REAL ESTATE STATISTICS LEESBURG HOMES FOR SALE 20175 SEPTEMBER 2013 CONTINUE TO REFLECT A SELLERS MARKET!
The following is a reflection of Real Estate Statistics for Leesburg homes for sale 20175 September 2013. 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 SEPTEMBER
In September 2013 there were a total of 50 homes sold in the 20175 Leesburg zip code. This was down from 62 in August. Of those sold 8 were condos, 20 were townhomes and 22 were single family homes.
AVERAGE LEESBURG HOME PRICES IN SEPTEMBER
The average price for condos was $170,288 down 8% from August. Average price for Townhomes was $337,825 down 3% from the previous month. The average Single Family home price was $513,546 down 15% from August. 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 SEPTEMBER 2013
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 10 days in September down from 23 days in August. Townhome Days on the Market was 21 days up from 12 days in August; the Days on the Market for Single family homes was 29 days in September, down from 75 days in August.
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: 116 sold in the last 12 months or 9.7 per month. The absorption rate for Townhomes is: 165 sold in the last 12 months or 13.8 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 October 11th here is the scoop! There are 8 condos for sale representing about one month of inventory; 15 Townhomes on the market which represent about a month of inventory and there are 102 single family homes on the market that represent 3.8 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 September. See you next month!