This Centreville townhouse market report analyzes sales of townhouses (not single family, detached homes) in Centreville, Virginia 20120. The best known residential communities in this zip code are Schneider Crossroads, Sully Station, and London Towne.
- Townhouses currently for sale: 32
- Closed sales for townhouses in September 2013: 16
- Average sale price: $324,924
- Average list price: $327,544
- Sales price to list price ratio: 99.2%
- Average days on the market: 15
- Number of sales currently pending: 42
- Absorption rate for Centreville townhouses in 20120: 2 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 Centreville Townhouses for Sale
Centreville townhouses in this zip code are currently experiencing a seller’s market, as you can see from the inventory, which is 2 months as of today, November 24th. The average days on the market for townhouses in Centreville 20120 was 15 in October, which was significantly below the average over the past five years in October, which was 26 days. A lower average can often be indicative of increased buyer demand, but it can also be reflective of sellers pricing their homes more competitively.
Another important real estate market indicator is the contract ratio, which is the number of pending sales compared to the number of active listings that haven’t gone under contract yet. In October, the contract ratio for Centreville townhouses in 20120 was 0.70, which was represented a decrease from September of this year, when it was 1.0. The October contract ratio was also lower than the average ratio over the past five years in October, which was 2.15. A decreasing contract ratio points to market movement in favor of buyers, while an increasing contract ratio shows market movement in favor of sellers. Time will tell whether or not the decreasing contract ratio here signifies a larger trend, or whether it’s just seasonal.
For the time being, owners of Centreville townhouses in this zip code have a great chance to benefit from the low inventory. If you’re thinking of selling your townhouse in Centreville, or are just curious how much your townhouse is worth, give me a call on my cell phone at 703-462-0700. I’ll provide you with a free comparative market analysis, which will give you a good idea of the fair market value of your home.
If you’re a buyer who’s looking for a Centreville townhouse, contact me so I can help you find a great deal. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Centreville home market very well.