This market report analyzes sales of Chantilly homes in January. Chantilly is a suburb in Fairfax County, Virginia – the zip code here is 20151. If you’d like to just skip over this market update and browse listings of Chantilly homes for sale, click here . Every page of listings on this blog is updated daily with the newest data from the MRIS, the local multiple listing service. (The market statistics below were taken directly from the MRIS):
- Homes in Chantilly currently for sale: 11
- Closed sales for Chantilly homes in January 2014: 10
- Average sale price: $548,104
- Average list price: $560,434
- Sales price to list price ratio: 97.8%
- Average days on the market: 22
- Number of sales currently pending: 11
- Absorption rate for single family Chantilly homes: 1.1 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.
Chantilly home sales are in a very strong seller’s market, as you can see from the extremely low inventory, which stands at 1.1 months as of today, February 16th. The average number of days on the market for Chantilly home sales was 22 in January, which was much lower than the average over the past five years in January, which was 54. Whenever you see a low average number of days on the market, this can point to a few things – either there is increased demand from buyers, or sellers are pricing their homes to sell, or a combination of both of these factors.
If you want to find out whether a real estate market is trending toward buyers or sellers, you need to look at the contract ratio, which is the number of pending sales compared to the number of active listings that don’t have contracts yet. In January, the contract ratio for sales of Chantilly homes was 0.64, which was lower than last January’s ratio of 1.22. A lower contract ratio means that the market is moving in the direction of buyers, and a higher contract ratio points to a shift toward sellers.
If you own a home in Chantilly and are considering selling, give me a call at 703-462-0700. I’ll provide you with a hassle free, over-the-phone comparative market analysis.
If you’re considering buying a Chantilly home, contact me so I can go to work for you. I’m a contract expert and a skilled negotiator who will work hard to get you the best deal possible.