REAL ESTATE STATISTICS, LEESBURG HOMES FOR SALE 20175 JULY 2013 CONTINUE TO REFLECT A SELLERS MARKET!
These statistics are a reflection of July 2013 Statistics for 20175 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 20175 IN JULY
In July 2013 there were a total of 61 homes sold in the 20175 Leesburg zip code. This was down from 62 in June. Of those sold 12 were condos, 16 were townhomes and 33 were single family homes.
AVERAGE LEESBURG HOME PRICES IN JULY
The average price for condos was $211,295 up 6% from June. Average price for Townhomes was $316,074 down 6% from the previous month. The average Single Family home price was $541,832 down 9% 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 LEESBURG HOMES FOR SALE IN 20175 IN JULY
The great news for all three product type sellers is that this continues to be a sellers market with low inventory and very low days on the market. Average Days on the Market for condos was 25 days in July down from 26 days in June. Townhome Days on the Market was 25 days up from 21 days in June; the Days on the Market for Single family homes was 23 days in July, down from 49 days in June.
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 20175 - 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: 163 sold in the last 12 months or 13.6 per month. The absorption rate for Single family detached homes is: 318 sold in last 12 months or 26.5 per month.
So to make sense of all this you need to know the current inventory of homes so, as of August 14th here is the scoop! There are 9 condos for sale representing about one month of inventory; 11 Townhomes on the market which represent less than one month of inventory and there are 64 single family homes on the market that represent almost 2.4 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 20175 Real Estate Statistics for July. See you next month!