City of Falls Church Pending Home Sales Jump In 2012

The City of Falls church is not a large real estate market, but it is a popular one that has seen robust activity so far in 2012. The chart below really tells an unusual story, at least from January 2012 onward. Typically, as you can see through the previous 18 months on this chart, pending home sales and ‘Active’ listings rise and fall together, creating a nice marriage. However, in March and May of this year the increase in demand (pending sales) actually outpaced the number of available homes. Not only that, but in June the number of sold homes nearly matched the number of homes available.

What does this all mean? Well, in very anecdotal terms it would mean that, in theory, if no additional homes became available it would take less than a month to clear the existing inventory. For sellers this means more control over the transaction, and for buyers this means they can expect to have to make a quick decision and perhaps anticipate not being the only ones to make a move on a given home. In turn this also means that buyers might have to anticipate covering their own closing costs, and evening offering more than asking price.

Of course this is all case by case. As has been the tendency for the last several years, homes that are not priced appropriately are not drawing a crowd, even if they are the only one of it’s kind, so there are some opportunities for buyers to gain back some control. For that, however, they will still be relying on the willingness of a selling home owner to negotiate.

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