This Centreville townhouse market report takes a look at townhouse sales (not sales of single family, detached homes) in Centreville, Virginia 20121. Two of the best known communities here are Uniontown and Compton’s corner.
Townhouses in Centreville currently for sale: 40
Closed sales for Centerville townhouses in October 2013: 27
Average sale price: $309,453
Average list price: $316,738
Sales price to list price ratio: 97.7%
Average days on the market: 25
Number of sales currently pending: 43
Absorption rate for Centreville townhouses in 20120: 1.48 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 Townhomes for Sale
Centreville townhouse sales in 20121 are in an extreme seller’s market, as you can see from the low inventory, which is 1.48 months as of today, December 6th. The average number of days on the market for sales of Centreville townhouses in October was 25, which was exactly the same as the average over the past five years in October. Lower averages can often point to higher demand among buyers, but they can also signify competitive pricing on the part of sellers.
The contract ratio is another important statistic to look at – it is the number of pending sales compared to the number of active listings that haven’t yet gone under contract. Basically, the contract ratio puts things in perspective with regard to supply and demand in the housing market. In October, the contract ratio for Centreville townhouse sales was 0.67, which was lower than it was in September (1.07), and lower than it was in October of 2012 (2.35). It was also lower than the average contract ratio over the past five years in October, which was 1.79. A lower contract ratio shows that the market is moving favor or buyers, while a higher contract ratio shoes market movement in favor sellers.
Centreville townhouse sellers are still in a good position to take advantage of low inventory in the area. If you’re thinking of putting your townhouse in Centreville on the market, call me at 703-462-0700 and I’ll give you a market analysis that will give you a good idea of what your home is worth.
If you’re looking to buy a Centreville townhouse, I’d love to help you in your search. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Centreville real estate market very well.