ASHBURN REAL ESTATE STATISTICS 20148 CONTINUE TO REFLECT A SELLER’S MARKET AND GREAT NEWS FOR SELLERS!
These Ashburn Real Estate Statistics are a reflection of May 2013 Stats for the 20148 zip code. If you would like to see more specific statistics for your specific area, i.e. a different zip code, neighborhood or a specific price range and geography please click here and make your request.
TOTAL ASHBURN HOME SALES IN MAY
In May 2013 there were a total of 82 homes sold in the 20148 zip code. This is an increase of 52% over April sales. Of those sold 11 were condos, 37 townhomes and 34 were single family detached homes. The 34 single family homes trumped the previous month's sales by 42%. That's great news for Sellers!
AVERAGE ASHBURN HOMES FOR SALE PRICES IN MAY
The average sale price for Condos was $276,770 UP 11% from the previous month. Townhomes average sale price was $414,532 UP 6% from the previous month. The average Single Family home price was $726,894 up about 4% from the last month.
WHAT ARE YOU WAITING FOR....A MARKET SHIFT?....ITS HERE!
AVERAGE DAYS ON THE MARKET FOR ASHBURN REAL ESTATE FOR SALE IN MAY
The great news for sellers is that this continues to be a sellers market with low inventory and decreasing days on the market. Average Days on the Market for Condos decreased from 31 days in April to 26 days in May; For townhomes Days on the Market remained at 19 days in May the same as the previous month; Last but not least is Days on the Market for Single Family homes went up from 18 days in April to 47 Days in May. I think this was due to a lagging supply from the previous month.
So just like the AT&T commercial says.....relative to tying a Cheetah on Grandma's Back....Faster is Better Right?..... You Bet!
ABSORPTION RATE STATISTICS FOR ASHBURN HOMES FOR SALE
So what is absorption rate? I'm glad you asked! Absorption Rate is how many homes are sold in a given period of time. So if 120 homes sold in the last 12 months, then the absorption rate is 10 homes per month. So why is this important you ask? It is only through absorption rate that one can define a market in terms of Seller Market, Buyers Market or a Balanced or Normal Market.
WHY IS ABSORPTION RATE IMPORTANT?
Because it determines how quickly homes move on and off the market....and you want to know that right? So you know how long it will take you to sell your home if priced properly, so you can make that move for your job, or buy that move-up home, or be able to predict with some level of certainty how long you have to keep your house clean and have people going through it when you have it for sale.
ASHBURN REAL ESTATE STATISTICS - ABSORPTION RATES
Okay so the absorption rate for condos is: 68 sold in the last 12 months or 5.7 per month. The absorption rate for Townhomes is: 360 sold in the last 12 months or 30 per month. The absorption rate for Single family detached homes is: 346 sold in last 12 months or 29 per month.
PUTTING IT ALL TOGETHER!
So to make sense of all this you need to know the current inventory of homes so, as of May 4th here is the scoop! There are currently 22 condos on the market so that represents about 4 months of inventory at the current absorption rate. 39 Townhomes are on the market which represents just more than a month of inventory and finally there are 97 single family homes on the market that represent a bit less than 3-1/2 months of inventory. The single family home number is skewed upward by the 55 new construction listings in the Multiple Listing Service. These are to be built homes and not part of actual holding inventory.
According to the National Association of Realtors:
A Sellers market is defined by 1-4 months of inventory
A Normal Market is defined by 5-6 months of inventory
A buyers Market is defined by 7+ months of inventory
So that is great news for sellers!
THERE IS STILL A SHORTAGE OF INVENTORY IN OUR MARKET...THAT'S GREAT NEWS FOR SELLERS. WHO DO YOU KNOW THAT NEEDS HELP SELLING REAL ESTATE RIGHT NOW? WE WOULD APPRECIATE THE OPPORTUNITY TO SPEAK TO THEM TO SEE HOW WE CAN HELP.