understand our local housing market, the statistics need to be broken down into meaningful components which can be understood and applied by the average home owner and potential buyer.
This analysis provides a snapshot in time of our constantly changing local real estate market. Hopefully, it will provide you with a more detailed and accurate picture of what is happening in our market today.
State of the Great Falls, VA 22066 Housing Market – Quarter End 3/31/15
The following table and chart compare the number of homes for sale (the supply) to the number of homes sold or under contract (the demand) in the local real estate markets of Great Falls (zip code 22066) by price range for the time period from 7/1/14 – 3/31/15. The following chart depicts the relationship between supply, demand and price.
Based on the current data, the real estate market in our area can be characterized in one of three ways:
Buyers’ Market – More Homes for Sale (Supply) than Homes Sold and Under Contract (Demand)
Balanced Market – An Equal Number of Homes for Sale (Supply) as compared to Homes Sold and Under Contract (Demand)
Sellers’ Market – More Homes Sold and Under Contract (Demand) than Homes for Sale (Supply)
$700,000 – $899,999 – SELLERS’ MARKET. The number of homes sold in this price range, including those under contract, is 24% more than the number listed for sale. If the 11 homes withdrawn from the market and those with expired listings went back on the market, this price range shifts to a balanced market.
$900,000 – 1,199,999 – BALANCED MARKET. The number of homes sold in this price range, including those under contract, is equal to the number listed for sale. If you factor in the 12 properties withdrawn from the market and listings that expired, this price range shifts to a buyers’ market.
$1,200,000 – $1,499,999 – BALANCED MARKET. The number of homes sold in this price range, including those under contract, is almost equal to than the number listed for sale. If you factor in the 12 homes withdrawn from the market and listings that expired, this price range shifts to a buyers’ market.
$1,500,000 – $1,999,999 – BUYERS’ MARKET. There are fifteen more homes listed for sale in this price range compared to the number actually sold, including those under contract. If you factor in the 9 properties withdrawn from the market and listings that expired, the number for sale is 1½ times the number sold or under contract, and this price range becomes a stronger buyers’ market.
$2,000,000 – $2,499,999 – BUYER’S MARKET. The number of homes listed for sale in this price range is more than 3 times the number sold, including those under contract. If you factor in the 8 properties withdrawn from the market and listings that expired, the number for sale is 5 times the number sold or under contract, and this price range becomes a strong buyers’ market.
$2,500,000 – 2,999,999 – BUYER’S MARKET. The number of homes listed for sale in this price range is more than twice the number sold, including those under contract. If you factor in the six homes withdrawn from the market and listings that expired, the number for sale is more than 3 times the number sold or under contract, and this price range becomes a strong buyers’ market.
$3,000,000 and up – STRONG BUYER’S MARKET. The number of homes listed for sale in this price range is seventeen times the number sold, including those under contract. If you factor in the nine homes withdrawn from the market and listings that expired, the number for sale is 26 times the number sold in this price range or under contract, and this price range becomes an even stronger buyers’ market.
For more information on the Great Falls real estate market or to buy or sell a home in Great Falls, please contact Tania Hosmer at TaniaHosmer@gmail.com or (703) 403-8225.
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