SOUTH RIDING HOMES FOR SALE REAL ESTATE STATISTICS JULY 2013 CONTINUE TO REFLECT A SELLERS MARKET!
These statistics are a reflection of July 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 JULY
In July 2013 there were a total of 35 homes sold in South Riding. This was down from 37 the previous month. Of those sold 3 were condos, 16 were townhomes and 16 were single family homes.
AVERAGE SOUTH RIDING PRICES IN JULY
The average price for condos this month was $344,221. The Average price for Town homes was $395,556 up 2% from the previous month. The average Single Family home price was $569,767 up 3% from June. 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 JULY
The great news for all product type sellers is that this continues to be a sellers market with low inventory and very few days on the market. The average days on the market for condos was 37. Average Days on the Market for townhomes was up slightly from 11 days in June to 16 days in July; the Days on the Market for Single Family homes was 12 in June and 15 in July!
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: 20 sold in the last year or 1.7 per month. The absorption rate for Townhomes is: 177 sold in the last 12 months or 14.8 per month. The absorption rate for Single family detached homes is: 137 sold in last 12 months or 11.4 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 8th here is the scoop! There are 8 condos for sale which represents 4.8 months of inventory; 21 Townhomes on the market which represent 1.4 months of inventory and there are 18 single family homes on the market that represent about 1.6 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
So the condo market is entering a normal market and Townhome and Single Family detached homes are in a sellers market with low inventory and few days on the market.
WE ARE IN AN OVERALL 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 July. See you next month!