- Condos currently for sale: 40
- Closed sales for condos in October 2013: 15
- Average sale price: $383,826
- Average list price: $395,697
- Sales price to list price ratio: 97%
- Average days on the market: 24
- Number of sales currently pending: 18
- Ballston Absorption rate for condos: 2.67 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 condo market report takes a look at condo sales in Ballston, a community in Arlington, Virginia 22203. Ballston, like other communities in Arlington, continues to be in a seller’s market, as evidenced by the low inventory - 2.67 months as of today, November 20th. It is interesting to note, however, that inventory has edged up a little since my last Ballston condo market report on October 16th, when it was 1.81 months. The average number of days on the market for condo sales in Ballston decreased significantly from September (42 days) to October (24 days). A lower average can often mean higher demand, but it can also point to more competitive pricing.
Currently Listed Ballston Condos for Sale
The contract ratio is another important statistic to analyze in any home market – it is the number of pending sales compared to the number of active listings not yet under contract. The contract ratio for Ballston condo sales was 0.49 in October, which represented virtually no change from September and no change from October of 2012. It was the same as the average contract ratio over the past five years in October. You can think of the contract ratio as a kind of bellwether for the direction the market is heading. A lower contract ratio means that the market is heading toward buyers, while a higher ratio points to a shift toward sellers.
Condo sellers in Ballston are in a position to benefit from the low inventory in the area. Call me on my cell phone at 703-462-0700 to request a free market analysis.
If you’re looking to buy a Ballston condo, you should find a great buyer agent to get you the best possible deal. I’m an experienced buyer agent who grew up in neighboring Falls Church City and knows the Arlington condo market very well.