- Homes currently for sale: 33
- Closed sales for homes in October 2013: 17
- Average sale price: $309,025
- Average list price: $321,566
- Sales price to list price ratio: 96.1%
- Average days on the market: 32
- Number of sales currently pending: 37
- Burke Absorption rate for townhouses: 1.94 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.
Currently Listed Burke Townhomes for Sale
This home market report takes a look at sales of Burke townhouses (not sales of single family, detached homes or condos). The zip code in Burke is 22015. Townhouse sales in Burke are experiencing an extreme seller’s market, as evidenced by the low inventory, which is 1.94 months as of today, November 22nd. The average number of days on the market for Burke townhouse sales in October was 32, which was slightly below the average over the past five years in Burke, which was 36 days. A lower average can often point to increased demand in an area, but it can also be a result of sellers pricing their homes competitively.
Another important statistic to look at is the contract ratio, which is the number of pending sales compared to active listings that haven’t yet gone under contract. The contract ratio for Burke townhouse sales in October was 0.90, which represented virtually no change from September, but a decrease from October 2012 when the contract ratio was 1.44. It was also lower than the average contract ratio over the past five years in October, which was 1.21. A lower contract ratio generally means that the market is shifting toward buyers, while a higher contract ratio signifies a market shift toward sellers.
Burke townhouse sellers are still in a position to benefit from the low inventory. If you’re considering selling your townhouse, give me a call on my cell phone at 703-462-0700 and ask me for a free comparative market analysis.
If you’re in the market for a townhouse in Burke, contact me so I can help you get the best deal possible. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Burke home market very well. I’m also extremely knowledgeable when it comes to contracts, and can help you understand every aspect of the home purchasing process from start to finish.