REAL ESTATE STATISTICS, SOUTH RIDING HOMES FOR SALE MAY 2013

By
Real Estate Agent with Keller Williams Realty

SOUTH RIDING HOMES FOR SALE REAL ESTATE STATISTICS CONTINUE TO REFLECT A SELLERS MARKET! 

These statistics are a reflection of May River Creek Golf Community Clubhouse2013 Statistics for  South Riding Homes for sale. If you would like to see more specific statistics for your area, i.e. a different zip code or a specific price range and geography please click here and make your request.

TOTAL SOUTH RIDING  HOME SALES IN MAY

In May 2013 there were a total of 34 homes sold in South Riding. This was  up from 27 in April. Of those sold 0 were condos, 21 were townhomes and 13 were single family  homes. 

AVERAGE SOUTH RIDING PRICES IN MAY

The  Average price for Town homes was $372,749 down 4%  from the previous month. The average Single Family home price was $560,301 up 9% from April. Don't get hung up on the increases or decreases from month to month as the sample size is very small and not statistically significant.

 

AVERAGE DAYS ON THE MARKET FOR SOUTH RIDING  HOMES FOR SALE IN MAY


The great news for all three product type sellers is that this continues to be a sellers market with low inventory and very few days on the market. Average Days on the Market for  townhomes  dropped from 13 days in April to 10 days in May; the Days on the Market for Single Family homes was 18 in April and 25 in May!

 

 

ABSORPTION RATE STATISTICS FOR SOUTH RIDING HOMES FOR SALE

 

So what is absorption rate? Absorption Rate is how many homes are sold in a given period of time. So if 120 homes sold in theSouth Riding Town Hall Pool House last 12 months, then the absorption rate is 10 homes per month. So why is this important?  It is only through absorption rate that one can define a market in terms of a Sellers 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.

 

 

 

SOUTH RIDING REAL ESTATE STATISTICS - ABSORPTION RATES

Okay, so the absorption rate for condos is: 21 sold in the last year or 1.8 per month. The absorption rate for  Townhomes  is: 174 sold in the last 12 months or 14.5 per month. The absorption rate for Single family detached homes is: 138 sold in last 12 months or 11.5 per month.

 

South Riding EntrancePUTTING IT ALL TOGETHER!

So to make sense of all this you need to know the current inventory of homes so, as of June 24th  here is the scoop!  There are 3 condos for sale representing 1.7 months of inventory;  14 Townhomes  on the market which represent less than a month  of inventory and  there are 15 single family homes on the market that represent  almost 1-1/3 months of 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

 

WE ARE IN A SELLERS MARKET WITH A SEVERE SHORTAGE OF INVENTORY!

PLEASE GIVE US A CALL IF YOU KNOW ANYONE INTERESTED IN SELLING A HOME RIGHT NOW!

 

 

CLICK HERE IF YOU WOULD LIKE A NO OBLIGATION MARKET VALUATION OF YOUR HOME

CLICK HERE FOR HOMES FOR SALE IN SOUTH RIDING!

CLICK HERE TO SEARCH THE MULTIPLE LISTING SERVICE FOR FREE!

CLICK HERE TO SEE GREAT STUFF ABOUT CHANTILLY

 

 That's about it for now for South Riding Homes for Sale Real Estate Statistics for May. See you next month! 

 

 

 

 

 

 

 

 

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Thanks for sharing this with your networks!

Dan Ritchey, Realtor

Keller Williams Realty Loudoun Gateway

20130 Lakeview Center Plaza, Suite 110

Ashburn, VA 20147

www.RitcheyREsources.com

 

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