REAL ESTATE STATISTICS LEESBURG HOMES FOR SALE 20176 JULY 2013 CONTINUE TO REFLECT A SELLERS MARKET!
These statistics are a reflection of July 2013 Statistics for 20176 Leesburg 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 LEESBURG HOME SALES IN JULY
In July 2013 there were a total of 95 homes sold in the 20176 Leesburg zip code. This was down from 125 in June. Of those sold 12 were condos, 34 were townhomes and 49 were single family homes.
AVERAGE LEESBURG HOME PRICES IN JULY
The average price for condos was $268,208 down 4% from June. Average price for Townhomes was $405,162 down 10% from the previous month. The average Single Family home price was $642,255 up about 1% over 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 LEESBURG HOMES FOR SALE IN JULY
The great news for all three product types is that this continues to be a sellers market with low inventory and relatively low days on the market. Average Days on the Market for condos was 65 days in July up from 47 days in June. Overall the days on the market for condos is good; townhome Days on the Market was up slightly to 21 days in July up from 19 days in June; the Days on the Market for Single Family homes increased from 28 in June to 39 in July!
ABSORPTION RATE STATISTICS FOR LEESBURG 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.
LEESBURG REAL ESTATE STATISTICS 20176 - ABSORPTION RATES
Okay so the absorption rate for condos is: 110 sold in the last 12 months or 9.2 per month. The absorption rate for Townhomes is: 348 sold in the last 12 months or 29 per month. The absorption rate for Single family detached homes is: 443 sold in last 12 months or 36.9 per month.
So to make sense of all this you need to know the current inventory of homes so, as of August 12th here is the scoop! There are 21 condos for sale representing 2.3 months of inventory; 54 Townhomes on the market which represent about a 1.9 months inventory and there are 108 single family homes on the market that represent almost 2.9 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 Leesburg Homes for Sale Real Estate Statistics for July. See you next month!