Reston (20194) July Market Report

Reston (20194) July Market Report

The Reston (20194) Detached Homes Market is always a strong market, 2013 being no exception but 2013 has seen some of the lowest inventory in years! With such low inventory, 20194 Single Family Homes are in high demand so it is widely regarded as a Seller’s Market. Let’s break down the numbers!

• 8 New Listings
• 10 New Pendings
• 18 Closed Sales
• Average Days on Market 19

8 New Listings hit the market in July.  This is on par with the 5-year average of 9 and a small decrease over the 12 that June saw. With 8 new listings hitting the market during the month of July, the number of contracts being written only left us with 11 Active Listings at the end of the month.

10 properties went under contract (New Pendings), when looking at pendings, you have to look at the total inventory as well. In this case, there are 11 active listings, so 10 pendings is a very high number. This gives us just 1.1 months worth of inventory, meaning, if no new homes came on the market and the same number of contracts were written next month, there would only be 1 home on the market! This market is leaning in the Seller’s favor because the inventory is so low.

There were 18 closings in July, this is again, another high number when compared to total inventory, but this number represents the previous months activity. A Few more very telling statistics are the Average Days on Market and the Average Sold to Original List Price Ratio. Of the 18 homes that closed, they sold in an average of 19 Days On Market with an average Sold to OLP Ratio of 98.8%! These homes also closed with a Median Sales Price of $833,000.

The Reston (20194) Detached Homes market remains strong throughout the summer. If you are thinking about selling or buying in Reston, VA, get in touch with us today!