- Homes currently for sale: 7
- Closed sales for homes in October 2013: 12
- Average sale price: $733,208
- Average list price: $763,758
- Sales price to list price ratio: 96%
- Average days on the market: 26
- Number of sales currently pending: 10
- Del Ray and Rosemont Absorption rate for homes: 0.58 months of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.
This home market report takes a look at single family, detached home sales in Del Ray and Rosemont, two communities in Alexandria, Virginia 22301. Del Ray and Rosemont are currently experiencing an extreme seller’s market, as you can see by the low inventory – it’s 0.58 months as of today, November 21st. Inventory actually tightened since my last blog post on this market in October, when it was 0.62. The average days on the market took a plunge between September (41 days) and October (26 days). A lower average can be indicative of higher demand, but it can also be caused by home owners pricing their homes to sell. To add some historical perspective, the average number of days on the market for Del Ray and Rosemont home sales over the past five years was 39 days.
Currently Listed Del Ray and Rosemont Homes for Sale
In my home market reports, I often analyze the contract ratio, which is the number of pending home sales compared to the number of listings not under contract. In October, the contract ratio for home sales in Del Ray and Rosemont was 0.89, which represented a slight decrease from the September ratio of 1.00. However, October’s ratio was 50% higher than the average contract ratio over the past five years in October, which was 0.59. Overall, a higher contract ratio points to market movement in favor of sellers, and a lower contract ratio shows market movement toward buyers.
If you own a home in Del Ray or Rosemont and you’ve been considering selling, call me on my cell phone to request a free comparative market analysis. This will give you a good idea of the fair market value of your Del Ray or Rosemont home, and will help you decide if it is a good time for you to sell.
Home buyers in Del Ray or Rosemont should find a great buyer agent to aid them in the process of finding a great home in this competitive environment of tight home inventory. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Alexandria home market very well.