This market report analyzes sales of condos in Ballston, a community in Arlington, Virginia 22203.
- Condos currently for sale: 37
- Closed sales for condos in November 2013: 15
- Average sale price: $416,620
- Average list price: $425,557
- Sales price to list price ratio: 97.9%
- Average days on the market: 37
- Number of sales currently pending: 14
- Absorption rate for Ballston condos: 2.47 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.
Ballston condo sales continue to be in a hot seller’s market, with only 2.47 months of inventory as of today, December 29th. The average number of days on the market for condo sales increased from October (24 days) to November (37 days). When properties take longer to sell, this can sometimes reflect lower demand in the marketplace, but it can also be indicative of overpricing on the part of sellers.
The contract ratio is another useful real estate market indicator to study. It is the number of pending sales compared to the number of listings not yet under contract. In November, the contract ratio for Ballston condo sales was 0.39, which was slightly lower than the October ratio of 0.49, and virtually the same as the contract ratio in November of 2012. A lower contract ratio signifies market movement in favor of buyers, while a higher contract ratio shows that the market is moving toward buyers.
If you’re considering selling your Ballston condo, or perhaps you’re just curious about how much it’s worth, call me at 703-462-0700 so I can give you a free over-the-phone comparative market analysis. This will help you decide whether or not this is the right time for you to put your condo on the market.
If you’re currently in the market for a condo in Ballston, contact me so I can help you find the right property. I’m an experienced buyer agent who grew up in neighboring Falls Church City. I love working with buyers, and particularly enjoy helping people with their first home purchase. With inventory this low, the Ballston condo market is particularly competitive, and you need someone who will negotiate to get you the best deal possible.