- Homes currently for sale: 16
- Closed sales for homes in October 2013: 15
- Average sale price: $450,127
- Average list price: $458,378
- Sales price to list price ratio: 98.2%
- Average days on the market: 31
- Number of sales currently pending: 20
- Chantilly Absorption rate for homes: 1.07 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 Chantilly home market report takes a look at sales of detached, single family homes (not townhomes or condos). Chantilly is currently in an extreme seller’s market, as evidenced by the low inventory, which is 1.07 months as of today, November 19th. Since my last Chantilly home market report on October 29th, inventory has tightened even more – it was 2.75 months then. Despite the seller’s market, the average number of days on the market for home sales in Chantilly was 31 in October, which was over twice the average in September. However, the October 2013 average was significantly lower than the average over the past five years in October, which was 53 days. A lower average often points to increased buyer demand, but it can also point to sellers pricing their homes more competitively, which results in quicker sales.
Currently Listed Chantilly Single Family Homes for Sale
The contract ratio is also an important market statistic to analyze – it is the number of pending home sales compared to the number of active listings not yet under contract. It was 0.64 in October, which was slightly higher than the September contract ratio of 0.51, and the same as the average contract ratio over the past five years in October. Generally speaking, a higher contract ratio means that the market is shifting in favor of sellers, while a lower ratio means that the market is shifting toward buyers.
Home sellers in Chantilly are in a great position to benefit from the low inventory in the area. If you’d like a free comparative market analysis of your Chantilly home, call me on my cell phone at 703-462-0700.
Home buyers in Chantilly should find a great buyer agent to help them negotiate the best deal possible in this highly competitive market. I’m an experienced buyer agent who grew up in Northern Virginia and knows the Chantilly home market very well. Contact me so I can go to work for you!