REAL ESTATE STATISTICS LANSDOWNE HOMES FOR SALE JULY 2013 CONTINUE TO REFLECT A SELLER’S MARKET!
These statistics are a reflection of July 2013 Stats for Lansdowne on the Potomac as well as the Town Center . 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 LANSDOWNE RESORT HOME SALES IN JULY
In July 2013 there were a total of 22 homes sold in Lansdowne. This was down from 23 in June. Of those sold, 3 were condos; 8 were townhomes and 11 were single family homes.
AVERAGE LANSDOWNE HOME SALE PRICES IN JULY
The average price for Condos was $309,333 down slightly from the previous month. The average price for Townhomes was $497,875 down about 1% from the previous month. The average Single Family home price was $771,091 up slightly from the previous month. Don't get hung up on the changes in average price, its a small sample size and not statistically significant.
AVERAGE DAYS ON THE MARKET FOR LANSDOWNE HOMES FOR SALE IN JULY
The great news for sellers is that this continues to be a sellers market with low inventory and low days on the market. Average Days on the Market for condos increased from 13 to 23 days; townhomes also increased from 15 days in June to 27 days in July; the days on the Market for Single Family homes also increased from 29 days in June to 44 Days in July!
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 LANSDOWNE 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.
LANSDOWNE REAL ESTATE STATISTICS - ABSORPTION RATES
The absorption rate for Condos is 25 sold in the last year or 2.1 per month. The absorption rate for Townhomes is: 69 sold in the last 12 months or 5.8 per month. The absorption rate for Single family detached homes is: 82 sold in last 12 months or 6.8 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 August 6th here is the scoop! There are currently 4 condos on the market or about 2 months of inventory. There are 15 Townhomes are on the market which represents about 2.6 months of inventory and finally there are 22 single family homes on the market that represent about 3.2 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
THERE IS A SEVERE SHORTAGE OF INVENTORY AND WITH INTEREST RATES ON THE RISE, THE FENCE SITTER BUYERS ARE ENTERING THE FRAY. DON'T MISS THIS OPPORTUNITIY TO MOVE! CALL US FOR YOUR FREE HOME MARKET ANALYSIS.
Thats about it for now for Lansdowne Real Estate Statistics for July. See you next month!