SOUTH RIDING HOMES FOR SALE REAL ESTATE STATISTICS CONTINUE TO REFLECT A SELLERS MARKET!
These statistics are a reflection of May 2013 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 the 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.
PUTTING 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!
That's about it for now for South Riding Homes for Sale Real Estate Statistics for May. See you next month!