This market report takes a look at sales of single family, detached Annandale homes in January. Keep in mind that every listing on this blog is updated on a daily basis from the MRIS, so you can rest assured that you’re always looking at the most current data. (The market statistics below were pulled from the MRIS):
- Homes in Annandale currently for sale: 40
- Closed sales for Annandale homes in January 2014: 23
- Average sale price: $545,169
- Average list price: $559,722
- Sales price to list price ratio: 97.4%
- Average days on the market: 49
- Number of sales currently pending: 36
- Absorption rate for single family Annandale homes: 1.74 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.
Home sales in Annandale are in a strong seller’s market, as you can see by the low level of inventory, which is 1.74 months as of the writing of this post. The average number of days on the market for sales of Annandale homes was 49 in January, which was significantly lower than the average over the past five years in January, which was 69 days. A lower average is often indicative of increased buyer demand in an area, but it can also be affected by sellers pricing their homes more competitively, which reduces the amount of time homes take to sell.
Here are all of the current listings of Annandale homes for sale
The contract ratio is another good statistic to look at when evaluating how any real estate market is trending. This ratio compares the number of pending home sales to the number of listings that haven’t gone under contract yet. In January, the contract ratio for sales of homes in Annandale was 0.71, which was significantly lower than the contract ratio from January of 2013, which was 1.78. When you see a decreasing contract ratio, this is evidence of the market shifting in favor of buyers. On the other hand, an increasing contract ratio shows market movement toward sellers.
If you’re considering buying a home in Annandale, contact me so I can go to work for you. I’m an experienced buyer agent who will work hard to make sure you get the best deal possible on your home purchase.
If you own a home in Annandale and are thinking of selling, call me at 703-462-0700 and request a free market analysis. This will give you a better idea of what your property is worth in today’s market.