The Great Falls, Virginia Real Estate Market had a great may! The numbers for May 2013 proved to be some of the best numbers may has seen in 5 years. The market is beginning to level out while the higher priced homes are beginning to move! If you are thinking about selling in Great Falls, Virginia, pick up your phone and call us now! Let’s analyze the numbers and see why now is a great time to get IN the market!
- 61 New Listings
- 35 New Pendings
- 31 Closed Sales
- $1,185,000 Median Sold Price
So let’s begin by breaking down the inventory. Throughout May, 61 new listings hit the market. This is a pretty high number actually lines up perfectly with May of last year. Inventory has steadily been rising throughout the spring market, by months end, there were 162 active listings in Great Falls, Virginia. In January of 2013, there were only 92 actives! So the market has been on a steady rise since January. Too little inventory puts the power in the seller’s hands, we are currently in more of an equilibrium.
There were 35 New Pendings in May, this means that 35 homes went under contract! This brings the total number of pendings to 61, this is the highest number of pendings in the last 5 years! This speaks to the favorable market conditions, buyers are out there and ready to buy, so if you are thinking about selling, get in touch us today! We currently have 4.62 months worth of inventory (# of Actives/ # of New Pendings).
Now all of this doesn’t mean much if homes aren’t closing, but good thing that’s not the case! In May, 31 homes closed! This is the highest number of closings in a given month in the last 3 years! I bet you are starting to see a common theme, we are in an unprecedented market! It is a great time to get IN the market, so call us!
The 31 homes that closed last month closed with a Median Sold Price of $1,185,000. This is up 35% from April and well above the May 5-year average of $1,014,900. Commanding such a great price it is great to see that the average Days on Market is just 89. They also commanded 96.6% of sold price to Original List Price Ratio, which is the 5-year high.
The Great Falls, Virginia Real Estate Market has seen a great spring and it is remaining hot as the summer approaches. Glynis Canto and The Natural Connection Team with Keller Williams Great Falls, Virginia is your best source for all local real estate advice. We know how to get your home sold in this great market and we will get it done as quick and smooth as possible! We never know how long these hot markets are going to remain hot so get in touch with us today to get your home sold!
Click here to see all sold listings for May 2013 in Great Falls, Virginia (22066)
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