Number of Homes Currently for Sale as of today, November 11th, 2013
Single family, detached - 33
Condos - 44
Townhouses – 12
In October…
Number of Closed Sales
Single family, detached - 6
Condos - 20
Townhouses - 2
Median Sale Price
Single family, detached - $595,575
Condos – $267,000
Townhouses – $524,500
Average number of days on the market
Single family, detached - 102
Condos – 50
Townhouses – 29
Number of sales currently pending
Single family, detached - 9
Condos - 19
Townhouses – 4
Average Sale Price for Homes
Detached homes - $636,108
Attached homes – $298,177
Average List Price for Homes
$379,436
Average Sale Price to List Price Ratio
96.8%
Absorption Rate as of today, November 11th, 2013
Single family, detached – 5.5 months
Condos – 2.2 months
Townhouses – 6 months
When looking at the absorption rate in any real estate market, it’s important to keep in mind that a balanced market is defined as 5-7 months of inventory, a seller’s market is defined as less than 5 months of inventory, and a buyer’s market is defined as more than 7 months of inventory.
When taking into account all three types of real estate analyzed in this report, on average, Braddock Heights’ current inventory points to a seller’s market. You’ll notice that the inventory levels are more balanced for detached homes and townhouses than for condos. It’s important to keep in mind that a decent percentage of single family detached homes in Braddock Heights are luxury homes, which inherently take longer to sell because a smaller percentage of the population can afford them. You’ll also see this played out in looking at the average number of days on the market for detached homes in Braddock Heights, which was 102 days in October.
Home sellers in Braddock Heights, especially condo owners, are in a position to take advantage of the low inventory in the area. If you’d like a free comparative market analysis of your Braddock Heights home, call me on my cell phone at 703-462-0700. This will help you decide if it’s a good time to sell your home.
Home buyers in Braddock Heights should work with a great buyer agent to help them get the best deal possible. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Alexandria home market very well. It would be my pleasure to help you find the right Braddock Heights home!
To learn more about home market statistics in Braddock Heights, visit my blog: http://northernvirginiahomepro.com/braddock-heights-alexandria-condominium-market-report-for-october-2013/
To search online for Braddock Heights homes, visit my website: http://www.searchnorthernvarealestate.com/
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